Entrepreneurship is essential to the economy of any country because it allows enterprising and ambitious individuals to introduce innovative products into the marketplace. It leads to the establishment of business enterprises that are able to provide employment opportunities to millions of people. In addition to this, these organizations bring in creative commodities and services in the market segment where they conduct their activities. In many cases, people who undertake such ventures begin their careers as proprietors of small commercial organizations that cater to a small segment of the local market. However, with time they are able to expand the scope of the business operations to able to influence both national and international business environment.
Leslie Hocker, an entrepreneurial coachexplains that entrepreneurs have ability to enhance the standard of living of people in a country with their innovative products and services. This leads to the creation of wealth and more jobs for the inhabitants living that country. In the course of time, these creative products and services spread to other parts of the world for inhabitants of those countries to use. This results in prosperous conditions in both the host country and other regions of the world. She explains the important entrepreneurial skills every business leader needs to master are as follows:
- Ability to raise and manage money
Every proprietor knows that a person who cannot manage money prudently can never operate a business successfully. In order to get the investments, businessmen need to need to make a convincing case to their stakeholders. They need to show these investors that their ventures are a risk worth taking for them to earn more money.
- Capability of hiring efficient people
The ability to hire people with unique skills is a trait all business leaders need to master. Hiring people, as partners and employees, who can contribute to effectiveness of the business enterprise are an asset to such an organization. They have the ability to make such an establishment stand out among the crowd.
- Focus on customers
Every businessman knows that no commercial establishment can function in the market without reliable customers. The unique commodities the entrepreneurs make or the service they render center around catering to the need of their clients. This is the only way they succeed in the marketplace.
- Handling failure
Every business venture has its share of risks. The ability of an entrepreneur to deal with the difficulties of his/her organization distinguishes him/her from other people. It is important for any proprietor to remember that a person is successful when he/she learns from his/her mistakes.
- Identify strengths and weaknesses
Entrepreneurs are aware that they cannot be prefect at everything they do. However, they do need to have a thorough understanding of the strengths and weakness. This ability will reflect in the decisions they make, how they deal with their clients and the people they hire.
Leslie Hocker clarifies that in today’s business world companies with the above entrepreneurial skills not only survive in the market but also strive. They are able to expand their customer base and gain the competitive edge over their rivals.