6 Top Essential Business Skills You Need Today to Be a Pro Entrepreneur

Anyone can start a business. In fact, thousands throw their hat in the ring each year. On average, 4.4 million businesses are started every year, according to data from the U.S. Census Bureau.

However, entrepreneurship can be a brutal bumpy ride. Only 50% of new businesses survive beyond five years, according to the U.S. Bureau of Labor Statistics. Here are six skills to boost the odds of building a thriving venture.

Negotiation Skills

When Spotify expanded globally, it faced complex negotiations for licensing rights. Instead of using traditional tactics, Spotify took a data-driven approach to the conversations. That switch helped fuel their rapid growth.

Entrepreneurs negotiate with various stakeholders all the time. Each discussion is different, requiring entrepreneurs to adapt their approaches based on each stakeholder's specific needs, goals, and dynamics.

Through negotiation training, you can gain the tools to:

·         Analyze interests and identify common ground;

·         Create and present a winning business proposal;

·         Creatively explore win-win solutions;

·         Know when to walk away from a flashy yet empty deal.

Effective Communication

How you communicate is the bridge that connects your vision to the world. An innovative idea can die a quick death in the hands of a weak communicator.

Communicating well also helps build lasting relationships. Strong customer relationships are the backbone upon which successful businesses stand tall, thrive, and soar to new heights of success. 

To sharpen this skill:

·         Take a business communication class;

·         Join a Toastmasters club;

·         Practice often by talking to people and giving presentations in different settings. Try not to shy away from the spotlight.

Resilience

Today, Sara Blakely is a captivating billionaire known for founding the apparel company Spanx. However, 70 different investors slammed their doors in her face when her business first sprouted in the early 2000s.

Setbacks and challenges litter every entrepreneurial journey. Resilience helps you roll with the punches and bounce back in superior fighting form. To build resilience, you can:

·         Study your mistakes. Take time to reflect on what went wrong and how to avoid making the same error;

·         Take great care of yourself. Get enough sleep. Eat healthy foods and exercise regularly;

·         Build a strong and reliable support network. They can provide encouragement, guidance, and stability during challenging times;

·         Be flexible and adaptable. Change your plans and strategies as needed.

Financial Acumen

Webvan was an online grocery delivery company. The promising company collapsed in 2001 because it grew too quickly and had an unsustainable business model.

Numbers are the ultimate truth-tellers. They expose areas where you're bleeding money. It can also point to where you're missing out on lucrative opportunities.

So, make sure you understand the numbers by:

·         Tracking your business expenses and income;

·         Reviewing your financial statements with hawk-eyed precision;

·         Reading books and articles about business finance;

·         Taking training classes on business finance and negotiating;

·         Hiring a reputable financial advisor when you can.

Smart Risk-Taking

No business is without risk. In fact, the most successful companies are often the ones that take huge risks.

In 1994, Amazon was an online bookstore. The company took a risk by expanding its product offerings. The gamble paid off in buckets, propelling them to become the e-commerce giant we know today. So, be willing to put your neck on the line.

Risk-taking is not about being reckless. It's about knowing when to jump and when to hold back. Here are a few ways to become a smart risk-taker:

·         Set clear goals. Make strategic, non-emotional actions;

·         Avoid flying blind. Do your research;

·         Develop a plan to soften the impact of unavoidable risks. Preparation is half the battle;

·         Be prepared to adjust when needed. Things don't always go according to plan.

Sales

Potential buyers look for products that solve their problems. Selling skills allow entrepreneurs to bridge the gap between their innovative ideas and the market's needs.

Entrepreneurs trained in selling can negotiate from the point of genuine connection and understanding rather than relying on manipulative tactics or high-pressure strategies.

To strengthen this skill:

·         Take time to understand your customer's needs. What are their pain points? What are they trying to achieve?

·         Be a good listener. Pay attention to what your customer is saying and ask clarifying questions;

·         Build rapport and trust. Find common ground with your customer;

·         Become a trusted advisor. Don't just sell products or services.