Tag Archives: skills

Blog, Experiential Learning

1st March – What Skills Do I need?

Introduction

The 1st March is the start of spring for me, more light in the world and therefore more opportunities. It also has several religious festivals and observances which can occur around the 1st of March, depending on the year and the religious calendar who also provides greater hope:

  1. St. David’s Day (Christianity): Celebrated on March 1st, this day is dedicated to Saint David, the patron saint of Wales. It’s marked by wearing daffodils or leeks, traditional symbols of Wales.
  2. Lent (Christianity): While the exact date varies each year, Lent, a 40-day period of fasting and penance leading up to Easter, can sometimes begin in late February or early March.
  3. Purim (Judaism): This Jewish festival commemorates the saving of the Jewish people from Haman, as recounted in the Book of Esther. Purim is celebrated on the 14th day of the Hebrew month of Adar, which usually falls in February or March.
  4. Holi (Hinduism): Known as the “Festival of Colors,” this popular Hindu festival celebrates the victory of good over evil, the arrival of spring, and the end of winter. Holi can occur in March or late February, depending on the lunar calendar.
  5. Naw-Rúz (Bahá’í Faith): Celebrated on March 21st, Naw-Rúz is the Bahá’í New Year and is one of the nine holy days of the religion where work is suspended. It’s a time of joy and celebration.
  6. Magha Puja Day (Buddhism): Typically falling in February or March, this Buddhist festival commemorates a spontaneous gathering of 1,250 disciples of Buddha. It’s a day of renewal and moral conduct.

What has happened on the 1st March?

Also on March 1st, several historical events took place that can provide inspiration and lessons for entrepreneurs:

  1. 1692 – The Salem Witch Trials Begin: This tragic chapter in history underscores the dangers of mass hysteria and the importance of rational decision-making and evidence-based approaches, both crucial for entrepreneurs.
  2. 1781 – Articles of Confederation Adopted: This marked the formal consolidation of the United States, illustrating the power of unity and collaboration, key elements for entrepreneurial teams and partnerships.
  3. 1872 – Yellowstone National Park Established: This was the first national park in the world, highlighting the importance of innovation, vision, and the long-term benefits of protecting and investing in valuable resources, akin to sustainable business practices.
  4. 1936 – Construction of Hoover Dam Completed: A marvel of engineering, it symbolizes the value of ambitious projects, perseverance, and the impact of transformative infrastructure, analogous to breakthrough innovations in business.
  5. 1954 – First Successful Kidney Transplant: This medical milestone showcases the importance of research, persistence, and taking risks in pursuit of groundbreaking achievements, much like in entrepreneurship.
  6. 1961 – President Kennedy Establishes the Peace Corps: This demonstrates the power of visionary leadership and the impact of serving global communities, reflecting the growing emphasis on social entrepreneurship.

Each of these events offers a unique perspective on aspects critical to entrepreneurship, such as innovation, teamwork, leadership, and the drive to create lasting impact.

So What Skills Do I Need on the 1st March?

The events mentioned required a diverse set of skills, many of which are highly relevant to entrepreneurs:

  1. Rational Decision-Making and Critical Thinking (Salem Witch Trials): The ability to analyze situations logically and make decisions based on evidence is crucial. Entrepreneurs need to assess opportunities and risks accurately, avoiding biases and emotional reactions.
  2. Collaboration and Leadership (Articles of Confederation): Successful entrepreneurs often exhibit strong leadership skills and the ability to collaborate effectively with others. Building a united team and working towards a common goal is vital.
  3. Innovation and Vision (Yellowstone National Park): Creating something new and having a long-term vision are key entrepreneurial skills. This involves seeing beyond the present and imagining what could be possible.
  4. Perseverance and Project Management (Hoover Dam): Large projects like the Hoover Dam required meticulous planning and unwavering dedication. Entrepreneurs similarly need to manage complex projects and persist through challenges.
  5. Research and Risk-Taking (First Successful Kidney Transplant): Entrepreneurs must often venture into uncharted territories, which involves research, experimentation, and a willingness to take calculated risks.
  6. Social Awareness and Global Perspective (Peace Corps): Understanding broader social issues and having a global perspective can be critical, especially for social entrepreneurs aiming to make a positive impact on society.

These skills are foundational for navigating the complexities of entrepreneurship and can be developed through experience, education, and a continuous learning mindset.

