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As the founding director of several companies, Jordan Diment has leveraged his extensive business leadership, management and problems-solving skills to drive his companies to success. This article will look at entrepreneurship, highlighting the skills necessary to build and grow a thriving business.
In addition to creating a healthy revenue stream for themselves, great entrepreneurs have a huge impact on wider society by creating groundbreaking products and services that improve the lives of many. For their workforces, they provide opportunities for professional and personal growth, as well as financial rewards. As well as encouraging social change, entrepreneurs also create employment opportunities and drive economic growth.
To be successful, entrepreneurs need a fine blend of soft and hard skills, enabling them to identify potential opportunities, avoid pitfalls, take calculated risks and turn promising business ideas into profitable realities. Soft skills that are integral to entrepreneurship include problem-solving skills, self-direction, adaptability, flexibility, teamwork and drive. Leadership is a major skill needed by all entrepreneurs, as is creativity, providing an edge over market rivals to ensure a brand remains interesting and relevant.
Business management skills enable entrepreneurs to effectively organise, plan and control an organisation’s resources. In addition to enabling the business to implement effective strategies and manage risk, these skills also improve efficiency, build credibility, create a positive company culture and ultimately help to grow the business. Critical business management skills include communication, leadership, business acumen, strategic thinking and budget management. Entrepreneurs must be adaptable, manage their time efficiently, and be capable of motivating and inspiring teams to lead the company towards success.
Financial management skills are crucial for any business leader, enabling them to budget, forecast, manage cashflow and make informed investment decisions. Business leaders must be able to read and interpret financial statements that provide insights into an enterprise’s financial health, enabling them to make smarter business choices to sustain operations, achieve profitability and fund growth.
To build and expand an enterprise demands critical and creative thinking skills, allowing business leaders to objectively analyse information using the facts before them to avoid and solve problems. Creative thinking skills enable entrepreneurs to look at issues from different angles, considering various alternative perspectives to come up with original ideas and innovative solutions to problems.
Successful entrepreneurs are effective communicators capable of delivering their message clearly, concisely and impactfully to a variety of different stakeholders. In addition to presentations and group conversations, they must master all forms of communication, including one-on-one conversations and online messages, email and written communications. To be successful, entrepreneurs also require the soft skill of sales, enabling them to sell anything and everything, be it selling themselves and the business to employees, selling the venture’s products or services to customers, or communicating the business’s potential to investors.
One of the most important skills for any individual to have in life is the ability to learn. In entrepreneurship, a thirst for knowledge is particularly important. Entrepreneurs must be capable of drawing lessons from every situation, particularly from failures, turning challenges and setbacks into valuable learning opportunities.
According to the US Bureau of Statistics, approximately 65% of new businesses fail within 10 years of launch. In terms of building a profitable company that is sustainable in the long-term, business strategy is crucial. Providing a blueprint for the business’s structure and growth, a well-crafted business strategy plots a course to achieve critical business goals.
The path to building a thriving business is fraught with setbacks and challenges. To stay the course when the going gets tough, entrepreneurs need a laser-like focus. Irrespective of the challenges they face, entrepreneurs need to keep an unwavering eye on the end goal, consistently pushing themselves and their business toward success.