Entrepreneurship Skills

By Justin Timory


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The state of being an entrepreneur can be realized when one engages in profitable risks and creates something of value. Entrepreneurs are defined by their habit of innovating and redefining market trends and limits. Regardless of their heredity, their background, their exposures and what not; entrepreneurs are people who are able to develop new businesses and affect the over all condition of the global economy. Given this, it is obvious that being an entrepreneur is no joke. Aside from the stress of creating and running a business, the additional responsibility of being able to contribute something significant to society is given to them. Nevertheless, entrepreneurs do have the advantage of inheriting and learning entrepreneurship skills that would assist them in meeting those expectations.

These skills are abundant; some, more important than others. All of them, however, are needed for a person to fully mature as an entrepreneur. But there is no pressure though for any aspiring businessman to learn everything before he starts his venture. Most of these skills aren't even developed without experience. So it is expected that a start up entrepreneur is half prepared when he decides to pursue his field. But then again, there are abilities innate in human beings that can be very helpful when starting out as entrepreneurs.

A. Self Awareness
This ability basically denotes having a sense of one's self and knowing what one's strengths, weaknesses and biases are. This is pretty important for entrepreneurs as this helps them sort out through personal rubble and come up with informed and reasonable decisions. Though this skill is inborn, some businessmen have difficulty to apply it in their lives. Usually, they are so overwhelmed by other people's influences that their own beliefs and preferences are forgotten. Those who would are inclined to approach problems in another way are forced to adhere to conventions because their self awareness is not strong enough to contradict. If you are able to invoke personal understanding and appreciation of your own tendencies, you can better your self, better your entrepreneurship approaches and ultimately prepare your self for absorbing other essential entrepreneurship skills.

B. Ingenuity
Ingenuity here is not only the ability to think of out of the box. It also means being able work out one's way to the achievement of a goal despite limitations. Ingenuity is adapted by entrepreneurs when they create a unique service or good and when they find alternative (and feasible) ways to solve problems. But entrepreneurs should not assume that ingenuity ends with them. Part of learning and applying this skill is recognizing the ideas of others. This is how they come about creating the best business solutions and ideas.

C. Love
Few consider this entrepreneurship skill important. But actually, this ensures a more harmonious, accomplished and long lasting business. Love means seeing potential in people. It means being able to create a nurturing environment for your employees and co-workers. Love means being able to bring out the best from those around you. Entrepreneurs who are able to love are able to create worthwhile goods and services, give a greater impact to society, have loyal and well-trained employees and finally, keep devoted customers.

Entrepreneurial Team

By Justin Timory

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Being a lone entrepreneur has its advantage. You have sole ownership of the company. You get all the profits. You exercise all the power. But along with this is the disadvantage of inheriting all the expenses and problems. Establishing an entrepreneurial team that is composed of at least three members simplifies and makes running a business more affordable.

Entrepreneurial teams are the current trend among start up entrepreneurs who want to penetrate a demanding market. Given that they have to dish out more capital and manage bigger operations, entrepreneurs find that they can be more effective as a group. Collaborative decision making by teams have proved to be more advantageous as biases are countered when making business decisions.

But then, the creation of a strong and successful entrepreneurial team can be tricky. Some entrepreneurs are less lucky at finding the most suitable partners and end up disheartened. If you are an aspiring entrepreneur looking to get associates, don't be afraid. Like most endeavors, there are ways to go about it so that you get the best results.

1. Recognize what talent/skill you need. Skill will lead you to the right person.
In business, you should not pair up with someone just because they are your family or your friends. This will give you little benefit and even loyalty is not ensured. Know what your needs are for the business you'd like to establish and base your partnership criteria on these. For example, if you want to put up a restaurant, you will need someone who cooks, someone you knows hotel and restaurant management and someone who can track finances. If you are the one who is familiar with accounting, then you have to partner up with a chef and with an HRM graduate that has accumulated extensive experience in his/her field. This is basic and should always be the first thing you consider for partnership.

