(Continued from last edition)
“The playing field is poised to become a lot more competitive, and businesses that don’t deploy AI and data to help them innovate in everything they do will be at a disadvantage.”
– Paul Daugherty, chief technology and innovation officer, Accenture
- Time management: Entrepreneurs often have to juggle multiple responsibilities; so effective time management is critical. Negotiation skills are crucial when dealing with various stakeholders, such as suppliers, investors, and partners. Entrepreneurs should aim for mutually beneficial agreements, while maintaining a firm grasp on their own interests and limits.
Risk management: Successful entrepreneurs take calculated risks and manage them to avoid catastrophic failures. Entrepreneurs are risk-takers by nature, but they also need to assess and manage risks effectively. This involves identifying potential risks, evaluating their impact, and developing mitigation strategies. Diversification of revenue streams and having a contingency plan for unexpected events can reduce the impact of risks.
Creativity and innovation: Being able to think creatively and come up with innovative solutions can set a business apart from competitors.
Decision-making: Entrepreneurs make countless decisions daily, ranging from small operational choices to major strategic moves.
Market research: Understanding market trends, customer needs, and competition is essential for making informed business decisions.
Technical skills: Depending on the industry, entrepreneurs may need technical skills related to their products or services.
Customer focus: Prioritising the needs and feedback of customers is key to building a loyal customer base.
Emotional intelligence: The ability to understand and manage one’s own emotions and those of others is valuable in negotiations, team dynamics, and customer relations.
Resilience: Entrepreneurs often face setbacks and failures, so resilience and the ability to bounce back are crucial.
Salesmanship: Convincing investors, customers, and partners of the value of their business is a fundamental skill for entrepreneurs.
Delegation: Knowing when and how to delegate tasks to others is important for efficiency and growth.
Legal and regulatory awareness: Understanding relevant laws and regulations is necessary to avoid legal issues.
These skills are interconnected, and successful entrepreneurs often blend them together to create a solid foundation for their businesses. Additionally, they continually hone these skills through education, experience, and feedback from mentors and peers.
ACTION PLAN: Keep learning new skills necessary for your personal growth and business development. Go for short courses, attend seminars and webinars, read books and articles.
AFFIRMATION: Every day in every way I am getting better and better. I am blessed and highly favoured.
Sesan Kareem is the founder of HubPharm Africa, a digital pharmacy that provides medicine delivery and extraordinary care, www.hubpharmafrica.com, and the principal consultant of SK Institute, www.sesankareem.com.ng.