Finally

Successful entrepreneurship requires a blend of key skills, including rational decision-making and critical thinking, collaboration and leadership, innovation and vision, perseverance and project management, research and risk-taking, and social awareness with a global perspective. Developing these skills involves a combination of education, practical experience, and a mindset geared towards continuous learning. Critical thinking is honed through engaging with diverse viewpoints and challenging one’s assumptions. Collaboration and leadership grow from team experiences and learning to inspire and motivate others. Innovation stems from curiosity and a willingness to explore new ideas. Perseverance and project management are cultivated by tackling complex tasks and learning from failures. Risk-taking is enhanced by informed decision-making and learning from diverse sectors. Lastly, social awareness and a global outlook are developed through cultural immersion and staying informed about global issues. As entrepreneurs nurture these skills, they become better equipped to navigate the complexities of the business world and drive their ventures towards success.

Blog

Are you a Leader, Manager or Entrepreneur?

The terms “entrepreneur,” “leader,” and “manager” often describe different roles in a business or organization, but they can sometimes overlap.

  1. Entrepreneur: An entrepreneur is someone who initiates, designs, and starts a new business or venture. They are often seen as innovators, identifying needs, opportunities, and solutions. Entrepreneurs are willing to take financial risks to see their vision come to life. They are typically characterized by high levels of creativity, drive, and a willingness to challenge the status quo.
  2. Leader: A leader is someone who influences others and inspires them to achieve goals. Leadership is more about the personal attributes and qualities one possesses. Leaders are often visionary, charismatic, and skilled in motivating and guiding others. They focus on setting direction, building an inspiring vision, and creating something new. Leadership is often about change, innovation, and personal growth.
  3. Manager: A manager is someone who is responsible for controlling or administering an organization or group of staff. The role of a manager is often more operational. They are involved in planning, directing, and overseeing the work and performance of others. Managers are responsible for ensuring that organizational goals are met efficiently and effectively. They tend to be more focused on processes, systems, and structures.

The Intersection of Roles

In reality, these roles can intersect, especially in smaller businesses or startups where the entrepreneur may also be the key leader and manager. However, as businesses grow, these roles often become more distinct and specialized.

Starting a business is an exciting and challenging journey, one that tests the bounds of creativity and perseverance. It requires a blend of innovation, leadership, and management skills. Aspiring entrepreneurs can learn much from the wisdom of those who have navigated this path successfully.

Steve Jobs, co-founder of Apple Inc., emphasized the importance of passion in entrepreneurship: “The only way to do great work is to love what you do.” This sentiment highlights the necessity of having a strong personal connection to your work. Entrepreneurship often demands long hours and overcoming significant obstacles. A deep-seated passion for your venture is what often sustains you through these challenges.

Jeff Bezos, founder of Amazon, stressed the significance of customer focus: “The most important single thing is to focus obsessively on the customer. Our goal is to be earth’s most customer-centric company.” This customer-centric approach is crucial in today’s competitive business environment. Understanding and meeting customer needs is often what sets successful businesses apart.

Reid Hoffman, co-founder of LinkedIn, spoke to the entrepreneurial mindset: “An entrepreneur is someone who jumps off a cliff and builds a plane on the way down.” This quote encapsulates the essence of entrepreneurship – the courage to take a leap, coupled with the resourcefulness to build your success, often in the face of uncertainty.

Richard Branson, founder of the Virgin Group, highlighted the importance of employees in a business: “Clients do not come first. Employees come first. If you take care of your employees, they will take care of the clients.” This perspective underscores the value of building a strong team and nurturing a positive company culture.

These insights from seasoned entrepreneurs provide invaluable lessons for those embarking on their own business ventures. They emphasize the importance of passion, customer focus, courage, resourcefulness, and the value of a strong team. As you begin your entrepreneurial journey, let these principles guide your path towards building a successful and fulfilling business.

