10 Essential Entrepreneurial Skills:

By on August 10, 2015
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  1. Persistence – This is undoubtedly the single most important factor that will determine whether you live your dream, or not. The never ending obstacles that will inevitably deter your progress will require an unrelenting personal persistence. This will make or break your dream. Develop persistence or die.
  2. Willingness to take responsibility – You can only change the things that you take responsibility for; blaming circumstance or others will only disempower you and your ability to make necessary changes to your plans. Own it when do the right things, own it when you don’t. 
  3. Stick to it-iveness – This is really persistence, but focused on actions. The ability to follow through on simple tasks is the absolute foundation of successful entrepreneurs.
  4. Ability to make and stick to decisions – In ‘Think and Grow Rich’ Napoleon Hill says that successful people have the habit of making decisions quickly and changing their course rarely and only if presented with clear facts that they’ve made a mistake. A bad plan will beat no plan, in the long run, every time
  5. Basic Budgeting Skills – You can’t manage what you don’t know, period. Using an exact budget is the only way to manage a successful company, especially a start up.
  6. Ability to learn from other’s mistakes – Mistakes are very costly and can often be fatal to an organization. The ability to learn from others’ mistakes will save unmeasurable amounts of time and also money.
  7. Journaling / Note taking / Goal Setting – You can’t have or even make a bad plan without the ability to sketch out a basic outline and goals. If you study successful people I believe you’d find that without fail they have an intricate note taking system. It’s probably a weird hybrid of personal style and choice, but a system of some kind. It’s not as important as to what kind of note taking system, digital or paper, as it is that you use some system. 
  8. Being Coachable – Being able to learn from those who have gone before you is the only real way to grow fast and direct. People who think they know everything seem to know very little in reality and it is generally reflected in their actual accomplishments. Find a mentor and listen, but be sure they are in fact a mentor you want to follow.
  9. Having an Open Mind – If you think you know everything, then why aren’t you already financially independent? Keep an open mind. The general societal perception may be dead wrong. Learn to ask why and how. Question everything.
  10. Willing to take risk – The reality is that life is risky. The good news is you can’t change that. This is what they call ‘The Way It Is”.  You cannot have (the illusion of) security and build something. At some point you have to go all in and say I’m going to succeed or fail at this, but I’m not going to let life pass me by and say what if.

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