Entrepreneur and Skills

I have found a statement of Fraser Mackay who is head of commercial banking at Barclays Bank. He says:-

Risk taking is also an important component of any Entrepreneur. Time and again, the entrepreneur that succeeds did so because they took a higher risk than their competitors".

So banks feel that Entrepreneurs are generally Risk-takers

He goes on to say "While some skills and knowledge can be taught, I do believe that, generally, entrepreneurs are born. It is very difficult to teach someone to be a risk taker when their natural stance is to be risk averse; someone who is not particularly determined is unlikely to be able to be taught an in-built determination to succeed".

So I have found at least one published view that risk-taking is a paramount skill of the entrepreneur, and that this is a skill which cannot really be taught.

Of course, he may not be right, but it is a thought-provoking statement.

I have looked at quite a few research studies and analysis of successful Entrepreneurs

Here is a summary of the findings, which are designed to inspire us to analyze where we fit into this, and what action we can take to improve our success.

We are not talking about foolhardy gamblers here, but people who tend to be willing to take carefully calculated risks. They do not suffer from "analysis paralysis", so they do not waste precious time over-analyzing.





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Having dreams and aspirations about becoming a successful Entrepreneur is all well and good. However, it is much easier to dream, than it is to roll up our sleeves and take action to ensure that we make those dreams come true.

It can be relatively easy to think up ideas, and it can be easy to start. However, it is not so easy to continue taking action day after day, especially if success is not instant. However, successful people often demonstrate a high level of commitment and Persistence. It is the staying-power that often counts.

A negative outlook on life is a disadvantage, as it will be conveyed to prospects and customers. Successful entrepreneurs tend to have a "can do" attitude, and to see opportunity where others only see problems.

Entrepreneurs take a lot of satisfaction in setting and reaching goals. Most human beings have a natural desire to find satisfaction in their accomplishments. However, successful people tend to write down their goals, check them through daily, and regularly review them until they achieve success.

We can only help ourselves through helping others, which includes providing people with a service they need.

Entrepreneurs aren't just motivated by a desire to earn a living. They usually have such an interest in their line of business that it rarely seems like work to them.

Things change rapidly, especially online. The successful entrepreneur is willing to overcome mistakes, meet new challenges head-on, and adapt to change. Doing so can mean the difference between success and failure.

In business, as the saying goes, "Everything is marketing." The world can not and will not beat a path to your door to buy your "better mouse trap" if the world doesn't know about it.

Regardless of what business you're in, marketing is the critical tool used to present the solutions that your products and services offer, to the rest of the world.

As legendary promoter P.T. Barnum said: "Without promotion, something terrible happens - NOTHING!"

Like any other skill, your marketing can be improved through increased knowledge and practice. Invest in expanding your knowledge of marketing. Doing so can serve you well throughout your entrepreneurial career.

Benjamin Franklin put it well when he said: "An investment in knowledge always pays the best interest."

There are many other skills which are necessary for the successful Entrepreneur, and the successful ones analyze their weaknesses and work to acquire the skills they need and to keep them up-to-date.

We come back to that question again!

It is debatable!

I would be interested in your views.

It seems that at least some of the skills can be learned. However, are they the most important ones?
If the ability to take risks is the most important one, can it be taught?

More questions here, at present, than answers!

However, it is good to think about this if we are involved in any sort of business, or thinking of becoming engaged in one.

I am optimistic on this subject, and so I like to think that the skills of an entrepreneur can be developed with the correct guidance and mentoring.

Even as respected institution such as the BBC has pondered this question. You may read this article on the BBC site by clicking HERE

I am a member of a Club which helps members to develop the skills of the entrepreneur. If you have what it takes, please take a look, send me an Email from the site and I shall get back to you.

Best wishes,

Diane







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