A blend of entrepreneurial, leadership, and management skills

Starting a business requires a blend of entrepreneurial, leadership, and management skills. Here’s what you should know about each as you embark on your business journey:

  1. Entrepreneurial Skills:
    • Risk-Taking and Innovation: Be prepared to take calculated risks and embrace innovative ideas. Starting a business involves uncertainty, and your ability to navigate this is crucial.
    • Vision and Opportunity Recognition: Develop a clear vision for your business and stay alert to opportunities in the market. This will guide your decisions and strategies.
    • Resilience and Adaptability: Be ready to face challenges and adapt to changes. The entrepreneurial journey is often unpredictable, and resilience is key to overcoming obstacles.
  2. Leadership Skills:
    • Communication and Motivation: Effective communication is crucial to articulate your vision and motivate your team. Leadership involves inspiring others and fostering a positive, productive environment.
    • Strategic Thinking and Decision Making: Develop your ability to think strategically and make decisions that align with your long-term goals. This includes understanding market trends, customer needs, and your competition.
    • Empathy and Team Building: Cultivate empathy to understand and support your team. Building a strong, cohesive team is vital for success.
  3. Management Skills:
    • Planning and Organization: Develop strong planning and organizational skills. This includes setting clear goals, prioritizing tasks, and efficiently allocating resources.
    • Financial Management: Understand financial basics, including budgeting, forecasting, and managing cash flow. Financial acumen is critical for the sustainability of your business.
    • Problem-Solving and Process Improvement: Be skilled in problem-solving and continuously look for ways to improve processes and efficiency. This helps in maintaining operational effectiveness.

It’s also important to recognize your strengths and areas for improvement. As your business grows, you may also delegate certain responsibilities to others who specialize in those areas, allowing you to focus on your core strengths.

In Summary

Embarking on an entrepreneurial journey is not just about starting a business; it’s a continuous process of learning and adaptation. The journey begins with the development of a business idea, rooted in a passion or interest, and a thorough market analysis to understand customer needs and opportunities. Crafting a detailed business plan with clear goals is crucial, as it guides the venture’s direction and strategies.

However, the crux of entrepreneurial success lies in the ongoing development of key skills. Entrepreneurs must engage in continuous learning, encompassing areas like financial management, marketing, strategic planning, and team leadership. This skill development can be achieved through workshops, courses, and mentorship programs. As Steve Jobs famously said, “The only way to do great work is to love what you do,” emphasizing the importance of passion in driving sustained effort and learning.

Launching the business involves securing funding, establishing a brand, and beginning operations. Building a strong team is vital, as Richard Branson’s perspective that employees come first underlines the importance of a positive company culture for business success. Effective marketing strategies are essential to reach and resonate with the target audience, and continuously adapting these strategies based on customer feedback is a key learning process.

Furthermore, the entrepreneurial journey requires a mindset of adaptability and resilience, as highlighted by Reid Hoffman’s metaphor of building a plane while in freefall. Staying informed about industry trends, being open to feedback, and making necessary adjustments to the business model are part of this adaptive learning process.

Networking and collaboration offer additional learning opportunities, providing insights and potential avenues for growth. Regular evaluation of business performance and exploring opportunities for scaling up are also integral to the entrepreneurial learning curve.

In summary, being an entrepreneur is a lifelong learning journey. It demands not just the initial steps of starting a business but an ongoing commitment to developing and honing a diverse set of skills, staying adaptable, and continually evolving both the business and oneself.

Blog, Data Analytics, Enterprise Education

What skills do you need to be a successful Entrepreneur?

When starting a business, we all come at from different directions, at different ages, different backgrounds. There are so many skills required to run your own startup. Successful Entrepreneur skills, are the ones you’ll need to run everything from serving customers to preparing your accounts. Below are listed 13  core skills required in running a startup business and how you might develop your core skill set further. The successful Entrepreneur skills are:

