Entrepreneur Skills

Startup Leadership: 6 Essential Skills for Young Entrepreneurs

Let’s get one thing clear – running a successful startup is nothing like all these success stories repeated over and over in the media. In reality, being a young entrepreneur is hard and requires skills that not many people actually have. True, some of them can be acquired with experience, but others are simply part of your personality. Before you embark on your journey towards success, have a look at these 6 essential skills for successful entrepreneurship to have an idea about what it takes in this business to realize your dreams.

1. Self-motivation

As a young entrepreneur, you won’t have any supervisors to guide you and delegate tasks to you. Some people easily lose their motivation if they don’t have someone breathing down their necks to complete their tasks.

It’s simple – in order to succeed, you’ll need to know how to motivate yourself and find that passion to guide you every day. Don’t forget that the fate of your startup rests on your shoulders and depends on the energies you’re able to muster to achieve your goals – in short, motivation is more important than you think.

2. Communicating your vision

Having a vision is not enough – as a young startup owner, you’ll need to know how to communicate it in such a way to spread the enthusiasm for your idea and inspire others to follow you in reaching your goals.

But that’s not all. Remember that you’ll be communicating your vision to various people – employees, colleagues, partners, shareholders and clients. Communication skills are even more important when you’re trying to explain your idea to potential investors, sponsors or collaborators.

3. Market research skills

The ability to perform a quick and thorough market research will help you to acquire key information about your industry. You’ll detect and assess your main competitors, spot new industry trends and simply learn more about your customers.

Customer demographics, locations and preferences are all valuable knowledge that will play an important role in developing your business plan and making realistic predictions of your startup’s growth over a specific time-frame.

4. Negotiation skills

Great entrepreneurs know how to negotiate – this skill is essential to running a business. When buying, you’ll be able to negotiate better prices and when selling you’ll make the most from every purchase.

If you’re not a natural, here’s a piece of good news – negotiating can be learned. Look for an experienced coach, crack a book or two and use every occasion to test your negotiation skills. Developing this skill is the best investment of your time.

5. Time management skills

Successful entrepreneurs know how to organize their days, weeks, months and even years – time management is a skill that will become crucial once you start your operation. Knowing how to prioritize your responsibilities, you’ll be able to avoid time-thieves and make the most from every moment you spend on completing tasks and projects.

As a young entrepreneur, you’re running a one-person operation – the ability to juggle various tasks during the day is crucial. You’ll serve as sales rep, marketing specialist, secretary and bookkeeper at the same time – time management skills will only help you to do all this and still have time for reflection and personal development.

6. Administration skills

Early in your operation, you probably won’t have funds for hiring someone responsible for ordering your schedule. To keep your business going you’ll need some killer administration skills. They’re essential for getting things done, organizing your activity and having enough financial know-how to smoothly run your business.

Leading a startup to success isn’t a piece of cake. Perfect your skills, learn from your mistakes and keep an open mind – all this will help you make the most from your career as a young entrepreneur.

Tess Pajaron

Tess Pajaron is a Community Manager at Open Colleges, an online learning provider based in Sydney, Australia. She has a background in Business Administration and Management.