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Last Updated on October 8, 2020

How to Succeed in Business: 10 Skills Every Entrepreneur Needs

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How to Succeed in Business: 10 Skills Every Entrepreneur Needs

Learning how to succeed in business used to be a case of being really good at one skill or area and milking it for all its value. Today, we are fast becoming a “skills economy”[1], driving trends in employment and even the way we approach entrepreneurship.

To succeed in today’s business landscape, business owners and executives need to possess a mix of skills that enable them to stay ahead and adapt to change.

What do you need to do to learn how to succeed in business? Here’re 10 important skills that entrepreneurs need to become successful.

1. Digital Savviness

As the adage goes: “If you’re not online, you don’t exist.” Today’s entrepreneurs need to take to the internet to increase their presence to remain relevant in an evolving business landscape.

Being able to quickly adapt to new technology, whether by utilizing cloud applications, organizing websites using content management systems, or collaborating remotely across the internet, is fast becoming the expected norm for executives.

For businesses, discoverability on the web is becoming a quick litmus test for credibility. Potential customers and investors bank on the first page of Google to make up half their minds about making further transactions with a business. GE Capital Retail Bank found that 81% of retail shoppers conduct online research before buying[2].

How to Develop This Skill

For a start, begin by hosting your website and reserving all of your brand’s handles across social media platforms. While hiring a web developer might sound like the next step, consider first hosting your company’s site on more user and budget-friendly options like Squarespace, Wix, or WordPress.

From here, you can start on some simple search engine optimization techniques that will increase your discoverability over time. Through keyword research, organic content creation, and external back-links, your site will slowly but surely garner more traffic.

2. Financial Forecasting

Let’s face it, many business owners feel that time could be better spent on developing and running the business instead of planning for it financially. However, a financial forecast serves as a roadmap for shaping any kind of business, so make this skill a priority when learning how to succeed in business.

Forecasting and planning your financial goals will give you a clearer idea of resources required. It can also provide assurance to investors as a testament to the thorough research and planning you have done.

However, inaccurate forecasts can lead to livid investors and mismanagement of expenses. When creating a detailed financial forecast, a rule of thumb is to always start with your expenses.

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How to Develop This Skill

Generally, it’s easier to calculate and predict your expenses compared to your revenue, so noting down your expenses is a starting point to benchmark how much you might need to generate in sales to turn a profit. It’s a good habit to regularly update and evaluate how close your operations are to what you have forecasted.

Building a precise set of growth forecasting will take time, but, remember, you are an investor in your own business. You must have confidence in the validity of your business concept.

3. Video Production Skills

The rise of visual mediums and the dopamine boosts it gives to users has long been researched and proven as providing an unfair advantage to businesses that leverage it[3].

If you’re a heavy user of social platforms like Facebook, LinkedIn, and even YouTube, you’ll know that it’s pretty hard to stop once you get started on a binge-watching session.

In fact, video marketing is seeing a non-stop rise in popularity and effectiveness when used in conjunction with social media to drive traffic and boost conversions[4]. According to research, after 2019, 80% of global Internet consumption will be video content[5].

With video marketing becoming more ubiquitous, businesses that fail to leverage the power of video are almost certain to lose out.

How to Develop This Skill

Some ways to get started using videos for your business would be:

  • Creating a series of educational videos that cover useful information for your audiences
  • Live videos interacting with your community at large (these can be shot on your smart phone)
  • Using videos on landing pages to boost your customer conversions

4. Benchmarking Personal Goals to Business Performance

As far as you get into achieving endeavors on your business bucket list, it’s important to remember that being an entrepreneur is just one facet of your identity. Don’t forget why you started in the first place, even when your focus is learning how to succeed in business.

Ambition usually stems from some lifestyle goals you’ve always wanted for yourself and the people you might be providing for today or in the future. Working 24/7 is a surefire route to burnout.

How to Develop This Skill

Money can’t be your only motivation, but look into the positives of how having more financial freedom and time can impact your life. In the short term, involving your interests in your businesses can make everyday tasks feel less like mundane errands. In the long run, your business may also bring you fruitful rewards, including personal fulfilment.

Set realistic income goals to manage expectations for your performance and your company’s revenue, especially during its earlier stages. See how projected growth can align with your personal goals and make adjustments accordingly.

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5. Leveraging Healthy Competition

Some of the best athletes who have spent their careers neck-and-neck with each other have changed the standards in their respective sports. The notion of healthy competition applies to the business world more than it may seem on the surface.

