5 Important Skills For Entrepreneurs

They say crisis brings out your leadership abilities yet, so many people I know did nothing to capitalize on the opportunities that this global health crisis presented. Business leaders must be able to adapt quickly to innovate new solutions to keep their businesses alive, not only in times of crisis but every day.

Every challenge presents new needs to be met and more complex problems to solve. As an entrepreneur, you must be aware of your dominant skills and reflect on those you need to develop. I've not had time to keep up with my social media accounts as much as I would like lately. I notice that my interest in posting has also been waning because of the lack of the types of interactions I would like to have and maintain. It's the same old thing every day and most people seem uninterested in taking the conversations up a notch. So, now I'm working on outsourcing that part of my admin functions so I can focus on what truly sets my soul on fire.

So, today as I share these five integral business leadership skills with you, I want you to think about where you are on the spectrum and how KMI can support you on your development journey.

  1. Digital Innovation

Having a digital presence is fundamental to establishing your business and helping it grow. Many businesses suffered at the onset of the COVID-19 lockdown because they lacked a digital presence. By the time they were able to regroup and get something online some of their customers had already moved on. Don't fall into that trap. Establish your online presence if you haven't done so already.

I want to focus on what truly sets my soul on fire --Karlene Millwood

2. Intrapreneurship

What is that?

This is the ability to identify new opportunities, carefully assess risks before taking action, being proactive, and taking responsibility for the state of your business. These are some, not all, of the important markers of your entrepreneurial DNA. If you can assess a situation and see gaps and immediately start thinking of options or solutions that could change the game, entrepreneurship is in your blood.

When I worked for one of the big banks many years ago, I noticed that although the helpdesk supported a variety of different technologies, their only troubleshooting guide was a very thin 'how to' booklet. That means all the knowledge was being kept in the staffs' heads and would go out the door with them if they decided to leave.

I found that troublesome as the new supervisor because there were just too many groups, applications, hardware and vendors to keep track of. I took initiative and created the first support website for the IT department and stored ALL the then support functions there. Life became so much easier for my staff. That solution got me a nice, fat bonus check that year and personal congratulations from the Divisional Vice-President.

What innovative ideas do you have lurking in your mind? Are they stimulating your brain to get started on doing something new?

3. Resilience

This goes without saying. Without resilience, you are bound to falter or drop out of the race along the way. Understand that many entrepreneurs often feel like giving up and packing it in, but what's the alternative? Challenges will come. Use them to build your muscle. Problems will arise. Employ strategic thinking to find new solutions. If you feel like you're way out of your league hire a consultant.

Don't give up when the going gets tough. You will fail at some things - learn from them. Celebrate your mistakes instead of beating yourself up for making them. Whatever challenges you are faced with, persevere.

Business Leaders who don't listen to their teams will soon find themselves with an unengaged and disloyal workforce.

4. Empathy

Business Leaders who don't listen to their teams will soon find themselves with an unengaged and disloyal workforce. You connect with your team or followers through or with empathy. This is how you build trustworthy relationships that will help drive your business forward.

5. Transformational Leadership

No one hates authoritarian leadership more than me. At least I don't think so. That's the leadership style I usually rebel against. If you want your business to fail fast, employ authoritarian leadership. If you don't want your business to fail then transformational leadership is the way to go.

This style of leadership inspires, motivates, and empowers others to become better versions of themselves every day. That includes:

  • taking on more responsibility

  • growing through personal development

  • having a WE versus ME attitude

  • always changing and innovating new strategies

These types of leaders always see the way forward, unlike the old-style, traditional leaders who would close up shop if things didn't seem to be working.

Where do you fit in this spectrum? Book a consultation to see how we can help you on your development journey with our range of cutting-edge products and services.