Top Underrated Skills That Can Make or Break Entrepreneurs
Becoming an entrepreneur usually means becoming your own boss. Entrepreneurs are those who start and operate their own businesses, taking on the risks and responsibilities that come with running one.
Frequently, we have known that every leader should have essential skills such as leadership skills, communication skills, problem-solving skills, and networking skills.
Entrepreneurs might have overlooked certain skills, but it’s crucial for them to approach these skills with a discerning perspective. Interestingly, many successful leaders have thrived without possessing these particular abilities.
What are they? To thrive as an entrepreneur, here are some underrated skills that are often overlooked:
The Ability To Ask For Help
Asking for help is not a sign of incompetence. Nobody can handle everything by themselves. Entrepreneurs should be willing to seek assistance when needed to grow personally and professionally. For example, when dealing with tasks that are not within their own expertise, it might be challenging to research them alone. Instead, asking for help from those who are more experts can gain clarity, reduce uncertainty, and increase their confidence in making informed decisions about their business expansion. To not ask for help means the entrepreneur is hindering themselves from growth. They might miss valuable insights, experience burnout, and cause strain on relationships due to self-reliance.
Business Acumen
This skill is often overlooked but is crucial for entrepreneurial success. Entrepreneurs with strong business acumen understand market trends, effectively manage finances, assess and manage risks, and strategically plan for the future. Additionally, they possess problem-solving abilities and excel in negotiation and relationship building. These skills enable entrepreneurs to make informed decisions, adapt to challenges, and drive sustainable growth. Thus, cultivating business acumen is essential for entrepreneurs to thrive in today’s competitive business landscape.
Negotiation
Entrepreneurs benefit greatly from mastering negotiation skills. It helps them secure better deals, avoid conflicts, and swiftly resolve problems. Chris Myers, cofounder and CEO of BodeTree, said that to negotiate, one must understand what kind of negotiation you are facing, avoid being greedy, and don’t gamble. An effective negotiation enhances an entrepreneur’s reputation, maximizes value from investments, and fosters win-win situations where everyone benefits. Overall, negotiation skills are crucial for entrepreneurs, enabling them to make more money, solve problems efficiently, and build strong relationships.
Listening
Actively listening to others provides opportunities for learning and growth, enabling entrepreneurs to gain valuable insights and advice. Listening is often overlooked by entrepreneurs, but it’s crucial for success. To avoid being caught in one’s own world, an entrepreneur should be able to listen to not only their own teams but also customers, competitors and the world around them. Understanding customers’ needs, fostering teamwork, and staying informed about industry trends are just a few benefits. Effective listening enables entrepreneurs to adapt, innovate, and ultimately thrive in a competitive business landscape.
Intuition
Individuals who have developed intuition are often observers and deep thinkers. Intuition is often described as an innate sense of knowing or understanding that comes from within. With developed intuition, it is easier for entrepreneurs to make quick decisions confidently, build authentic relationships with teams, and come up with innovative ideas. While intuition is essential, relying solely on it without valid reasoning can lead to biased judgments, flawed decision-making, and suboptimal outcomes. It is essential for entrepreneurs to balance intuition with critical thinking, data-driven analysis, and sound reasoning to make well-informed business decisions.
Authenticity
Running a business with authenticity, transparency, and sincerity can set entrepreneurs apart and build strong connections with customers. However, some entrepreneurs fear authenticity. It could be due to worrying about how others will perceive them, being exposed to potential rejection, or not meeting expectations. To overcome, they must embrace imperfect actions. Entrepreneurs who take imperfect actions learn valuable lessons along the way, gaining insights into what works and what doesn’t in their business endeavors. Being genuine and honest in all interactions, whether with customers, employees, or stakeholders, creates a sense of trust and credibility.
The Ability To Say ‘No’
Knowing when to decline opportunities is essential for entrepreneurs to avoid overcommitting and stay focused on their long-term goals. Not all opportunities are necessary because sometimes we cannot take everything at once. Saying ‘no’ can actually be a strategic decision that preserves resources and maintains alignment with the business’s objectives. For instance, an entrepreneur may receive offers for partnerships or projects that, while attractive, could divert attention and resources away from core business priorities. Also, saying ‘no’ allows entrepreneurs to set boundaries and maintain a healthy work-life balance. Entrepreneurs will have a more clear vision and commitment towards achieving their goals.
Noticing and taking action to improve overlooked skills can be crucial for entrepreneurial success. While leadership, communication, problem-solving, and networking are important, other abilities matter too. Entrepreneurs should seek help, understand business well, negotiate effectively, listen actively, trust their intuition, and say ‘no’ when needed. These skills help make better decisions, foster innovation, and build successful businesses in today’s competitive world.
