Do You Have the Right Entrepreneurship Skills to Start Your Own Venture? Here Are the Top Seven Skills Every Entrepreneur Should Have

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Embarking on the entrepreneurial journey is both exhilarating and daunting. It demands more than just a brilliant idea; it requires a set of specific skills that are essential for transforming that idea into a successful venture. Whether you’re a seasoned professional or a newbie contemplating your first startup, understanding and honing these skills can significantly impact your entrepreneurial success. Here are the top seven skills every entrepreneur should have:

1. Visionary Thinking

A successful entrepreneur doesn’t just see the world as it is; they envision what it could be. Visionary thinking involves the ability to anticipate future trends, recognize opportunities, and imagine innovative solutions. This skill helps you set long-term goals and navigate through the inevitable uncertainties of starting a business. Cultivating a strong sense of vision allows you to stay motivated and inspire others to join you on your journey.

How to Develop It: Regularly engage in strategic planning, study market trends, and immerse yourself in industry developments. Don’t be afraid to dream big and think outside the box.

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2. Resilience and Adaptability

The road to entrepreneurship is rarely smooth. Challenges, setbacks, and failures are part of the process. Resilience is the ability to bounce back from these difficulties, while adaptability refers to your capacity to adjust your strategies in response to changing circumstances. Together, these traits enable you to persevere through tough times and pivot when necessary.

How to Develop It: Build a strong support network, practice stress management techniques, and stay flexible in your approach. Embrace failure as a learning opportunity and remain open to change.

3. Financial Acumen

Understanding the financial aspects of your business is crucial. This includes budgeting, financial forecasting, managing cash flow, and interpreting financial statements. Financial acumen ensures that you make informed decisions, avoid common pitfalls, and maintain the financial health of your business.

How to Develop It: Educate yourself about financial principles, consider taking courses on accounting and finance, and seek advice from financial professionals. Hands-on experience with financial planning can also be invaluable.

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4. Leadership and Team Building

An entrepreneur is often the leader of a team, and effective leadership is key to building a motivated, cohesive group. Strong leadership involves not only guiding and inspiring your team but also making strategic decisions and fostering a positive work environment. Team building skills are essential for recruiting talent, delegating tasks, and creating a collaborative culture.

How to Develop It: Work on communication skills, learn about different leadership styles, and invest time in team-building activities. Seek feedback from your team and be open to improving your leadership approach.

5. Marketing and Sales Skills

Marketing and sales are the lifelines of any business. You need to effectively promote your product or service, understand your target market, and develop strategies to reach and engage customers. This involves creating compelling messaging, utilizing digital marketing tools, and mastering sales techniques to convert leads into loyal customers.

How to Develop It: Stay updated on marketing trends, experiment with various marketing strategies, and analyze your results. Networking with industry experts and attending workshops can also enhance your marketing and sales skills.

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6. Problem-Solving and Critical Thinking

Entrepreneurs are faced with numerous problems that require innovative solutions. Problem-solving skills involve identifying issues, analyzing options, and implementing effective solutions. Critical thinking allows you to evaluate situations objectively and make decisions based on logic and evidence.

How to Develop It: Practice analyzing case studies, engage in strategic games or simulations, and approach problems with a structured methodology. Encourage feedback and learn from your problem-solving experiences.

7. Networking and Relationship Building

Building and maintaining relationships with customers, partners, investors, and other stakeholders is vital for business growth. Networking skills help you connect with influential individuals, gain valuable insights, and create opportunities for collaboration. Strong relationships can open doors to new resources and support systems.

How to Develop It: Attend industry events, join professional organizations, and actively engage in online communities related to your field. Focus on building genuine, mutually beneficial relationships rather than simply collecting contacts.

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Starting and running a successful venture requires a blend of various skills. While no one is born with all these skills, many can be developed through education, experience, and perseverance. Assess your strengths and areas for improvement, and seek resources or mentorship to bolster your capabilities. By cultivating these top seven entrepreneurship skills, you’ll be better equipped to navigate the entrepreneurial landscape and turn your vision into a thriving business.

Are you ready to assess your skills and take the leap? The entrepreneurial world awaits your unique contributions and innovative ideas.

Check out the various Master’s programme we offer including Entrepreneurship and Innovation to kickstart or rocket-fuel your career growth: list of online bachelor/master/PhD programmes.

You can also chat LIVE on WhatsApp with one of our Education Advisors for more information on the application process, and the discounts we might offer.

DILO (A day in the life of) a master’s student – Peter Cross

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Sometimes, the fear of the unknown is more of a hindrance in achieving your end goal. Once you are past this fear and are well informed, it is just a matter of planning your path. Similar is the plight of students who want to study of online but face the fear of the unknown, such as : What is the best way to study online? Should you do an online programme? How to better manage time when learning online? And so on. 

These are all questions that we at Robert Kennedy College (RKC) get regularly asked by students looking to join one of our online programmes. Undertaking to do an online master’s degree programme will be an additional commitment to your time and finances, and it is wise to get information beforehand.

Through this continuing series of blog posts, some of our past and current students have shared their experiences, thoughts and opinions and given their feedback on handling some of these choices and situations. Hopefully, this will help you to make an informed decision.

This time we have an alumnus from the York St John University and Robert Kennedy College, MBA Leadership Innovation and Change programme, Peter Cross. 

An Introduction

Which Uni are you studying with?

York St John University

Which programme did you choose and why?

MBA Leadership Innovation and Change

The Study Plan

How did you plan to study each module, and what was the reality? For example, how many hours did/do you have to put in each day/or in a week?

