Skills needed for success, prosperity and fame in business!!!!
Posted 08/30/2008 - 21:45 by chhabras
It is imperative that an entrepreneur has the following skills:
- Magisterial execution intelligence.
- Demonstrate substantial passion for the business.
- Ability to work independently within a team environment.
- Ample experience of working within his industry.
- Tolerant of ambiguity.
- A strong working knowledge and experience with partnerships, joint ventures, structured finance.
- Tenacity despite failure.
- Lengthy attention span.
- Self- Starter and a promoter.
- Achievement motivated, creative and persuasive.
- Analytical and decision-making skills.
- Oral and written communication skills.
- Proper presentation skills.
- Planning, organization and time management skills.
- Alert to opportunities.
- Ability to work well in a fast-paced, high-pressure environment.
- Ability to work independently on a variety of projects, receive instructions from a number of people and meet project deadlines.
- Strong work ethic.
- Superior people skills.
Test
I totally agree with you on this one. But, how can those skills be used and why are they important? Also remember that if one cant accept failure. Then that individual must stay away from the entrepreneurship world. One must be able to accept failure and move on,
Also, remember that entrepreneurship cannot be taught, but it can only be learned by self experiences.
Other than that, I like the list. I seee where you are coming from the list and nice choice of words btw.
The skills you listed are all very strong qualities for an entrepreneur to have. Being social and dedicated to work are main traits entrepreneurs have. You touched on the communication and also presentation skills entrepreneurs need to have. One must be able to present a business plan clearly to many groups of people to try to gain business supports. Having the proper business skills is only helped when backed by the personality traits you listed. Finding oppurtunity and being able to work through hard times will help an entrepreneur. This list is put together very well.
Chad Redenius
After reading your Blog I do feel that I overlooked a lot of skills. Proper presentation skills is from my perspective one of the most important skills an entrepreneur can have considering that is how they are likely to make deals. On the same lines, the strong knowledge and experience with partnerships, JV's and structured finance is something else I overlooked. Some very interesting points indeed. However I am not too sure that I wuld agree with Lenghty attention span. if someone does have a short attention span there are many ways these days to work around issues like that. I definately agree that superior peope skills are important for an entrepreneur.
I like your #5 which I didn't include in my list. I think I do understand the point you are trying to make. An entrepreneur should be able to deal with situations where the future is uncertain, however taking risks is very important. I personally feel that being "Tolerant of Ambiguity" is literally a bit of an ambiguous statement, had you not given an explanation in your successive comment. I kind of disagree with Amit when he says that you need to complete eliminate ambiguity, since there is no way you can do that. Any entrepreneur needs to take calculated risks and hope that even after reducing the margin for ambiguity, the end product would (as much as possible) end up being the product we began with. Being tolerant of ambiguous situations is not being affected by them and yet being able to deal with them.
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I must say I agree with the first two comments. If an entrepreneur is ever unsure of something then their goal should be to go straightway and figure out what exactly was meant so that time will not be lost. When I read through your list I wondered if what you meant by that was actually that an entrepreneur should expect, at some point, to not be completely sure of the way something is meant. In which case, they should be willing to ask for clarification where needed instead of just guessing and having the results be disastrous. If that were the case I would understand your reasoning for having it on there, because I believe an entrepreneur should never feel foolish for asking questions.
I disagree with your #5, I believe tolerance for ambiguity is a bad thing. I believe that an entrepreneur must strive to be very detail oriented, you must organize your thoughts and decide exactly what you want. Team members need to see you as confident and knowledgeable and they need to know exactly what you want. I am not saying that you should be arrogant and uninterested in differing points of view, but you need to remove ambiguity or else the end product will end up being something completely seperate from what you actually wanted.
-Amit
Entrepreneur as a person has to deal with an uncertain, turbulent and complex world. For an entrepreneur it is quite obvious to come across ambiguous situations in his/her day to day life. In this context an ambiguous situation can defined as a situation which cannot be adequately structured or categorized by an individual because of the lack of sufficient cues. Here in this case tolerance of ambiguity for an entrepreneur is the ability to respond positively to ambiguous situations and make confident decisions in an ambiguous environment, which I think is a pivotal skill that an entrepreneur should possess. On the contrary, intolerance of ambiguity is the tendency to perceive ambiguous situations as sources of threat. An entrepreneur having low level of tolerance for ambiguity tend to find unstructured and uncertain situations uncomfortable and want to avoid these situations, which indicates weakness and we don’t expect a successful entrepreneur to be a weak, uncertain and a fragile person running away from complexities of the corporate world. So I think it is imperative that an entrepreneur is tolerant of ambiguities.