10 Essential Skills for an Entrepreneur

and How to Get Them

Why do you want to become an entrepreneur? You have an idea or widget that you want

to share with the world in the hopes of making it a better place.

Tired of working for someone else. You can do it better.

Autonomy, Purpose, Legacy, Accomplishment, Master of your own Destiny

A business isn’t a business unless it’s sustainable

Cash Flow Gaining traction How are you going to make it through the night? “Everything easy has already been done” – create

value, disrupt status quo, build a better mouse trap

That dog don’t hunt When do you let go? Road to success is paved with dead bodies

Do you want to be that famous person who died penniless?

The Casino Principal - $$$, time, Don’t be a slave to your dreams; that’s your ego talking Calculate your risk

Have a financial plan in place: Business & Personal

Be a calculated risk taker – most successful entrepreneurs. Be money savvy – if you aren’t, get a trusted advisor!

Educate your self! Don’t hide your head in the sand Don’t abdicate your power to a spouse, partner, parent, etc.

Don’t trust blindly, Understand Gamble/invest what you can afford to loose.

“Income is the outcome.” Tony Robbins Money may not be the motivator however, we are building our

business so at some point we don’t have to work.

Apps and software - Quickbooks, Living Balance Sheet, Pulse, Plan Guru

Passion, Ambition, Focus, Resilience Intensity to succeed

Love what you do

Ability to fail – You know it’s going to happen

Learn to hedge against failure

Fall down two times get up three

Get up, dress up and Show up!

Sales Skills

If you aren’t selling a product you are selling yourself, usually doing both It’s tough out there - Take classes, read books, go to seminars i.e. Tony

Robbins, Jim Rohn, Gratitude, Oprah, Meditate, Yoga, Run, Crossfit, Boxing. Do what ever you have to do to stay motivated and up!!

“It’s going to be somebody so it might as well be me”

Sales are about finding solutions that meet specific needs. “Find the Pain” Ask questions, don’t dominate the conversation – most sales people talk too

much Be the Super Hero that finds the solution Know your customer

Donald Trump – Art of the Deal – He analyzes people

Don’t get side tracked - learn how to control the conversation

Sales Start from now! - Don’t do a number on your head.

Learn from your mistakes. Get a mentor, coach, shrink, support group.

Relentlessly self-promote – Remember you love what you do! Make sure people know what you do

Don’t be afraid to share what you do Know what you do

Network – In your target markets Become know within your circles It’s not quantity it quality – Get to know 3 people well at an event not 23 superficially

Follow-Up and stay in touch. – Develop a system to help you stay in touch. i.e. CRM, One-Card-System etc., HubSpot

Personalize your social media interactions. Don’t just sell and promote, bring added value, reflect who you are and what your values are.

Share resources Be an advocate for your constituency – referrals make the world go round

Build partnerships and cross-market – Find niches, build relationships and credibility If you don’t have an integrated social media and marketing plan you are lost

Education

“Knowledge + Action = Power”

Know your product

Know your competition

Know what other people are doing

Be aware of the world around you: business, social and political climates Trends, Threats, opportunities, strategic alliances

Learn about everything you need to know about running your business.

Have a Business plan But don’t be afraid to pivot

“If you don’t know where you are going how will you know when you get there?”

Business plans - a road map, your identity, cash projections, launch and roll-out, marketing, the team For investors – at the end of the day investors invest in talent

If you can’t execute, if you don’t have passion and drive…it’s not going to happen.

Research, compile data, target markets, get a feel for your industry

Budgets & Cash-Flow projections are super important! It’s essential that you understand expenses, how to time $$$ and

cash flow needs

If you can’t do it, hire someone The importance of a CFO - They help you with the numbers.

A CPA does taxes, a CFO keeps an eye on your money, expenditures, performance, interpret P&Ls.

Focus your superpowers on what you do best. Find resources to help you with the rest.

Boot strapping? – Beg or barter i.e. SCORE, Best friend’s father etc.

Look Big!

In this day and age it’s easy!

Big on line presence – web site, social media, blog, youtube etc.

Great marketing materials

Fabulous headshots

Pictures of your team

Referrals on your on line presence

People look at that stuff

Deliver! Be your word - Do what you say

you are going to do That’s who you are, that’s all

you have

Go the extra yard…even if you don’t necessarily provide that service. Get the sale, gain the customer Do what you have to do

That may even be your pivot This demonstrates agility and

resiliency

Communication Etiquette/Respect – Please!!! Lead by example

With and between employees – the world will be a better place!

Verbal and written My pet peeve!

Content must be grammatically correct with proper spelling On your web site, social media, emails, print materials,

phone calls Verbal communications must be respectful.

If you can’t do it: hire or ask someone i.e. your mother, your friend, your teacher, your coworker

Answer emails!!! Stay in touch with clients and other contacts

Building relationships- not only all about us. RoR Ted Rubin

Personalized emails, informational email blasts, share info about your company or things that affect client’s company etc.

Decision making

Be able to make them

Think quickly but not rashly

Gather facts, gage the market, talk to trusted advisors, then decide

This is where resilience comes into play because sometimes those decisions come back and bite us…even if they are right ones for the circumstance.

Sometimes we have to make tough decisions and not everybody is happy.

Image & Reputation

All we have is our integrity – It follows us and defines us It’s how people see us

Make sure people see you the way you want to be seen

Be your word, do what you say, Deliver quality, Treat all people with respect (even if you

don’t think they deserve it) Stay above it all

Social media – be careful

Have good headshots – it tells a story Good photographer Stylist to create the look you want

Build a winning team No one can build a successful business alone. Your job

Find people who are committed to the business and its success

You’re going to spend more time with them than with your family.

Find a mentor and/or coach “Hire slow and fire fast” – if the person isn’t

performing or not a good fit, set them free. Hire people with the right skills Hire people you communicate well with Hire people with drive Hire people you like

Be Organized Have a system Nothing worse than not being able to find

papers and files Decreases productivity Threat to personal and client security

Financial Feng Shui – A cluttered office obstructs energy pathways and the flow of money into your life

One calendar only - preferably in the cloud so it syncs everything

Task and outcome oriented Make weighted and prioritized lists –

Franklyn Planner Time management – schedule important

tasks and get them done with out interruption i.e. I can’t talk now can we schedule something for ____

You can have an open door but get stuff done!

Be single minded!

Community Service Give Back – Make the world a

better place.

It all comes back to you in one way or another.

Help another person or organization

Find time to be selfless

Find favorite non-profit organizations and get involved.

Let your clients know you give back

Support your client’s efforts