Last Updated 11 May 2020

Management Skills You Need To Be The Next Great Entrepreneur

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In today’s context, an entrepreneur is somebody who operates a business, taking risks and reaping the rewards that come with owning a business.An entrepreneur is a thought leader with often the expertise and knowledge of an innovator. Entrepreneurs bring new concepts to the table. They possess the right set of skills and the attitude to enhance and help a   strategic business progress while also producing greater revenue.

Certain skills of an entrepreneur are fossilized prominently.However, future  next gen entrepreneurs are required to have distinguished management skills for a remarkable status on a socio-economic platform. A first-rate entrepreneur thrives in his business strategy by abdicating the traditional ways of management and infusing innovative managerial skills.

It is extremely important for an entrepreneur to blend in the traditional management skills with new models and modernized techniques.

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An entrepreneur must possess certain managerial skills -

  • Optimizing the use of scarce resources
  • Ensuring effective leadership
  • Motivating employees by creating a safe and secure environment
  • Promoting synchronization amongst industries and their relations
  • Strategizing towards the achievement of primary goals of an organization
  • Facilitating developmental opportunities that boost morale and help upgrade skills
  • Knowledge and expertise to expand productivity
  • Regulating competition in the market

Apart from the basic managerial skills, a future next gen entrepreneur must also have a grip on certain other factors that will enable them to exercise a strong foothold among his competitors. Information and knowledge are the key elements of management. Implementations of these elements are very crucial.Involvement in the society by taking on social responsibilities goes a long way in establishing the business as a responsible entity that helps make the world a better place while also using the market for good.

  • Passionate: An entrepreneur can be trained for certain managerial skills and expertise in the same, but one cannot be trained to be passionate as it is inbuilt. It is also imperative that the entrepreneur remains self-motivated to achieve success and reach their goals.
  • Vibrant Personality:A charismatic person can never be overlooked due to their unique personality and the wisdom they display in the form of their brilliance. An entrepreneur should live by the‘Be simple, but significant’ motto. A leader possesses traits which leave a long-lasting impact on their industry peers and subordinates. A principle trait in an entrepreneur is their dedication and reliance on hard work, without which an organization cannot be constructed.
  • Ready-to-go attitude: A strong temperament will always help an entrepreneur sail smoothly through the highs and lows of the business. They must have a ready-to-go attitude as it will help them perform better as a thought leader among his competitors in the market. They take risks and tasks head-on as and when they may appear, keeping in mind the inconsistencies and unpredictability of running a business.
  • Self-introspection: The capacity to look closely and examine one’s nature and social behavior while developing deeper insights for self-learning in business is an essential part of growing. This will provides a deeper understanding of the situation at hand, no matter the number of fluctuations in business. A true entrepreneur lives by the popular Japanese proverb - ‘Fall down seven times, get up eight.’ It is important to keep a check on the strategies which may lead to failure and rectify in accordance when taking a risk in business.
  • Flexibility: An entrepreneur needs to exercise flexibility and adopt certain changes for the benefit of the company. In order to lead, one  should keep in mind that there are certain  pre-requisites to run a successful business; the prime factor being that the needs of others always come first and one should always be open to change.
  • Self-belief: In order to survive a storm in relation to a business that is prone to vulnerability, one must prioritize and modify their business strategies and policies. This can be done effectively by making careful alterations to one’s character through self- discipline, patience, and self- belief. These qualities that define  an entrepreneur  evolve as a result of all the difficulties that come their way.
  • Money Management:All our lives we are taught that time is money and for an entrepreneur managing these two resources with the utmost care and patience is extremely crucial.  In simple words, a person needs to efficiently control his investments, savings, and expenses. This attribute in an entrepreneur is as important as the skill to carry out the business itself.
  • Networking: In a world where we are connected to each other through social media platforms business professionals can share their ideas on social media platforms in order to connect with people who can be of significance and can contribute towards their growth.Networking helps entrepreneurs to develop various skill-sets such as communicating with a large number of audiences,   gaining a deeper insight of the market trends and so much more.

These tips can also help traditional entrepreneurs grow and gain prosperity in their profession. As time passes by, it is really important to grow and evolve not only for individual improvement but also for business benefits. There are many academic courses which are available like the Diploma in Entrepreneurship Management (DEM) at the Indian School of Business Management and Administration (ISBM) which can contribute in acquiring these skills.

It is an overall win-win situation for each and every individual who is striving to make a difference in the society.                              

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