The BizFilings blog covering business tips and trends.
Five Tips for an Entrepreneur to Expand Their Skillset
Published on Aug 20, 2013
Do you see yourself as an entrepreneur? Check out our five tips on expanding your skillset and how to be ready when it's time to incorporate
Many people see themselves as an entrepreneur. The reality is that several individuals are equipped with the know-how required to incorporate a business and do well initially – until problems arise. The true test of any entrepreneur is the ability to overcome the obstacles and challenges that will inevitably occur as the owner of an incorporated business. If you wish to be an entrepreneur – or want to confirm you already have what it takes – compare yourself with the following list of traits that will ensure you bring your A-game when you ultimately choose to form a corporation.
You have to do what you love
If you aren’t truly passionate about what you’re doing, your motivation will plummet at the first sign of trouble. If you’re starting a company solely for monetary reasons, or view the entrepreneurial role as transitional and temporary until something better comes along, you will sweat even the smallest of business issues. Making the most of the start-up process is a key trait seen in successful entrepreneurs. As an entrepreneur, you should be so excited about your new business endeavor that you take every chance to deliver your elevator pitch to whoever crosses your path. You may think you have the best business idea since Facebook, but most people won’t catch on until later in your business cycle. It took Mark Zuckerberg nearly three years to successfully bring Facebook out of his college dorm room and into the public eye for wide consumption. It was Zuckerberg’s relentless passion and hard work during that time that made him the successful business owner he is today.
Become a social networking guru
Today’s successful entrepreneurs know how to use social media to their advantage. Facebook, Twitter and LinkedIn are crucial in spreading awareness of your business, establishing your brand as a thought leader, and relaying your message to potential customers. Because it is free and relatively simple to set up, carry out and maintain, many entrepreneurs deploy few marketing tactics other than social media after first incorporating a business. Read up on social media ‘must-dos’ and viral marketing, take note of what your target customers are looking for on social media avenues, and keep your content short and engaging.
Become an expert planner
The U.S. Small Business Association cites several major reasons as to why small business incorporations may fail. You’ll find that most reasons boil down to poor planning. Though you may hate the idea of planning, business plans establish a planned roadmap to success and minimize any unlikely surprises along the way. If you’re not a big-picture person and prefer focusing on the details, planning will allow you to see the big picture. If you’re the big-picture type, the plan will provide you the details normally overlooked. Ultimately, success requires large and small-scale perspective, in addition to a well-developed strategy. Both are important facets in understanding the wider reality of your incorporation.
Know how to be a risk taker
Though entrepreneurship requires risk-taking, this doesn’t mean that you should jump in blindfolded with your arms tied behind your back. If you’re an expert planner and make the correct business decisions, you’ll have reduced the number of potential risks to your business, and you’ll also allow for any unexpected challenges by having contingency plans in place. Knowing when and where to take risks is an important skill for all entrepreneurs. Spotting the right moment to release and market your product can change your product – hopefully for the better.
Combine these entrepreneurial skills with the tricks of the trade you learn during the start-up phase of your business, and you’re more likely to achieve long-term business success.