The paper "Business Adoption of Social Media Outpaces Consumer Demand" is a great example of a Business Assignment, An entrepreneur can be defined as a person who starts a business and thereafter runs it successfully. In order to be successful, every entrepreneur should possess several most important skills. This article has grouped these skills into four main categories; personal characteristics, critical and creative thinking skills, interpersonal skills, and practical skills (Mind Tools 2010). The article describes personal characteristics as well as values and beliefs as being most critical to the success of every entrepreneur.
They are what makeup mindset of a successful entrepreneur. Some of these characteristics include optimism, vision, risk tolerance, resilience, initiative, as well as drive and persistence (Thomas, Barnes & Jones 2012). Interpersonal skills are also crucial to a successful entrepreneur. They define his ability to build great relationships with all the people he or she interacts with. These people include customers, workers, suppliers, investors and shareholders among others. The interpersonal skills an entrepreneur will need include: Communication skills – the successful entrepreneur should be able to clearly communicate with all the parties involved. Leadership and Motivation – He should lead the others as well as motivate them towards his vision.
The entrepreneur should also be able to delegate work to workers. Listening – He should be able to seek opinions of all while being an empathetic and active listener. Ethics – He should be an ethical leader. Therefore he should be respectful, fair, truthful, and also have integrity. Negotiation – He should be able to resolve differences among various parties in work in a positive and mutually beneficial way. Critical and creative thinking skills are the skills needed in order to make the best decisions when it comes to new ideas and opportunities.
They are skills that are developed over time and one of them is problem-solving. Problem-solving involves the ability to come up with the best solutions to problems. Another skill is creative thinking. This skill involves looking at situations from different perspectives and coming up with ideas that are original. Lastly, a successful entrepreneur needs to recognize opportunities. He should recognize them when they present themselves and be able to take advantage of them creating a plan. Lastly, the article highlights practical skills.
Practical skills are defined as the ability of an entrepreneur to set goals and aim to achieve them. In order to achieve these goals, he should also possess organizational skills as well as project management skills so as to be able to coordinate workers to work towards the goals set. Decision making is also essential. Good decisions should be made confidently based on relevant information and the weight of the potential consequence. Most importantly, a successful entrepreneur should be knowledgeable in several areas.
One of them is the business knowledge. He should have a good understanding of the main functional areas of a business such as sales, finance, marketing, and operations. The entrepreneur should also be knowledgeable on how to raise capital and what needs to be done to make the business successful. Lastly, a successful entrepreneur must have a good understanding of the market he wishes to venture into.
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