5 Skills for Entrepreneurs and Self Reliant Startup Owners

Amidst the Covid-19 outbreak, the Indian economy is witnessing a major trench today. 

However, to ease the economic tensions, recently, the government of India has introduced AtmaNirbhar Bharat Abhiyan” also known as “The Self Reliant India Campaign.” 

This along with the Startup India scheme will change the dynamics of startups and MSMEs companies in India. 

And, as the nation is moving with the agenda of being “Vocal about Local”, your startup business idea has a chance to reach new heights. 

For this to happen, it is essential to upskill yourself with aggregating business demands and meeting new volatilities. Thus, we have highlighted 5 skills for entrepreneurs and startup owners which will help you to upgrade yourself and become self-reliant.

5 Must-Have Skills for Entrepreneurs and Every Startup Owners to Become Self-Reliant

#1. Adaptable

The market is changing and industries like Fintech, edTech, and health tech have moved on the frontline. In such a case, it might be possible that your idea which was earlier a billion-dollar idea would not sound as promising as it was earlier. Thus, it is very important to be adaptable to the current situation, and the below steps can help you learn one of the most promising skills for entrepreneurs. 

How to Make Yourself Adaptable?

• Go back to SWOT Analysis and your marketing plan
• Rework on your strengths and opportunities
• Recalculate your weakness and threats
• Reframe anxieties into excitement 
• Take up a course like Learning How to Learn: Powerful mental tools to help you master tough subjects

#2. Networking

Networking and reaching out to influential people is now the need of the hour. It will help in pacing up with the ongoing sweeping industrial reforms. Also, it won’t be wrong to say that successful entrepreneurs use networking as a powerful channel to open up new ideas, business opportunities, and solutions for the business. 

How to Make Networking a Practice?

• Update your LinkedIn profile, join groups, and connect with likeminded people
• Learn to say ‘Hi’ as it is the easiest way to open up for new relationships
• Take up a course like Successful Negotiation: Essential Strategies and Skills

#3. Communication 

As an entrepreneur, it is crucial for you to communicate with your clients, peers, prospects, partners, and all other stakeholders. Also, it is essential to understand that communication skill is not only the way you communicate, in fact, it includes several other skills including written communication, body language, way of conversing, debating, and cross platforming. 

How to Become a Better Communicator?

• Practice, practice, and practice
• Take time to think and then respond
• Turn negativity into positivity by following 3 ‘A’ Tactics – Action, Agreement, and Apology
• Stay away from using apathetic words and phrases
• Work on your body language, presentation, and listening skill 
• Consider taking a course like Communication Skills: Become More Clear, Concise, & Confident to master the art of business communication

#4. Technopreneur

Today, businesses can’t separate themselves from technology, and to make your business idea successful, it is essential for you to be a technopreneur. In the modern business world, technopreneur is a combination of “entrepreneurship” and “technology”. 

Well said by Eric Schmidt, who is currently a chair of the US Department of Defense’s Defense Innovation Advisory Board. 

“Technology is always evolving, and companies, not just search companies, can’t be afraid to take advantage of change.”

How to Groom Technopreneurship Skills?

• Keep on experimenting
• Ponder ideas from the perspective of technology
• Try to learn to code if you are a non-techie because it’s 2020 and managers should learn to program

#5. Practical Skills

For an entrepreneur, it is very essential to have a practical approach and knowledge to effectively run a company. It also eases several iterations of your business operations and other focused tasks like project management, financial forecasts and budgeting,  business planning, decision tree analysis, cause and effect analysis, etc. 

Also, entrepreneurs must know when to act and not speculate in order to relevant contributions 

How to Advance Practical Inclinations?

• Have a well-grounded sense of reality
• Avoid being wishy-washy
• Learn to prioritize things
• Hone your work patterns by learning Empathy and Emotional Intelligence at Work

The Parting Note – Skills for Entrepreneurs 

To ensure long term success as an entrepreneur, apart from these skills, one must also work on grooming the other essential personal characteristics and competencies like 

• Risk tolerance
• Visionary
• Optimistic
• Resilience
• Integrity

Armed with such productive skills, personal characteristics, and examining your strengths and weakness, will turn self-reliance into a new reality.