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Last Updated on October 8, 2020

How to Succeed in Business: 10 Skills Every Entrepreneur Needs

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

    Reference

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    Eugene Cheng

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

    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) Why Leadership and Management Are Two Sides of a Coin 12 Foolproof Tips for Entrepreneurs to Be Successful in a New Venture

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    Last Updated on November 5, 2020

    Why You Have the Fear of Failure (And How to Overcome It)

    Why You Have the Fear of Failure (And How to Overcome It)

    Nobody enjoys failing. Fear of failure can be so strong that avoiding failure eclipses the motivation to succeed. Insecurity about doing things incorrectly causes many people to unconsciously sabotage their chances for success.

    Fear is part of human nature. As an entrepreneur, I faced this same fear. My ego and identity became intertwined with my work, and when things didn’t go as planned, I completely shut down. I overcame this unhealthy relationship with fear, and I believe that you can, too.

    Together we’ll examine how you can use failure to your advantage instead of letting it run your life. We’ll also look at how to overcome fear of failure so that you can enjoy success in your work and life.

    What Is Fear of Failure?

    If you are afraid of failure, it will cause you to avoid potentially harmful situations.

    Fear of failure keeps you from trying, creates self-doubt, stalls progress, and may lead you to go against your morals.

    What causes a fear of failure? Here are the main reasons why fear of failing exists:

    Patterns From Childhood

    Hyper-critical adults cause children to internalize damaging mindsets.[1] They establish ultimatums and fear-based rules. This causes children to feel the constant need to ask for permission and reassurance. They carry this need for validation into adulthood.

    Perfectionism

    Perfectionism is often at the root of a fear of failure.[2] For perfectionists, failure is so terrible and humiliating that they don’t try. Stepping outside your comfort zone becomes terrifying.

    Over-Personalization

    The ego may lead us to over-identify with failures. It’s hard to look beyond failure at things like the quality of the effort, extenuating circumstances, or growth opportunities.[3]

    False Self-Confidence

    People with true confidence know they won’t always succeed. A person with fragile self-confidence avoids risks. They’d rather play it safe than try something new.[4]

    How the Fear of Failure Holds You Back

    Unhealthy Organization Culture

    Too many organizations today have cultures of perfection: a set of organizational beliefs that any failure is unacceptable. Only pure, untainted success will do.

    Imagine the stress and terror in an organization like that. The constant covering up of the smallest blemishes. The wild finger-pointing as everyone tries to shift the blame for the inevitable messes onto someone else. The lying, cheating, falsification of data, and hiding of problems—until they become crises that defy being hidden any longer.

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    Miss out on Valuable Opportunities

    If some people fail to reach a complete answer because of the lure of some early success, many more fail because of their ego-driven commitment to what worked in the past. You often see this with senior people, especially those who made their names by introducing some critical change years ago.

    They shy away from further innovation, afraid that this time they might fail, diminishing the luster they try to keep around their names from past triumph.

    Besides, they reason, the success of something new might even prove that those achievements they made in the past weren’t so great after all. Why take the risk when you can hang on to your reputation by doing nothing?

    Such people are so deeply invested in their egos and the glories of their past that they prefer to set aside opportunities for future glory rather than risk even the possibility of failure.

    High Achievers Become Losers

    Every talent contains an opposite that sometimes turns it into a problem. Successful people like to win and achieve high standards. This can make them so terrified of failure that it ruins their lives. When a positive trait, like achievement, becomes too strong in someone’s life, it’s on the way to becoming a major obstacle.

    Achievement is a powerful value for many successful people. They’ve built their lives on it. They achieve at everything they do: school, college, sports, the arts, hobbies, work. Each fresh achievement adds to the power of the value in their lives.

    Gradually, failure becomes unthinkable. Maybe they’ve never failed yet in anything that they’ve done, so they have no experience of rising above it. Failure becomes the supreme nightmare: a frightful horror they must avoid at any cost.

    The simplest way to do this is never to take a risk, stick rigidly to what you know you can do, protect yourself, work the longest hours, double and triple check everything, and be the most conscientious and conservative person in the universe.

    If constant hard work, diligence, brutal working schedules and harrying subordinates won’t ward off the possibility of failing, use every other possible means to to keep it away. Falsify numbers, hide anything negative, conceal errors, avoid customer feedback, constantly shift the blame for errors onto anyone too weak to fight back.

    Loss of Creativity

    Over-achievers destroy their own peace of mind and the lives of those who work for them. People too attached to “goodness” and morality become self-righteous bigots. Those whose values for building close relationships become unbalanced slide into smothering their friends and family with constant expressions of affection and demands for love in return.

    Everyone likes to succeed. The problem comes when fear of failure is dominant, when you can no longer accept the inevitability of making mistakes, nor recognize the importance of trial and error in finding the most creative solution.

    The more creative you are, the more errors you are going to make. Deciding to avoid the errors will destroy your creativity, too.

