By George Otte
Launching a new enterprise is hard work, and because of this entrepreneurs need a wide range of skills and competencies.While the exact mix of required skills depends on the entrepreneur’s industry and other factors, some skills are more or less universal.
Most founders share these five skills. For those who are not particularly strong in some or all of these areas, there’s good news: Many entrepreneurs learn them on the job—and go on to achieve great things.
1. Planning and Organization
Devoting the proper attention to the various facets of your business requires great planning skills, a keen sense of organization, and the discipline to adhere to deadlines and timetables.
“Businesses do not run themselves. As a CEO and leader,
you need to attend to short-term tasks, medium-term projects
and long-term objectives.” —George Otte
Most people can plan and organize their own workflows; however, if you are more of a big-picture person, it is imperative that you find a partner or key employee who excels in detail-oriented planning and project management. They will prove invaluable as your new company tackles larger, more complex projects with multiple process owners.
Tip: Use a digital planner with alerts and reminders to keep track of everything you need to do, when you need to do it.
2. Time Management
Even big-picture entrepreneurs need effective time management skills.
Whether you work in a home office, a coworking space or a separate suite, look for and eliminate anything that could possibly distract you from your work.
Next, set up a work schedule that separates your time into manageable chunks with small breaks in between. Devote each chunk of time to a single task or set of related tasks. Relegate necessary but low-value tasks, such as responding to non-urgent emails, to the in-between periods. And create realistic daily goals that you must complete before leaving the office or work space.
3. Willingness To Take Risks
By definition, starting a new business is risky, as many companies fail relatively early on. However, even after you make the initial decision to launch your own business, you will face countless choices that present varying degrees of risk. Sometimes, the riskier choice will be the correct one. In other cases, the safer choice will be the right call.
If you always favor the safe choice, you are likely to miss opportunities. Over time, that could mean the difference between success and failure.
4. Inspirational Leadership
When you first start out, your company will likely have few—if any—employees. Still, it is never too early to develop effective strategies for motivating your employees. As your company grows, so will its workforce. Each new hire will look to you for inspiration, motivation and guidance. If and when you deliver, you can be certain that your team will respond positively—by working harder, putting in longer hours and consistently exceeding your expectations with their work.
5. Willingness To Delegate
In an article for Inc., entrepreneur Jayson DeMers writes that “the biggest problem most...bosses and leaders face is the inability to let go of their own work.”
Pride in one’s work is natural. So is the conviction that no one can do it better.
However, if your goal is to build and scale a consequential business, you will quickly find yourself overwhelmed by your workload. You will need to hire new employees to handle the work.
More important, you will need to give these new employees real responsibility to make and execute plans. By delegating some of your workload to subordinates, you will free yourself to focus on the tasks at which you excel—and those likely to have the greatest impact on your company’s growth trajectory and bottom line.
Don’t hesitate to ask other business owners what they did to improve their delegation skills.
Entrepreneurs Are Lifelong Learners
These are not the only five skills that well-rounded entrepreneurs can or should pursue. If you are thinking seriously about launching your own business, or have already taken your first tentative steps as a founder, commit to learning as much as you can about the ins and outs of leading a growing firm. You can learn a lot from successful leaders who have gone before you—just don’t be afraid to ask.
Bio: George Otte is a Miami-based entrepreneur and executive with more than 15 years of multifaceted business operations experience.
