The United States is home to over 31 million entrepreneurs – and it’s easy to see why. For many people, entrepreneurship is the key to the American Dream. You’ll become your own boss, create employment opportunities, and give yourself a good chance of attaining financial freedom.
Sadly, entrepreneurship is anything but rosy. A vast majority of small business collapse within a decade, leaving behind millions of people with shuttered entrepreneurship dreams.
Often, the difference between a successful and a failed business owner comes down to their entrepreneurial skills. You need excellent business management, leadership, problem-solving, decision-making, and several other skills to find success in a murky entrepreneurship world.
Now, the big question is: how do you develop or enhance these skills? We have a handful of tips that will help. Keep reading!
Table of Contents
1. Start a Business
What’s the best way to develop basketball (or any other sport) skills? Just start playing it!
Similarly, starting a business is the best way to start building your entrepreneurial skills. You needn’t wait until you’re a competent entrepreneur to jump in at the deep end.
Of course, the stakes are higher in entrepreneurship. You’re putting in money to start a business, so it’s understandable if you wouldn’t want to risk losing it.
However, there are several low-cost small business ideas you can start. Even if the business fails, you’ll take away invaluable experience.
Starting a business teaches you the basics of entrepreneurship. You learn about the various regulations you need to comply with, as well as the paperwork needed to get a business off the ground.
You’ll also learn how to deal with suppliers, recruit employees, and manage business finances. This is how you acquire basic business management skills.
2. Become an Apprentice
Apprenticeship is popular in the skilled trades industry, but it’s also effective in business. You can develop your entrepreneurial skills from another entrepreneur. You just need to stay with them long enough, watching them do their magic.
In essence, being an apprentice is like having a mentor. The only difference is apprenticeships are more practical. While a mentor can tell you how to run a business, a journeyman (the person who oversees an apprentice) will show you how to run a business.
Some of the world’s most successful entrepreneurs, like Bill Gates and Richard Branson, got an introduction to entrepreneurship from their fathers. So if you have an accomplished entrepreneur in your reach, don’t shy away from asking them to take you under their wings.
Being an apprentice will give you a front-row seat to real-time business management. You’ll observe how your master navigates through various business challenges, which will help nurture your decision-making and problem-solving skills.
If apprenticeship opportunities are hard to come by, don’t pass up on the chance to volunteer or work with low pay in an established business. Take up challenging roles like sales and learn the art of selling, which is something most successful business owners have in common.
3. Pursue a Business Course
A business management class is the most ideal environment to build yourself as an entrepreneur. Most business courses are designed to equip students with a wide range of business skills.
There are business courses at every level of study. Whether you want to do an associate’s degree, a bachelor’s, or a master’s degree, you’ll find plenty of options. However, an MBA is the best program for people who really want to take their entrepreneurship skills to the highest level. You’ll study everything from finance to marketing, human resource management, supply chains, project management, and information systems.
And no, you don’t have to go back to college if you’re already running a business. There are many online MBA courses that will offer you great flexibility to study from anywhere.
Before choosing a business program, though, be sure to vet the credibility of the institution offering it.
4. Network With Other Entrepreneurs
Networking does more than develop your professional circle. As an entrepreneur, connecting with other entrepreneurs, especially those in your industry, is a golden learning opportunity. You’ll get to hear stories of failure and triumph from various business owners, and along the way, you’ll pick up important lessons that will help build your skills.
To make the most of networking, try to be an active participant. Don’t be the person who joins forums and stays silent all through.
Engage with other members, exchange business cards, and attend in-person events like conferences and trade shows. These interactions will help develop your teamwork and interpersonal skills.
5. Traveling Can Make You a Better Entrepreneur
We know what you’re thinking. Most aspiring entrepreneurs don’t have the time (and money) to tour the world. You dream of traveling after you’ve established successful businesses.
But hear us out. There’s a compelling case for traveling as a means to becoming a better entrepreneur.
Hitting the road can get your creative juices flowing, which is what you need when you’re feeling stuck or looking for new business ideas.
Traveling takes you to different cultures. You learn how people from different backgrounds live. This can enhance your ability to relate with people, a key skill for enhancing diversity in your business.
So, back those bags and head to new destinations from time to time. It may just make your entrepreneurial journey easier!
Elevate Your Entrepreneurial Skills
Being a successful entrepreneur is the ultimate dream for many people. Whether you achieve it will depend on many things, key among them being your entrepreneurial skills. Use these strategies to build and strengthen your skills and improve your business acumen.
Smart entrepreneurs are always learning. Keep coming back to our blog for more informative business content.
Last Updated on June 16, 2023