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    Balance counts more than you think. Some tartness must season the sweetest dish. A little selfishness is valuable even in the most caring person. And a little failure is essential to preserve everyone’s perspective on success.

    We hear a lot about being positive. Maybe we also need to recognize that the negative parts of our lives and experience have just as important a role to play in finding success, in work, and in life.

    How to Overcome Fear of Failure (Step-by-Step)

    1. Figure out Where the Fear Comes From

    Ask yourself what the root cause of your negative belief could be.[5] When you look at the four main causes for a fear of failure, which ones resonate with you?

    Write down where you think the fear comes from, and try to understand it as an outsider.

    If it helps, imagine you’re trying to help one of your best friends. Perhaps your fear stems from something that happened in your childhood, or a deep-seated insecurity.

    Naming the source of the fear takes away some of its power.

    2. Reframe Beliefs About Your Goal

    Having an all or nothing mentality leaves you with nothing sometimes. Have a clear vision for what you’d like to accomplish but include learning something new in your goal.

    If you always aim for improvement and learning, you are much less likely to fail.[6]

    At Pixar, people are actually encouraged to “fail early and fail fast.”[7] They encourage experimentation and innovation so that they can stay on the cutting edge. That mindset involves failure, but as long as they achieve their vision of telling great stories, all the stumbling blocks are just opportunities to grow.

    3. Learn to Think Positive

    In many cases, you believe what you tell yourself. Your internal dialogue affects how you react and behave.

    Our society is obsessed with success, but it’s important to recognize that even the most successful people encounter failure.

    Walt Disney was once fired from a newspaper because they thought he lacked creativity. He went on to found an animation studio that failed. He never gave up, and now Disney is a household name.

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    Steve Jobs was also once fired from Apple before returning as the face of the company for many years. [8]

    If Disney and Jobs had believed the negative feedback, they wouldn’t have made it.

    It’s up to you to notice your negative self talk and identify triggers[9]. Replace negative thoughts with positive facts about yourself and the situation. You’ll be able to create a new mental scripts that you can reach for when you feel negativity creeping in. The voice inside your head has a great effect on what you do.

    How To Be A Positive Thinker: Positivity Exercises, Affirmations, & Quotes

      4. Visualize all Potential Outcomes

      Uncertainty about what will happen next is terrifying. Take time to visualize the possible outcomes of your decision. Think about the best and worst-case scenarios. You’ll feel better if you’ve already had a chance to mentally prepare for what could happen.

      Fear of the unknown might keep you from taking a new job. Weigh the pros and cons, and imagine potential successes and failures in making such a life-altering decision. Knowing how things could turn out might help you get unstuck.

      5. Look at the Worst-Case Scenario

      There are times when the worst case could be absolutely devastating. In many cases, if something bad happens, it won’t be the end of the world.

      It’s important to define how bad the worst case scenario is in the grand scheme of your life. Sometimes, we give situations more power than they deserve. In most cases, a failure is not permanent.

      For example, when you start a new business, it’s bound to be a learning experience. You’ll make decisions that don’t pan out, but often that discomfort is temporary. You can change your strategy and rebound. Even in the worst case scenario, if the perceived failure led to the end of that business, it might be the launching point for something new.

      6. Have a Backup Plan

      It never hurts to have a backup plan. The last thing you want to do is scramble for a solution when the worst has happened. The old adage is solid wisdom:

      “Hope for the best, prepare for the worst.”

      Having a backup plan gives you more confidence to move forward and take calculated risks.

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      Perhaps you’ve applied for a grant to fund an initiative at work. In the worst-case scenario, if you don’t get the grant, are there other ways you could get the funds?

      There are usually multiple ways to tackle a problem, so having a backup is a great way to reduce anxiety about possible failure.

      7. Learn From Whatever Happens

      Things may not go the way you planned, but that doesn’t automatically mean you’ve failed. Learn from whatever arises.[10] Even a less than ideal situation can be a great opportunity to make changes and grow.

      “Sometimes you win, sometimes you learn.”

      Dig deep enough, and you’re bound to find the silver lining. When you’ve learned that “failure” is an opportunity for growth instead of a death sentence, you conquer the fear of failure.

      For more tips on how to overcome fear of failure, check out the video below:

      Final Thoughts

      To overcome fear of failure, we can start by figuring out where it comes from and reframing the way we feel about failure. When failure is a chance for growth, and you’ve looked at all possible outcomes, it’s easier to overcome fear.

      Stay positive, have a backup plan, and learn from whatever happens. Your failures will be sources of education and inspiration rather than humiliation.

      “I have not failed. I’ve just found 10,000 ways that won’t work.” -Thomas A. Edison

      Failures can be blessings in disguise. Go boldly in the direction of your dreams and long-term goals.

      More Tips for Conquering Fear

      Featured photo credit: Patrick Hendry via unsplash.com

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