Essential Skills For Entrepreneurs

Wednesday, May 23, 2007 at 8:30pm by Site Administrator

While working on an entirely different article about characteristics of entrepreneurs (coming shortly), some thoughts came to me about some of the skills entrepreneurs need, whether they’re bootstrapping or not. Some of these are even more important if you’re building a business online.

  1. Decision making.
    That’s the number one skill for an entrepreneur? Without the ability to make decisions, you cannot be a successful entrepreneur. This includes the ability to decide you made some mistakes, then trying again.

  2. Reasoning ability.
    This goes hand in hand with decision making. Can you apply logic, analsysis and sound reasoning to make your decisions?

  3. Smart bookkeeping.
    Take it from someone who knows first hand – keep all your receipts!! What’s more, organize them immediately. Don’t wait until the last minute. You’ll hate yourself and not to do it. Good bookkeeping isn’t that hard if you do it as you go along.

  4. Long-term planning.
    Can’t see the future, where your business will be in three to five years? Then you probably don’t have any goals written down either. You can’t get there from here if you don’t know where you’d like to go. Sometimes it’s as simple as following some product development guidelines or even just having a business vision.

  5. Self-promotion.
    You may have the greatest widget in existence, in industry X, but if you cannot promote yourself or your business, how will anyone know? The advantage these days is that it’s easier to promote via websites or even blogs. Yet you may still want to promote yourself offline. Either way, knowing something of public relations, marketing and (personal) branding may make the difference between success and failure. Dont’ know where to start? There’s a lot a you can learn from 15 must-read blogs.

  6. Knowing when to quit.
    Grandpa was wrong. There are times when you need to throw in the towel. It’s better to know when to quit an endeavor than throw good money after bad. A casual browse through the biographies of successful entrepreneurs throughout history will show that most self-made milionaires failed at least once, often twice, and that they didn’t succeed until later in life.

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Filed under: Entrepreneurship


  1. Love the bookkeeping tip. Seems obvious, but even the best of us have made that mistake.

    Comment by Neil Patel — May 25, 2007 @ 3:24 am

  2. Hi Neil. In my last biz, that was my worst mistake, followed by buying too much equipment too soon. So bad bookkeeping can break you 8P

    Comment by Raj Dash — May 25, 2007 @ 5:06 am

  3. i love the must read dlogs and product development

    Comment by kalai — August 7, 2007 @ 1:49 am

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