Entrepreneur Manny Garcia believes that anyone with an idea, product, or service to sell can become an entrepreneur, but few skills will often be the difference between an extraordinary entrepreneur and an ordinary one.
There’s a never-ending debate on whether entrepreneurs are born or made, but everyone can certainly agree that there are certain skills that an entrepreneur must have in order to succeed. Entrepreneurship is more than having an idea and funds; you need to have skills to help you navigate the business world.
Manny Garcia, a serial entrepreneur, involved in e-commerce, real estate, auto customization, and footwear stores, shared his opinion on the skills that a successful entrepreneur must master.
The business world is fast-moving, with new trends, products, and services coming up every so often. As an entrepreneur, you should always be flexible enough to adapt to new trends.
“As an entrepreneur, I’ve had to evolve and adapt to the ever-changing market constantly,” Garcia explains. “When I started out, social media and digital marketing were not as huge as they are now. I had to move from the more traditional forms of advertising to digital ones, as that is where I could get more clients.”
Garcia believes that entrepreneurs should not be rigid when it comes to change, as they might find themselves left behind and have to make often expensive changes too late to catch up.
2. Communication skills
Good communication skills are the cornerstone of any successful business. Every entrepreneur should be an effective communicator, whether they run a small business with no other employee apart from themselves, or they are the CEO of a huge company with thousands of employees.
“Even if you are running the business on your own, you need to learn how to communicate with your customers, creditors, and even potential investors. You have to be good not only in one-on-one conversations but also in emails and other forms of online communication,” says Garcia on the importance of good communication skills.
3. Financial management
“As an entrepreneur, you cannot go far if you have poor money management skills,” Garcia stresses.
Financial management is essential in any business, especially in the initial stages. This is when your cash outflow is much higher than the inflow as you set the groundwork by investing in things such as skilled professionals, branding and marketing, and assets required to run the business. As an entrepreneur, you need to carefully look at your balance sheet, learn how to eliminate any unnecessary costs, and follow up on all invoices to ensure timely payment.
“Large and profitable companies have fallen victim to poor financial management and become bankrupt, so never think that you can survive for long if you cannot manage your business’s funds well,” Garcia insists.
4. Continuous learning
A huge mistake that you can make as an entrepreneur is not to have a thirst for knowledge. You need to keep yourself updated on the latest news and changes not only in your business but also in the world too. You have to have a curiosity to learn new things that you can implement in the business.
“Always be updated on everything happening around you, as it can affect your business directly or indirectly,” Garcia emphasizes. “You should also network and have mentors who can help you develop yourself. Read widely and take free online courses if possible, to develop yourself as an entrepreneur.”
Learning is not restricted to new things only; you have to learn from your failures. Instead of letting a failure put them down, a successful entrepreneur takes that as a lesson on what not to do in the future.
The saying ‘Rome wasn’t built in a day’ applies to business too. You cannot achieve instant success as an entrepreneur on your first day. There will be good days where the sales will exceed your expectations, and there will be days where nothing will seem to be going your way. According to Garcia, your patience and perseverance are what will push you to continue during the bad days.
Talking about his experience, he says, “I had days where I struggled and failed, but I never gave up. I was patient enough to wait for better days. Keep on trying over and over till you achieve your goal.”