  1. Opportunity Recognition – The recognition of new markets and opportunities, such as a new customers’ need is core to becoming a successful entrepreneur.
  2. Ideation – Ideation is the creative process of generating, developing, and communicating new ideas. Always write your ideas down in a book and come back to them when you can do something about it.
  3. Research & Analysis – This involves both qualitative and quantitative data collection and analysis. Understanding the customers, competitors and costs structure are important in making a startup work.
  4. Resources Identification – Working out the resource requirements then leads to determining what types of resources you will need to start-up and operate your startup.
  5. Risk Analysis – This process of defining and analysing the dangers to your startup business posed by potential natural and human-caused events.
  6. Tactical Planning – As a startup the horizon is low, so focus on this process of outlining business plans for the coming year. This differs from strategic planning as strategic planning encompasses longer-term goals that reflect the company’s direction and its purpose outlined in its mission statement.
  7. Operational Design – Operational design is the first level of strategy implementation and rests upon operational art. This cognitive approach uses your skill, knowledge, experience, creativity, and judgment to develop operations to organise and employ the resources available.
  8. Business Modelling – A business model is the map of how a startup generates revenue and makes a profit from its value proposition. From this a business plan and processes may be derived.
  9. Cash Flow – In the early days of a business maintaining a healthy cash level, liquidity ensure the business survives. Cash is king.
  10. Team Building – As a new business building a team is important, which requires various types of activities used to enhance social relations and define roles within team are developed and maintained.
  11. Branding – Branding is one of the most important aspects of any business, it develops you icon and a connection with your suppliers, customers and financial stakeholders.
  12. Marketing – The communications of you value proposition should generate leads which can be turned into sales.
  13. Negotiating & Selling – Getting the right prices from your suppliers and selling at the right price is fundamental for a startup to grow. These skills go hand in hand together.
Blog, Enterprise Education, Skills Development, Venture Capital and Funding

7 obstacles experienced by entrepreneurs

As an entrepreneur we have lots of do, but sometimes we just do it wrong, we let obstacles get in our way. So what are the typical obstacles we entrepreneurs have to deal with:

  1. Perfectionism – For entrepreneurs, practice doesn’t make perfect; action does. You simply cannot wait until you are 100 percent ready before you take action. Think MVP.
  2. Procrastination –  Sometimes its easier to delay the decision, the action or even dealing with the problem, so each day “Eat the Frog” and take action of the real issues within your business.
  3. Fear – Entrepreneurs’ resolve is tested from the very first step of starting a business. In fact, one entrepreneur compared starting a business to jumping off a cliff and assembling your parachute on the way down.
  4. Worry – As an entrepreneur, worry comes with the territory. In fact, over a third of entrepreneurs told Gallup they worried a lot about yesterday. While worry is a quotidian experience, it is not productive. You have to make peace with the things that concern you, and not let them stop you from taking action and pursuing your dreams.
  5. Financing – Experienced entrepreneurs don’t have it easy when it comes to funding a new business, but they do have a few advantages over newcomers. They might have a pool of capital from a business they previously sold or a steady stream of revenue they can use to fund a new business’s cash flow.
  6. Team building – This is especially hard if you’ve never run or managed a team before, but even if you have management experience, picking the right team for a startup is stressful and difficult. It’s not enough to find candidates who fill certain roles — you also need to consider their cost to the business, their culture fit and how they’ll work as part of your overall team. Such considerations are exceptionally hard when you’re under the pressure of filling those positions as soon as possible.
  7. Decision-making – Believe it or not, this is probably the most stressful challenge on this list. New entrepreneurs are forced to make hundreds of decisions a day, from big, company-impacting decisions, to tiny, hour-affecting ones. Decision fatigue is a real phenomenon, and most new entrepreneurs will experience it if they aren’t prepared for the new level of stress.
Blog, Resources, Venture Capital and Funding

5 Sources of funding to start a business

If you are looking to fund your startup and not sure where to start? Here is a quick guide to five potential sources of funding for your small business. I have tried to put them in order with the best way first:

    1. Bootstrapping: Many billionaire entrepreneurs find a way to grow without external financing so that financiers don’t control their destinies or grab a disproportionate slice of the business.
    2. Customers: Advance payments from customers can give you the cash you need, at a relatively low cost, to keep your business growing. Advances also demonstrate a level of commitment by the customer to your operation.
    3. Friends and family members:  If you’re lucky, friends and family members might be the most lenient investors of the bunch. They don’t tend to make you pledge your house, and they might even agree to sell their interest in your company back to you for a nominal return.
    4. Startup Loans: Start Up Loans is a government-funded scheme that fund your startup and mentors entrepreneurs. They have a series of delivery partners  who will help you develop a business plan.
    5. Bank loans:  Banks are like the supermarket of debt financing. They provide short-, mid- or long-term financing, and they finance all asset needs, including working capital, equipment and real estate. However, they typically are not the first place to look for funds for your startup.

When taking loans to fund your startup from friends and family, banks or another you must, have a written agreement covering every last detail regarding the loan. This includes the loan amount, the repayment period, the amount of each repayment instalment, the interest rate if any, consequences of non-repayment etc.  If in doubt get a lawyer to help you.