Being a 21st-century entrepreneur is a demanding and exciting challenge. This is because the world is growing and changing so rapidly that it requires innovative thinking skills of an entrepreneur to stay ahead of their competitors. The 21st-century entrepreneur has to be highly organized and flexible. This means that a 21st-century entrepreneur is constantly thinking and planning. One way to do this is by creating and maintaining effective business plans. Furthermore, a good entrepreneur should also have excellent communication skills, leadership capability and the ability to lead others effectively.
Understanding The Numbers
Every successful entrepreneur must be well-versed with numbers and statistics. They must understand and be able to forecast the future of the company. This ability allows them to plan, organize and direct their businesses. Besides, a successful entrepreneur must also be financially sound and able to bear financial losses and protect the company's assets.
Being Able To Influence
As a leader of a company or enterprise, an entrepreneur needs to be highly skilled in persuading people. This skill makes them a sought-after commodity among owners, employees and customers. It also makes them one of the most powerful people in the workplace. An excellent communicator and a fluent speaker with excellent managerial and interpersonal skills is also highly sought-after.
The ability to problem-solve and come up with creative solutions is another important trait that top entrepreneurs possess. Being able to analyze and evaluate problems in a better way increases their chances of discovering solutions. Moreover, problem-solvers are highly creative thinkers. They are capable of coming up with fresh ideas and ways to overcome problems. Entrepreneurs should be excellent problem-solvers and should not be afraid to put their heads out into new things. By doing this, they also enhance their creativity and critical thinking skills.
Having organizational skills is another trait that an excellent entrepreneur possesses. In my experience, entrepreneurs are usually the most organized individuals in any organization. They should always have a well-planned and well-executed organizational structure.
Having Communication Skills
They must also be able to communicate well with colleagues and subordinates, as another essential characteristic that an entrepreneur must possess is good interpersonal and verbal communication. They should be able to communicate their thoughts clearly without any hesitation. Good critical thinking skills also enhance interpersonal communications. They should be able to think logically and rationally on issues related to their businesses.
Being Flexible And Not Risk-Averse
An excellent entrepreneur must also possess a sense of risk-taking and flexibility. The ability to adjust and adapt to changing circumstances is vital for an entrepreneur to be successful. Part of being flexible is that they must be able to manage their time well. Any entrepreneur who wants to be successful must be capable of managing their time effectively. This enables them to work on the most appropriate business idea at the right time.
The ability to work as part of a team is another one of the important key skills of a 21st-century entrepreneur. Teamwork is highly crucial in running a successful business. Teamwork allows entrepreneurs to provide for the needs of their customers. It also allows them to gain more insights into the products and services of other companies. They should therefore work effectively with their colleagues and supervisors.
Having A Great Work Ethic
Being an entrepreneur requires dedication and hard work. The most promising businesses in the 21st century will be those that have the entrepreneur as their main employee. This employee should be hardworking, creative and committed. On a practical note, they should be physically fit and able to stand for long hours. This person should be able to carry out tasks easily and without stress. Because of their work ethic, a good entrepreneur always meets their commitments.
Having Global Foresight
In a society that has become more global and globalized, entrepreneurial skills are required more than ever before. Good entrepreneurs must understand the value of global trade but also understand each country's strengths and weaknesses. They should therefore develop good relations with other countries should their business operate in this field. This means understanding the cultural differences and finding ways of complementing their policies and practices.
Good entrepreneurs possess a set of key skills. They should therefore be willing to acquire new skills as they progress through their careers, and they should develop new skills whenever they face obstacles or opportunities in their businesses. They should develop their leadership skills because leadership is crucial to a company's success.
About the Author: Andrew Constable MBA
I specialise in taking startups, scale-ups & more established businesses from 𝐂𝐨𝐧𝐟𝐮𝐬𝐢𝐨𝐧 𝐭𝐨 𝐂𝐥𝐚𝐫𝐢𝐭𝐲. As an MBA qualified Forbes contributor & consultant, my practice is based around Lean startup, OKR development, Growth marketing and business modelling. I run the agency, 𝐕𝐢𝐬𝐮𝐚𝐥𝐢𝐬𝐞 𝐒𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬. We are experts in Lean startup practices and are official partners of Leanstack. Suppose you are looking to grow an existing product using data-driven product management. In that case, we have you covered, or you want to apply more focus to your business, we can implement OKRs (Objectives & Key Results) throughout your organisation or startup to drive you forward. I am a member of the Association of Business Mentors, a fellow of the Institute of Innovation and knowledge exchange, and MBAs. I have over 20 years of experience in product management in global organisations, managing complex relationships strategically and driving business change.