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6 Important Skills Required to become a Successful Entrepreneur

sucessfull Entrepreneur blog feature image

Multiple studies in India have concluded that the number of startups and entrepreneurial actions have greatly increased over the last few years.  

This can be attributed to the changing environment of jobs and businesses in the country and over the world. In India, especially, the government is promoting self-employment and startups with the help of various undertakings and schemes 

While narrating stories of how businesses overcame adversity and became wildly successful, people often forget how hard and daunting it can be to start your own business, let alone run it and take it to towering heights.  

The people who started and are running successful startups had a knowledge of the theories and ideas involved in entrepreneurship and innovation, that gave them the courage to start something fresh, despite the looming risk of failure. 

However, entrepreneurship is not only for people looking to start a business, contrary to popular opinion. It is essentially a skill that enables you to produce disruptive, market-changing products and sell them in a conservative environment, many a times with a limited workforce and financial resources. 

Regardless of whether you are a hopeful entrepreneur or an expert in a corporate setting, understanding the concepts of entrepreneurship can help you to prevail in the market.  

Here are some important skills you should have, to master the art of being an Entrepeneur: 

Ability to make informed decisions. 

It is a well-known fact: Entrepreneurship implies innate danger.  

More than anyone else, business owners should have the ability to make calculated, informed decisions, create innovative products and understand the need of the customer. 

While, every startup wants to achieve success, they must understand that the odds are not in their favor. A study suggests that about 20% of organizations fall flat within the first year, and about half of them do not make it beyond five years.  

With chances like that, starting your entrepreneurial excursion with as much information as possible is basic. By concentrating on entrepreneurship and advancement, you can become familiar with the basic standards of beginning a business, stay away from normal traps, testing out thoughts and ideas all the more successfully, having a strong plan of action, and obtaining leverage in a field where disappointment is normal.  

Knowing the right tools. 

While pop culture and social media have generalized the average looking entrepreneur, anyone, absolutely anyone can be a business owner, regardless of who they are and where they are from. But what is a given are the following set of skills: 

  • Financial Awareness 
  • Consistency 
  • Ability to generate leads and following up on them  
  • Computer Proficiency 
  • Good logical and reasoning abilities  
  • A mindset of growth 

Fortunately, these capabilities can be learned and sharpened.   

Brainstorming and Testing out Innovative Ideas. 

Entrepreneurs are well-renowed for being some of the brightest people on the planet, because of their groundbreaking ideas. However, all of these ideas were executed after careful consideration and planning. Having a plan is extremely important. 

Brainstorming & Testing enables you with insight, a lens through which to see your product and recognize ways of showing its worth to clients. You can find out the flaws and discrepancies currently existing in your product and how to get rid of them.  

This ultimately enables you to tailor a perfect product according to the market and the consumer profile being targeted.  

Networking and learning from successful entrepreneurs. 

 Concentrating on entrepreneurship and development is not just about honing your abilities—it is likewise about building your organization and a supportive network.  

Networking empowers you to meet similar experts in and out of your business profile, enabling you to gain experience, insight, and most importantly- you get to learn from the right people. 

Furthermore, networking helps in learning outside your coursework and studies, and conversing with entrepreneurs with more experience than you. They can share their mix-ups, things they wish they had known when they initially began their organizations, and insider best practices you will most likely be unable to gather from a reading material.  

This advice is priceless! 

Being an innovative Professional. 

As business sectors shift and clients demand change, being prepared to tackle these changes head-on can help you in keeping your business afloat. 

Keeping an entrepreneurial outlook can help you identify the needs of the client, what worked in the past, and using your past and present experience to develop new and well-suited products. 

 Microsoft reports that 86% of individuals who work at imaginative organizations intend to remain at their present place of employment, rather than only 57% of individuals who work at less creative organizations.  

As found out in other studies as well, businesses who find out creative and innovative approaches to create products often do better than others who do not. 

Having An edge over Others.  

An entrepreneur, gains experience through a lengthy process of trial and error, after making costly mistakes that prove to be setbacks, more often than not.  

A person who is trained in entrepreneurship has an edge over those who have made it through raw experience. 

But be well advised- Just going through the syllabus and learning the concepts is not enough: you should look for a course that provides practical, case-study based approach, along with mentors who have done it before and know how exactly it is, out there.  

Why an Institution plays an important role: 

No matter what you are studying, the role of the environment and the faculty, that a place of learning provides is extremely important. It pairs you with like-minded and talented individuals, nurtured under seasoned mentors who cultivate their skills and show them the ropes. 

 Following is the list of a few good institutions providing Entrepreneurship course: 

  • IIM Calcutta 
  • IIM Lucknow  
  • SPJIMR – S.P. Jain Institute of Management and Research 
  • BIMTECH-Birla Institute of Management Technology, Noida 
  • Delhi University (DU) 
  • Christ University 
  • LPU – Lovely Professional University 
  • Parul University 
  • Jamia Millia Islamia [JMI] 
  • Symbiosis Institute of Business Management, Pune 
  • NMIMS School of Business Management, Mumbai 

These institutions provide both, Full-time and Part-Time courses on Entrepreneurship. 

About ImaginXP  

ImaginXP is a higher-ed firm specializing in enabling students to learn future-ready skills and securing their further prospects.  

ImaginXP is currently running an Executive Course on Disruptive Entrepreneurship in association with BIMTECH with renowed academicians as faculty, Industry-led curriculum, and Hands-on learning experience. At the end of the program, candidates will get a chance to pitch their ideas to some well-known, prospective sponsors in the market.  

 

ImaginXP is leading the HigherEd revolution offering some of the best future skills certification courses and full time degree programs in Business, design and Technology. We are pioneering the higher educational space with top-notch faculties and industry-led curriculum.

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