5 Soft Skills Every Entrepreneur Needs
There’s no question that technology has drastically changed the face of most, if not all, industries. It's because of this that today’s leaders and business owners are expected to constantly be on their toes, as missing out on crucial trends and movements can cause them to fall far behind their competitors. With the myriad of technologically adept entrepreneurs and business leaders out there, it is the durable and truly human skills that set the best ones apart.
An article on Inc.com highlights the appreciation for soft skills in a world that continues to be dominated by technological innovation because these can make or break modern businesses. Here, we list some key soft skills that are essential for every entrepreneur looking to succeed in today’s rapidly changing world.
When you start with a small team, you’ll find that every member becomes vital to the growth of a venture. Leadership skills are necessary to steer your workers in the right direction. Good leaders are able to inspire their team to aspire for the same goals and passionately work to meet the company’s objectives.
Being an effective leader also entails the ability to mentor these employees and to share with them the necessary skills needed for success. This collaboration is mutually beneficial, with a study from the University of Michigan revealing that teaching your employees soft skills improves their productivity and retention by 12%. This, in turn, results in a 256% return on investment for your business.
Entrepreneurs are often in unique positions that require them to change directions and adjust to unexpected circumstances very quickly. That being said, a certain level of adaptability and willingness to change and challenge norms is key to reaching the top in today’s competitive market. Maryville University notes how leaders with the capacity to usher in organizational change are in high demand in competitive industries, as these are the leaders who can truly see the big picture. Entrepreneurs cannot afford to be stubborn or hold onto pride when they are failing because this will most likely spell disaster for a company.
No entrepreneur ever built a great business without overcoming challenging hurdles. For this reason, being able to solve problems when they arise is key to surviving for any businessman or woman. Keep in mind that being able to quickly come up with solutions also requires some degree of creativity, which experts here at ManageMart have noted as one of the most significant elements of any company’s work process. When you are creative, you are more likely to remain calm in the face of difficulty, since you know you can always find a way to overcome it.
While leadership and problem-solving skills are important, an entrepreneur cannot effectively learn and practice these without having good communication skills. Communication is the bedrock on which most other soft skills are built; it is the strong foundation that any business owner needs to promote growth and progress.
The applications of this crucial soft skill can range from a motivational speech in an internal meeting to a persuasive pitch to potential business partners. Without a doubt, most successful business professionals have an excellent command of language and know how to effectively use it to their company’s advantage.
Lastly, and perhaps the most important soft skill that an entrepreneur should possess, is there capacity to be resilient. Since entrepreneurs are trying to succeed and solve one problem after another, there are bound to be battles that are lost. In these moments of failure, the ones who have the ability to truly rise above the situation (and eventually, above the competition) will succeed. Amidst all troubles, these leaders will show that they can be resilient when they are knocked down because unlike others, they can get up and keep going.
Overall, these five defining skills are important factors to take note of when entering the business world, as these can enable entrepreneurs to thrive in the future — whatever technological innovations might come about.
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Piece by: JBarlow