Numerous businesses are established across the world each and every year, but not all of them are able to succeed. Steven Rindner mentions that that too many businesses fail because translating passion into a successful business model is not an easy task. Well planned strategies and proper skills are needed to make any business successful, and ensure its longevity. Steven is an experienced business strategist, and has helped several organizations to proceed towards success. His industry experience makes him a good candidate to shed some light on the skills needed by entrepreneurs to achieve success in the contemporary business environment.
A lot of new businesses fail mainly because their entrepreneurs are not able to translate their passion into practical business skills. As per Steven Rindner in the contemporary, competitive business environment, success demands a lot more than hard work, resilience and industry expertise. In order to truly achieve business success, entrepreneurs need to become proficient in a set of fundamental skills.
Running a business requires people to become a jack-of-all-trades. Hence, it is vital that they realize from an early on the key skills that they already have or need to learn in order to achieve success. According to Steven Rindner, some of the major business skills needed by modern entrepreneurs include:
- Delegation skills: Delegation basically involves assigning responsibility to other individuals in order to complete a certain task. An entrepreneur must strive to reach a position where their staff member carries out all the routine activities of their business. An effective delegation shall involve achieving the correct balance between controlling the operations of a company and allowing others to complete the needed tasks effectively.
- Communication skills: Communication is a crucial aspect of life, but is often taken for granted. Almost everything a person does would require a certain level of communication, including business. No matter whether an entrepreneur is interacting with the employees, the shareholders or any other individual, they have to be clear about your expectations and to be sensitive when dealing with issues. All entrepreneurs must have the capacity to communicate their vision with passion and conviction.
- Negotiation skills: Almost everyone negotiates on a daily basis without even being properly aware of it. Formal negotiation is a skill that can be learned through practice and experience. Experienced individuals are more likely to know what to say, when to say or when not to make concessions. To be a successful entrepreneur, one needs to develop a win-win approach in negotiations with all parties, while also making sure to achieve the most favorable outcome for their own business.
Strategic planning is another vital skill needed by entrepreneurs. It basically involves the process of defining the strategy or direction of a company, and subsequently making decisions based on the allocations of resources of capital and people. Proper strategic planning is needed to project the future performance of a firm in the most accurate manner possible.