Being Entrepreneurial - Entrepreneurial Skillsets

 What skills are required to be an entrepreneur? Many entrepreneurs achieve success without a hat full of formal academic qualifications - so what skills have they used along the way? How important is it for entrepreneurs to have a broad portfolio of skills they can apply?

 Those are key questions that we consider in the Being Entrepreneurial qualification through a series of structured learning activities and resources.

 Each resource approaches skillsets in a slightly different way and students are encouraged to consider other skillsets that might be important and examples of how and why they play a part.

 Set out below is a brief summary of some of the key entrepreneurial skillsets - can you think of some others that might be included? Add your suggestions to the Disqus box further below!

Problem solving

Entrepreneurs see problems as opportunities that can be overcome. They actively seek solutions to problems as they arise including the use of advice and support.

Planning/ organisation

Entrepreneurs have the ability to plan ahead and organise effectively the resources (e.g. people, property, materials) that they invest into the opportunity.

Risk management

Entrepreneurs are prepared to take calculated risks. They manage risk by taking informed decisions that limit the chance of failure to an acceptable level and increase the chance of success.

People skills

Entrepreneurs need good people skills and can manage and motivate those around them

Communication

Entrepreneurs have good communication skills and can explain, discuss and sell their ideas to others.

Research

Entrepreneurs are able to research their target market effectively using a variety of methods.

Selling

Entrepreneurs are able to convince others about how they plan to exploit opportunities and can persuade potential customers that their product or service is worth buying.

Negotiation

Entrepreneurs have the ability to reach agreements with other people in order to progress an opportunity.

Networking

Entrepreneurs connect with other like-minded individuals in order to identify, develop and pursue opportunities

Customer Service

Entrepreneurs recognise the need to look after customers and focus on delivering a high level of customer service.

Financial awareness

Entrepreneurs are able to assess the financial viability of their ideas and analyse the financial risks and rewards involved.

Leadership

Entrepreneurs actively lead and influence those around them to help achieve their goals.

Ability to multi-task

Entrepreneurs need to be able to work on several tasks at once in order to be successful

Coping with change

Entrepreneurs accept that change is inevitable and see change as an opportunity rather than a threat. There is a close link here with key entrepreneurial mindsets - resilience and determination are key mindsets required in order to handle change effectively.

Learning skills

Entrepreneurs need to be quick learners. They have to be willing to learn new skills constantly and be prepared to set aside time to acquire their skills.

Adaptability

We live in a fast-paced world and entrepreneurs need to be capable of adapting to changing conditions.