Building a business is an exciting prospect; making your own hours, doing work you’re passionate about, working from home, and being your own boss are all amazing potential perks. But without the right foundation to build on your business structure may end up falling. That’s why it’s critical that beginning entrepreneurs learn these foundational skills early on.
No matter how talented you are in your chosen field if you don’t have these top 5 entrepreneurial skills your business won’t get very far. But don’t fret, that’s why I put together this short guide to help you get on the right track to building a thriving business!
- Time-Management Skills
An entrepreneur has million-and-one things to do in a typical day. Especially when running a small business, or working as a freelancer. Sometimes it may seem like we don’t have enough hands or hours in the day.
That’s why time- management is the number one skill for entrepreneurs and freelancers to have, especially when working from home. This skill is easy to learn especially if you can set a routine.
There are several tools you can use to help you keep your time management skills sharp, and your productivity on point. Use a monthly calendar to write out and plan your monthly goals. Then use a planner or journal to break those goals down into weekly steps.
Use a daily method like time blocking or task batching to help you stay productive daily. If you’re not familiar with these terms I have a great article on them here.
- Financial Skills
For freelancers and small business owners alike, financial skills are the name of the game. After all, one of the main reasons you chose to start this business was probably to increase your financial freedom.
Financial skills include budgeting for expenses, equipment upgrades, marketing and advertising, and keeping any necessary licenses and insurance current. Not to mention keeping track of your business bank accounts, paying employees and yourself, and saving for a rainy day.
Another important aspect of your financial well-being includes taking care of your taxes. This is a complicated part of the financial aspect and you may require an accountant or CPA to help you take care of tracking deductions, filing your taxes, and more to keep you from getting audited.
- Communication
Did you know 86% of consumers say that good customer service makes them loyal to that particular brand? In order to facilitate good customer service, you need to have great communication skills.
Communication doesn’t end at customer service however, it’s also vital for negotiation, branding, marketing, and so much more. Both written and verbal communication are vital to growing your business and building a relationship with your clientele, suppliers, and partners.
To improve your communication skills, think about how to make your message as clear and concise as possible. You can also try to be more present when youre listening to someone else, try to put yourself in their shoes and see things from their perspective as well.
Its also important to be mindful of non verbal communication as well. Your body language can often give more information and have more impact on a conversation than what you actually say.
- Critical Thinking
Critical thinking skills allow you to analyze information and experiences objectively rather than emotionally. It also helps with problem-solving, prioritizing goals, and making efficient decisions.
Critical thinking skills can also help you spot errors or potential problems. It also helps you come up with creative solutions to those errors or problems as well.
Improving your critical thinking skills may take a bit of time and practice. But improving should be no issue if you follow these steps when you encounter problems:
- Identify the problem
- Gather data
- Analyze and evaluate the data
- Identify assumptions
- Identify whats most important
- Make a decision based on the data
- Communicate your process
- Stress Management
Stress is one of the top causes of several physical illnesses, and as a business owner or freelancer, you will undoubtedly encounter stress. There are several strategies to help you deal with that stress. First and foremost, learn to set firm boundaries to keep a good work-life balance, especially if you’re working from home.
Another major stress point is perfectionism, as entrepreneurs, it’s natural to want everything with our names on it to be perfect. However, obsessing over small unimportant details can cause an immense amount of undue stress. Know when to take a break from that particular issue and move on to something else.
Get to know your body’s stress signals, this can indicate its time to take a break, or at least take a few deep breaths. These stress signals can include:
- Sweating
- Increased heartbeat
- Muscle tension
- Clenched jaw
- Stomach problems
Resources for Beginning Entrepreneurs
Building a business is a hard but very rewarding venture. Improving these skills is a great start, but it’s important you have resources to help you along the way. This is especially true as a beginning entrepreneur or freelancer.
These resources can include websites to learn more about your field, books and videos to help improve your skills, finding business grants, or even social media accounts and groups. You may also be able to find small business centers in your city to help you find resources as well.
I have tons of great information on my blog to help you get started in the right direction. So be sure to check out my other related posts below, and dont forget to subscribe so you never miss a new article!
At Home With Nicole 