Innovation has always been a key driver in free markets, which were intended to boost economies and provide customers with more choices. Just like the biggest sporting rivals that build on each others’ game, you can use your biggest competitors to hone your strategies.

How to Develop This Skill

Turn a competitive market landscape into an advantageous one by leveraging on long-established systems your business proposes an alternative to. Learn from the mistakes of predecessors once you discover their product or service loopholes.

For example, the Dollar Shave Club’s viral video[6] became a big hit because it aimed at consumers tired of purchasing expensive but low quality shavers from retail giants. Going in second meant they could fill a gap competitors might not even have been aware of.

Solidify your place with your business’ advantage — whether you’re tapping into a new geographical region or unexplored market sector, or introducing a business model that is more viable than others.

6. Honing Pitches to Investors

Stand out in a broad mix of entrepreneurs by mastering the art and science behind a solid investor pitch. Make this a focus if you want to learn how to succeed in business. Get comfortable talking about your ideas and receiving feedback or questions from peers, partners, and advisors before setting out to make a good impression on potential customers and eventually investors.

The phrase “If you can’t convince them, confuse them,” will certainly never get your business funded, especially in front of seasoned venture capitalists who have seen thousands of startup pitches. You should be able to deliver a quick elevator pitch that summarizes your unique proposition for casual meet-ups[7] because you sometimes only have a few minutes to make a good impression.

How to Develop This Skill

Develop your investor pitch deck by highlighting your business’ strongest points, which will vary for every funding round. Create your deck with the investors’ interests in mind, balancing technical jargon and buzzwords.

You can also introduce your diverse team of experts, some proven traction, or the current state of the market to demonstrate profitability and the attractiveness of the opportunity to investors.

Ensure each slide flows into the other to develop a persuasive narrative, utilizing consistent and intelligent design principles to support your content.

7. Developing a Strong Brand Identity

In a world of saturated content and numerous emerging businesses that offer similar service lines, developing a unique brand identity will help you cut through the noise and stand out from your competition[8].

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Define your personal brand to succeed in business.

    Evaluating your brand identity is linked to identifying your target customers, your business goals, a proposed promised land your solution achieves, and identifying values that are aligned with these components. Brand identity serves as a guide to maintaining consistency and creating an image you want your business to be associated with.

    How to Develop This Skill

    Efforts to strengthen your brand identity are closely tied to giving marketing strategies a direction.  By knowing what makes your target customers tick, you will be able to elevate your business from simply being a service or product to a projected brand customers and partners would be happy to identify with.

    8. Automating to Your Advantage

    The need for efficiency is often a general problem new businesses aim to resolve. As you’re learning how to succeed in business, assure that your proposed solution is more efficient than what’s readily available in the market to inspire the need for it.

    Efficiency is often achieved nowadays through digitalization and new technologies. While your product or service may not necessarily be the most innovative out there, you can apply the same automation concept across your business’ daily operations.

    How to Develop This Skill

    Shorten turnaround times and conversion rates by investing in small tools for automation where you deem fit. While it may come out of your pocket in the early stages, evaluate the advantages and benefits of automating certain processes. At our office, we’ve tried using collaborative apps like Workplace by Facebook, Slack, Asana and a few other popular apps to reduce human error and friction.

    9. Managing Millennials

    Your team plays an integral part in whether your business will accelerate at breakneck speeds or be dragged down by dead weight. Hence, it is imperative to be selective and strategic when choosing your team.

    In leaner, small business teams, the addition of every new teammate can impact how your organization culture evolves.

    Today, learning to manage millennials has become an increasingly sought after skill as well due to the increasing proportion of them in the workforce[9]. Some brand them as strawberries that are easily bruised, and others loath their need for “meaning” and wearing T-shirts to work.

    How to Develop This Skill

    Naturally, there are many misconceptions surrounding millennials, and various businesses would do well to leverage their unique skills.

    A couple of ways to manage a millennial team include:

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    Encourage a Flat Team Structure With Open Communication

    Maintain clear professional lines between supervisors and subordinates, but keep communication channels open to ensure no negativity festers.

    Offer Constructive Feedback

    Baby boomers are well known for their straightforward approach to delivering feedback. Millennials, on the other hand, don’t always take feedback in a form that could be construed as deep criticism.

    Being constructive with feedback ensures that you don’t coddle millennial workers but also tell them the things they need to hear.

