How to Cultivate the Top 5 Skills Every Entrepreneur Needs

Feb 01, 2021

Written By: Krystal Carter

Ah, entrepreneurship.

It’s a scary word for some people. Many think having a “regular” job is the safe way to go. And maybe it is. There’s a sense of security that comes with getting that steady paycheck every pay period. 

There's also something secure about the routine that makes you feel complacent. Going to the same place every day, receiving praise from managers, and hopefully one day, getting a promotion. 

This is “the norm.”

There are so many reasons why even the thought of having your own business makes you cringe. And trust me, you’re not alone in these thoughts.

Maybe you’re the type that thinks you need someone there constantly giving you direction. Or else you would just sit and surf YouTube all day.

Maybe you’re the type that thinks you could never do a job that doesn’t give you a 401K or pension. That feels terrifying. And it would go against everything your dad taught you growing up. 

But boy, were we all thrown for a loop this past year. I saw many of my neighbors and friends lose their so-called “safe” 9-5’s. One of my neighbors even lost his house. This tells us: Nothing is concrete, and everything is always changing.

If you’re part of the population that finds it exciting, and not so scary, you are who I’m writing to. 

Maybe entrepreneurship has been a lifelong dream or something new you’ve embarked upon. But, either way, there is something about it that draws you to it, and makes you say…

That is what I want my life to look like. I want to create my own destiny and have control over my own life.

Top 5 Skills Every Entrepreneur Needs

If you feel like the entrepreneurial type, you’re a part of a group that should learn certain practices. Here, we’re going to look at how to tap into the top five skills most entrepreneurs share:

1. Learn How To Manage Risks

As a business owner, you should be willing to deal with any risks that come with it. Financially and beyond. 

Running your own company can be risky – but if you plan ahead of time – you will be in a much better position if drawbacks arise.

For example, losing a substantial client is a problem that could occur. 

But if you keep a savings account that you use strictly for business emergencies, you’ll be in a much better financial position to address this problem. 

Or let’s say your business gets into debt or sued for some reason (heaven forbid). 

Getting your business incorporated beforehand – like getting an LLC – will protect your personal assets from being taken away.

Preparation will not only keep your mind at ease but also make you feel more professional. And in today’s world, there are so many free resources available to figure things out with.

So no need to worry if it all feels overwhelming.

2. Nurture Your Passion 

The reason to start a business usually starts with passion. Knowing your WHY will help you stay focused. 

Having a passion for whatever your venture is can be crucial to your success. It will truly allow you to create a life you love. 

When you have a passion for something, you will power through all the tough times because you really want it.

Entrepreneurs are super passionate about what they seek to do. 

Whether you have a love for food and want to start a food blog. Or have a love for kids, and want to open your own daycare. 

Whatever your passion is, if you truly love it, you’ll be excited to wake up every morning. And you’ll feel lucky to be able to share your joy with others.

Entrepreneurs are not only passionate about their product or service – but also about factors that go along with their business.

Like a mom who starts a business to spend more time with her kids. She’ll be doing what she loves and still get to see her kids.

Every mother dreams about being with her children a little bit more.

Passion is what drives you to succeed!

3. Develop Self-Discipline  

Dwayne Johnson once said “All success begins with self-discipline. It starts with you.” 

Self-discipline is the ability to do what you need to do without anyone telling you to do it. 

Similar to those that go to the gym every day. 

Hard-core gym-goers have enough self-discipline to sustain a better version of themselves. 

Having this discipline means you will do whatever it takes to succeed. And you will not quit no matter how tough things get. 

Building a business can be rough and takes time. Tons of time. You need to be able to commit and put your all into everything

This might mean saying no to social events and putting in all the time and effort it takes to build your empire.

You must have the drive it takes to pursue what you want.  

4. Cultivate Your Creativity

Tapping into your creative side is something every entrepreneur should strive for. 

Whether you already had this attribute, or you obtained it during your entrepreneurship journey. 

Creativity comes in many forms when you’re a business owner. 

It could mean being creative in an artistic way, like if your business is art, for example.

It could also refer to the branding of your business — logos and websites certainly take creativity. 

In addition, entrepreneurs should be creative in their way of thinking. Being able to improvise in the moment is what makes a strong leader. 

Things will happen that you have no control over, whether personal or business-related. 

The key is how you handle them when they happen. But this takes problem-solving skills and thinking outside the box.

The best entrepreneurs are creative problem solvers. And the good news is, you can practice being creative and cultivate this skill throughout your life. 

5. Practice Positivity

Having a positive outlook is important for your inner self. 

Running a business is not only about the fundamentals. It’s also about believing in yourself and your decisions. 

Even if no one else does. 

I’ll bet every business owner was told by someone in their life how crazy they were for making the jump.

Does this mean you’ll never doubt yourself or have off days? Nope. We all go through those. But keeping a generally positive outlook makes work feel more meaningful. 

It helps to surround yourself with like-minded individuals who “get it.” 

Others who have the same type of goals can bring you up if you’re feeling down. And you can keep them up if they are feeling down. 

Keeping a positive support system around you is powerful

Entrepreneurs need to be positive thinking and know things will work out for the greater good of their business. 

Shifting Your Entrepreneurial Mindset

It’s important to remember that most of these qualities can be cultivated. 

So, if you feel like none of these attributes resonate with you. 

Don’t let that hold you back from your dream. 

Mindset is arguably the #1 thing that will help you tap into the items on this list

What is mindset

Mindset is exactly what it sounds like. 

It’s the way your mind is set for certain beliefs. You can train yourself to change the way you think. The same way you can train your body to become more flexible.

So how do you do that?

It’s about taking action every day. 

If you really want to change the way you feel about certain aspects, it’s an ongoing process. 

Mindset is something even the most successful entrepreneurs are continuously working on.

If you focus on it daily, it will make you look and feel more confident in not just your business, but yourself.  

There are several books, podcasts, and YouTube videos that can be put on your daily agenda to use as mindset fuel. 

Here’s one to get you started so you can see why mindset matters and how it can be a game-changer for you.

And here are a few of my favorites:

  • The Slight Edge by Jeff Olsen (Book)
  • Rich Dad, Poor Dad by Robert Kiyosaki (Book)
  • Mommy Millionaire with Cayla Craft (Podcast)
  • Mindset Moments with Tyler Wayne (Podcast)

We Are All in This Together

Know that you are never alone on this journey you are traveling on. There are tons of support systems out there to help you get where you want to be. 

We should all stick together to encourage each other so we can see everyone at the top! Because what is success without others there beside you, right?

Ready to join a super encouraging group of entrepreneurs to develop your overall mindset? 

Here is a highly- recommended course where you can connect with others to feel a complete transformation!

“Entrepreneurship is a journey, not a destination.” Sarah Turner

  1. https://www.forbes.com/sites/chriscarosa/2020/08/07/why-successful-entrepreneurs-need-to-be-calculated-risk-takers/?sh=31bdd4a82f5b 
  2. https://www.entrepreneur.com/article/273286  
  3. https://www.entrepreneur.com/article/317270 
  4. https://blog.hubspot.com/sales/entrepreneur-personality-traits 
  5. https://m.youtube.com/watch?v=MkCQL7D2AOA
  6. https://www.americanexpress.com/en-us/business/trends-and-insights/articles/7-business-risks-every-business-should-plan-for/
  7. https://www.legalzoom.com/articles/advantages-of-an-llc
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