2. Assess commitment.
When you have found the right person, find out to what level is his/her commitment to the business. There are working partners and absentee partners - I guess I don't have to explain which is more preferable to team with. Ultimately, teaming up requires people to work together in order to achieve a goal. If one member of the group does not participate, and is not willing to participate, then it's no use to have him/her as part of it.

3. Define responsibilities and profits.
As partners, all of you will share the responsibilities towards the business. To avoid overstepping or burdening each other, it's best to establish which responsibilities are carried out by who and which partner will take over in case the one responsible is absent. This will make your team more dynamic and more productive, as well as less vulnerable to power struggles. In addition, determine the shares that each member of the team gets from the income before the onset of the business.

These are just starters to building an entrepreneurial team. The rest of the steps are discovered along the way. Certain flexibilities and sacrifices may be required as the team matures. But if it is founded upon these three, it's hardly a possibility that the team will break.

Entrepreneurship Tips

By Justin Timory


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The speed at which the world produces entrepreneurs determines how well the general economy thrives. Entrepreneurs are the ones responsible for keeping our financial systems running despite the depression of currencies. Without entrepreneurs, without their businesses, without their products and services; there would be no market. Consequently, we wouldn't have any source of commodity or income. Hence, it is essential that we promote the creation and, above all, success of start up entrepreneurs. It's a good thing that entrepreneurship tips are available to nourish budding entrepreneurial aspirations.

Narrowing the search for helpful guidelines, here are some entrepreneurship tips that could help avert common entrepreneurship problems.

a. Do not underestimate what your employees can do for your business.

Maybe it's the position or a strong seniority complex that drives young entrepreneurs to neglect the vital contribution of their employees to their success. Yes, you created the company. Yes, you conceptualized the unique good or service being sold. And yes, it is your sound advice on marketing approaches that have attracted consumers to your company. But it is your employees that make sure your company is able to meet its obligations and provide the best goods and services to your clients. Without their talents and insights, you would not be able to maintain your obligations. So I am telling you to stop this practice and instead, constantly acknowledge your employees for their efforts. Give them proper incentives. Enroll them in trainings. Remember that your ultimate competitive advantage is the talent you are able to keep.

b. Do not abuse your workers.

Now, just because you pay them well, doesn't mean you have the right to control their lives. You can't force them to go on overtime every work day just so they can meet your expectations. You can't deprive them of holidays. You can't scold them for being absent because they are sick or because they had personal issues they needed to resolve. Recognize that your employees may have other priorities as well - a family, a second job, or school. Working at a start up company, which you've created, helps them get some additional cash. Whether it's more lucrative than their other priorities is another question entirely. Bottom line is, if you stress them out while working for you, then they might be forced to choose. This might just end badly for you.

c. Do not ignore what one customer says.

As a start up entrepreneur, it is natural for you to be obsessed with your customer's reactions. But when sales are going well and people generally have given positive feedback to your products and services, you will find your self less attuned to complaints and more so, to smaller client complaints. Don't! These people may not bring in the big bucks, but the can surely dish out comments that may very well pull down your credibility as a company. Whether big or small, ensure that you maintain the highest level of satisfaction for all your clients.

d. Do not oversell.

In hopes of impressing consumers, businessmen often promise more than what they can deliver. This puts them in a compromising position with clients and with their employees. The secret to selling is to be honest. Establish what customers can expect so that transactions do not end up in disappointments.

e. Do not neglect to keep record of all cash inflow and outflow.

The problem with start up entrepreneurs is that they are so caught up with the idea of profit. As a result they are deceived into thinking that they've earned more than they've spent. But the truth lies in the financial statements. Considered most vital among the entrepreneurship tips mentioned, start up entrepreneurs should be very vigilant at tracking their revenues and expenses. In addition, they should also be diligent at collecting payables. This is the only way they can confirm that their business is not losing.