    10. Maintaining a Network of Connectivity

    When learning how to succeed in business, instead of proposing a model that’s disruptive to an industry, build connections with other companies that serve the same target customers, as long as they provide a different service.

    By creating partnerships, both you and other businesses thrive simultaneously.

    Sole market disruption isn’t always the best strategy to take. Not everybody has the opportunity, bandwidth, or financial capacity to dominate and monopolize a marketplace. See your potential for integration into other businesses and services as a good opportunity for co-collaborative marketing efforts with shared campaigns, split costs, and a strengthened customer database for everyone to tap into.

    How to Develop This Skill

    Regardless of the stage your business is in, never stop looking for ways to expand your network. Keep in contact with mentors you can look to for valuable industry advice that can help you avoid pitfalls and costly mistakes. Strengthen brand awareness by attending cross-industry events and casual meet-ups to open your business to reinvention and innovation.

    As the African proverb goes:

    “If you want to go fast, go alone. If you want to go far, go together.”

    Collaborating will get you where you want to go quicker and gear you up for further growth.

    More on How to Succeed in Business

    Featured photo credit: Tyler Franta via unsplash.com

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    Reference

    More by this author

    Eugene Cheng

    Eugene is Lifehack's Entrepreneurship Expert. He is the co-founder and creative lead of HighSpark, offering presentation training for companies.

    Why Leadership and Management Are Two Sides of a Coin How to Overcome the Fear of Public Speaking (A Step-by-Step Guide) How to Succeed in Business: 10 Skills Every Entrepreneur Needs How to Learn Business as an Aspiring Entrepreneur 10 Most Successful Entrepreneurs (And What to Learn from Them)

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    Last Updated on August 25, 2021

    Why Personal Branding Is Important to Your Career

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    Why Personal Branding Is Important to Your Career

    As a recruiter, I have met and interviewed hundreds of candidates who have no idea who they are.

    Without a personal brand, candidates struggle to answer the question: “tell me about yourself—who are you?” They have no idea about who they are, what their strengths are, and how they can add value to the company. They present their CV’s believing that their CV is the key to their career success. In some ways, your CV still has its use. However, in today’s job market, you need more than a CV to stand out in a crowd.

    According to Celinne Da Costa:[1]

    “Personal brand is essentially your golden ticket to networking with the right people, getting hired for a dream job, or building an influential business.” She believes that “a strong personal brand allows you to stand out in an oversaturated marketplace by exposing desired audiences to your vision, skillset, and personality in a way that is strategically aligned with your career goals.”

    A personal brand opens up your world to so many more career opportunities that you would never have been exposed to with just your CV.

    What Is Your Personal Brand?

    “Personal branding is how you distinctively market your uniqueness.” —Bernard Kelvin Clive

    Today, the job market is very competitive and tough. Having a great CV will only let you go so far because everyone has a CV, but no one else has your distinct personal brand! It is your personal brand that differentiates you from everyone else and that is what people buy—you.

    Your personal brand is your mark on the world. It is how people you interact with and the world see you. It is your legacy—it is more important than a business brand because your personal brand lasts forever.

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    I have coached people who have very successful careers, and they come to me because they have suddenly found that they are not getting the opportunities or having the conversations that would them to their next role. They are having what I call a “career meltdown,” all because they have no personal brand.

    A personal brand helps you become conscious of your differences and your uniqueness. It allows you to position yourself in a way that makes you stand out from the pack, especially among other potential job applicants.

    Don’t get me wrong, having a great CV and a great LinkedIn profile is important. However, there are a few steps that you have to take to have a CV and LinkedIn profile that is aligned to who you are, the value you offer to the market, and the personal guarantee that you deliver results.

    Building your personal brand is about strategically, creatively, and professionally presenting what makes you, you. Knowing who you are and the value you bring to the table enables you to be more informed, agile, and adaptable to the changing dynamic world of work. This is how you can avoid having a series of career meltdowns.

    Your Personal Brand Is Essential for Your Career Success

    In her article, Why Personal Branding Is More Important Than Ever, Caroline Castrillon outlines key reasons why a personal brand is essential for career success.

    According to Castrillon,[2]

    “One reason is that it is more popular for recruiters to use social media during the interview process. According to a 2018 CareerBuilder survey, 70% of employers use social media to screen candidates during the hiring process, and 43% of employers use social media to check on current employees.”

