5 Great Soft Skills for Entrepreneurs
We all know how important hard, technical skills are. Those who have enough technical skills to create software are in high demand, so do people who can draw up financial plans for entire businesses. These skills can land you jobs, or help you start your own business! But there are also soft skills that can help you climb the ladder of success. Especially if you want to become an entrepreneur. These soft skills are what separates most people from entrepreneurs.
To help you understand which soft skills you should focus on, we have compiled a list of 5 soft skills every entrepreneur should have to succeed in their business endeavours.
1. Growth Mindset
Probably the most important aspect of a successful entrepreneur is their mindset. You can have all the charm and technical skills you want, but without the correct mindset, your full potential will never be unleashed. That is why the first soft skill that an entrepreneur should have is a growth mindset.
The growth mindset is a term coined by Stanford professor Carol Dweck. According to her, this mindset is defined as the belief that with enough determination, effort and self-drive, people can improve themselves beyond their natural capabilities.
Simply put, those without the growth mindset will believe that their abilities are near-static. If they are unsuccessful at a certain subject, they will stay unsuccessful at that. While people with the growth mindset will understand that failing is only the process of learning.
This also extends beyond the self and affects how we see other people.
Those who have the growth mindset will know that people can improve themselves given the right tools and the right mindset. So when selecting partners and employees, they will focus on the ability to grow, instead of their current situation.
We mostly picture entrepreneurs as successful loners, those who go without a pack, simply lone wolves. Modern media and almost cult entrepreneur personalities make it seem like they are a one-person company, where they do everything that needs to be done by themselves.
But most entrepreneurs who are in the early stages of success will tell you one simple thing: teamwork is dreamwork.
One person cannot master all the elements of a business, and can’t micromanage everything as the company grows. In a scalable, growing business, the entrepreneur should know how to function in a team.
This can show itself as being able to delegate responsibilities without micromanaging, judging each point of view fairly without asserting that theirs is the most important, and being able to help those in the team who need guidance.
Being able to convince and persuade is a skill everyone needs in the business world. If you can’t convince your customers to buy your product, or a potential employee to work with you, you won’t be able to go far.
The best entrepreneurs are usually those who manage to persuade those around them. This can be persuading their partners and employees to believe in them, or convincing investors to invest in them.
You may think that persuasion is a static ability, but as we have mentioned in the first entry, believing that you can improve yourself is the first step.
There are many videos, blog posts, books and courses that teach people how to be more persuasive. So if you find yourself lacking in persuasion, start searching on YouTube for training videos!
4. Ability to Adapt
Starting, growing or stabilizing a new business is not an easy task. And it will be full of unforeseen circumstances.
Employees will quit, new global situations may affect your business, partners may decide to follow other pursuits etc. A lot can change, and a lot can affect a business. Being able to adapt, and take action during turbulent times is an important ability for every entrepreneur.
Instead of stressing over the new circumstances, accept them fully, and immediately start thinking of ways to make the situation better. Note what created this problem, and how you can prevent it in the future.
5. Critical Thinking
Critical thinking is the ability to actively analyse, synthesise and evaluate received information. It is simply the ability to correctly process all the information received, without letting your emotions cloud your judgement.
As an entrepreneur, you will receive a lot of information from a variety of different sources, and you will be expected to make decisions based on it.
These decisions can be anything from determining the path your business will take, deciding on how to spend your budget, choosing who to hire, and deciding if you should pivot your entire company or not.
To make these decisions wisely, you will need to develop your critical thinking abilities.