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What it takes to be a successful entrepreneur

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Many people dream of owning their own business one day. Whether you have a passion for making chutneys, sportswear or anything in between, nowadays anyone who has a passion can make their dream a reality if they so wish. But what do all the most successful entrepreneurs all have in common?

Although there is no magic formula when it comes to being a successful businessman or woman, those who succeed tend to have a few traits in common. To find out if you share some of those desirable traits, read on.

It’s survival of the fittest

Firstly, it’s important to know that there are no friends in business. As such, the most successful entrepreneurs understand that business is all about the survival of the fittest. As there are 5.6 million businesses in the UK, only the savviest entrepreneurs with the best business plans will succeed.

In fact, according to statistics, 60% of businesses will fail in the first three years, so it’s important to brush up on your skills to stay afloat.  

What skills do I need to run a successful business?

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To ensure you don’t become one of the businesses that comes to a sticky end, we’ve rounded up some of the most desirable skills to have as an entrepreneur. They include:

  • Effective communication – As a business owner, you’ll need to be able to communicate efficiently to be truly successful. Whether that’s liaising with suppliers, problem solving or motivating a team, without communication, you’re unlikely to be able to keep afloat.
  • Being a good at sales – Although you may have sales agents that do some of the work for you, running a business requires at least some degree of sales acumen. As well as needing to sell your products and services, you’ll also need to be able to sell yourself and get buy in from clients and customers. If you lack confidence, this might be something you need to work on.  
  • Focus – Running a business is tough. And it’s not instant either. So, you’ll need to be able to focus for long periods of time to ensure you remain tunnel-visioned towards your goals. Without proper focus, you may struggle getting things off the ground.
  • An eagerness to learn – Every day is a school day when you run a business! Whether you’ve got years’ experience or are relatively new to the game, you’ll need to be able to learn and adapt quickly as time goes on. If you’re not willing to learn and adapt, you’ll get left behind.

As well as some of the harder skills, you’ll also need to have stellar personal qualities or ‘soft skills’. For example, being likeable and friendly can help you win over clients and being creative can help you easily come up with new products and services at the drop of a hat.

If you’re not sure how many of these attributes you already have, bringing in a team of consultants could help you see the wood from the trees and provide you with clarity and a clear direction. 

Final thoughts…

Running a business can be daunting, especially if you’re one of the 3.2 million sole proprietorships in the UK. However, the good news is that with a little time, effort and perhaps some professional help, you can learn all the skills you need to run a successful business.

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