    The first thing I do as a recruiter when I want to check out a candidate or coaching client is to look them up on LinkedIn or other social media platforms, such as Facebook, Instagram, and Twitter. Your digital footprint is the window that highlights to the world who you are. When you have no control over how you want to be seen, you are making a big mistake because you are leaving it up to someone else to make a judgment for you as to who you are.

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    As Jeff Bezos, the founder of Amazon, once said, “Your brand is what people say about you when you are not in the room.”

    In her book, Becoming, Michelle Obama writes about the importance of having a personal brand and her journey to defining her personal brand. She wrote that:

    “if you don’t get out there and define yourself, you’ll be quickly and inaccurately defined by others.”

    When you have a personal brand, you are in control. You know exactly what people will say about you when you leave the room.

    The magic of a personal brand is that gives you control over how you want to be seen in the world. Your confidence and self-belief enable you to leverage opportunities and make informed decisions about your career and your future. You no longer experience the frustrations of a career meltdown or being at a crossroads not knowing what to do next with your career or your life. With a personal brand, you have focus, clarity, and a strategy to move forward toward future success.

    Creating your personal brand does not happen overnight. It takes a lot of work and self-reflection. You will be expected to step outside of your comfort zone not once, but many times.

    The good news is that the more time you spend outside of your comfort zone, the more you will like being there. Being outside of your comfort zone is where you can test the viability of and fine-tune your personal brand.

    5 Key Steps to Creating Your Personal Brand

    These five steps will help you create a personal brand that will deliver you the results you desire with your career and in life.

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    1. Set Your Personal Goals

    What is it that you want to do in the next five years? What will your future self be doing in the next five to ten years? What is important to you? If you can answer these questions, then you are on the right path. If not, then you have to start thinking about them.

    2. Create Your Unique Value Proposition

    Create your unique value proposition by asking yourself these four questions:

    1. What are your personality features? What benefit do you offer people?
    2. Who are you and why do people enjoy working with you?
    3. What do you do and what do people want you to do for them? How do you solve their problems?
    4. What makes you different from others like you?

    The answers to these questions will give you the information you need to create your professional story, which is the key step to creating your personal brand.

    3. Write Your Professional Story

    Knowing who you are, what you want, and the unique value you offer is essential to you creating your professional story. People remember stories. Your personal story incorporates your value proposition and tells people who you are and what makes you unique. This is what people will remember about you.

    4. Determine Which Platforms Will Support Your Personal Brand

    Decide which social media accounts and online platforms will best represent your brand and allow you to share your voice. In a professional capacity, having a LinkedIn profile and a CV that reflects your brand is key to your positioning in relation to role opportunities. People will be connecting with you because they will like the story you are telling.

    5. Become Recognized for Sharing Your Knowledge and Expertise

    A great way for you to promote yourself is by sharing knowledge and helping others. This is where you prove you know your stuff and you gain exposure for doing so. You can do this through social media, writing, commenting, video, joining professional groups, networking, etc. Find your own style and uniqueness and use it to attract clients, the opportunities, or the jobs you desire.

    The importance of having a personal brand is not going to go away. In fact, it is the only way where you can stand out and be unique in a complex changing world of work. If you don’t have a personal brand, someone will do it for you. If you let this happen, you have no control and you may not like the story they create.

    Standing out from others takes time and investment. Most people cannot make the change by themselves, and this is where engaging a personal brand coach is a viable option to consider.

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    As a personal brand coach, working with my clients to create their personal brand is my passion. I love the fact that we can work together to create a personal story that defines exactly what people will say when you leave the room.

    Other People’s Stories

    Listening to other people’s stories is a great way to learn. In his article, 7 TED Talks About Personal Branding, Rafael Dos Santos presents the best Ted Talks where speakers share their stories about the “why,” “what,” and “how” of personal branding.((GuidedPR: 7 TED Talks About Personal Branding))

    Take some time out to listen to these speakers sharing their stories and thoughts about personal branding. You will definitely learn so much about how you can start your journey of defining yourself and taking control of your professional and personal life.

    Your personal brand, without a doubt, is your secret weapon to your career success. As Michelle Obama said,

    “your story is what you have, what you will always have. It is something to own.”

    So, go own your story. Go on the journey to create your personal brand that defines who you are, highlights your uniqueness, and the value you offer to the world.

    Featured photo credit: Austin Distel via unsplash.com

    Reference

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