I studied minimum twelve hours per week. I work better under pressure.

What part of the day did/do you find most suitable to study? (e.g. early mornings, lunch break, evenings, weekends?)

During the week i.e Monday to Friday I devoted my lunchtime and evenings towards studies. Over the weekend, I generally studied most afternoons and evenings.

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How much time did you devote to each assignment?

I had a systematic approach to each assignment and had objectives for the end week but always took advantage of the full time allotted. 

Travelling and Communication

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How did travelling impact your ability to study?

I commute to work by train. I utilized my time commuting to and from work by train and it really helped early on in my studies.

How were you able to interact with peers and/or professors given the time differences?

The forums were very useful and after the residency, a few of us joined an informal WhatsApp group and became friends outside of the course which continues even now.

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Peers were a wonderful source of support. Professors also responded very timely to questions, whilst being the best at stimulating discussion on module’s relevant topics.

A typical day as a master’s student

What does a typical day as an Online Masters’ student look like for you?

Maybe read research papers during commute by train and arrive to office at 9 am. At lunchtime, I leave my desk and go to my favorite reading place in the office. I continue work in afternoon and return to my favorite reading place latest by 6pm for 1-2 hours to read. Then I travel back to home and relax for the evening.

At weekends, I relax with family in the morning. I continued research for at least five hours on Saturday and Sunday during the afternoon and in evening at my favorite reading place at home. I would usually take some time out to be with family.

I was ruthless sticking to this routine, even when we had visitors.

Any advice?

Any advice you have for students to better plan their studies.

Having an environment to read comfortably and uninterrupted is crucial. Find your favorite space at home and around work where you can consistently slip away to study and so that people around you get used to you not being available to them.

Give yourself an opportunity to get into a constructive routine and ensure you love going to your favorite study place, perhaps taking a coffee with you. It makes the difference when studying difficult topics.

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A to the point and practical advice by our alumni – go grab a cup of coffee (or tea)! I hope this blog has answered some of your questions, and provided that motivational boost to your academic plans. You can also chat LIVE on WhatsApp with one of our Education Advisors for more information on all the programmes we offer and the application process.

#DILO (A day in the life of) of RKC master’s student

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Through the #DILO series of blog posts we have been bringing you insights into the life of our master’s students, sharing their thoughts and opinions, ups and downs, and key learning points during their online studies. The whole idea behind this series is to make you aware of realities of online studies, and help you in decision making.  

This week we take a look at a day in the life of one of our MBA students, a pilot by profession and the one who addresses himself as a ‘transformation agent’. Let’s hear his experience studying for Master’s of Business Administration:

An Introduction 

Which Uni are you studying with? 

York St John University (UK) 

I chose the MBA in Leading innovation and change offered in exclusive partnership with York St John University

Which programme did you choose and why? 

I chose the MBA in Leading innovation and change : change is constant and without innovation, one can be knocked out or overran by change! 

The Study Plan 

How did you plan to study each module, and what was the reality? How many hours did/do you have to put in each day/or in a week? 

To be honest, it was like an adhoc system in the beginning..

Moreover, change of company, country and crazy flight schedules including night flights meant I had to search for what would work for me.

Prepare a study plan and pick a time of the day that works best for you

What part of the day did/do you find most suitable to study? (e.g. early mornings, lunch break, evenings, weekends?) 

Given the unique work requirements, studying early mornings or late nights had been virtually impossible owing to early flights or night flights.

Then I discovered I could do study while in cruise!

Long flights with extended periods in cruise became an interesting option…

How much time did you devote for each assignment? 

I usually could not set for myself a fixed time..often it was the fatigue levels from day and night flights that determined how productive I could be. It was chaos because I had flight exams at the new company that also had really demanding pass rates…(80%). Only the last of the four modules worked better after the work related chaos subsided.

Dr. Radu had a chat with me after failing the first module marginally. I had thought that balancing this chaos was stretching my capacities beyond the minimum required to pass. I had intended to put a stop to studies till a better time emerged. But, I am glad that I had the talk with Dr. Radu Negoescu…I kept going and never looked back.

Travelling and Communication 

How did travelling impact your ability to study? 

Travel brought more chaos into the works. I worked hard to bring order to it.

How were you able to interact with peers and/or professors given the time differences? 

I communicated through WhatsApp! Fantastic…it can be lonely but when a group is available, fellow students share their challenges and give each other support.

A typical day as a master’s student 

What does a typical day as an Online Masters’ student look like for you? 

For a pilot, no day is typical. Cruising to different destinations means having to alternate study times when freshness is at its peak for maximum concentration. However during difficult times, I had to take a minimum an hour daily to either read or do a write up.

For the dissertation though, 100 words for 100 days was the least allowable minimums…instead of waiting until last days owing to the scope and research involved.

Any advice? 

There is no fixed working system. Everything is relative to one thing: one’s level of discipline!

If you have been dreaming of joining a master’s programme or have had this personal goal to gain a higher education, now is the time! Take the valuable advice from our current students, gain from their experience, add your own unique study strategies, and make your own success stories! I would love to feature you one day on our college blog. 

Chat LIVE on WhatsApp with one of our Education Advisors for more information on all the programmes we offer, application process, and for information on discounts we might be offering at this time. 

#DILO – (A day in the life of) a master’s student

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The vast majority (if not all) of our students are working and leading remarkably busy professional lives. Some are motivated and have already decided to undertake a master’s, while others contemplate the unknowns of an online programme. In my experience, two things affect their decision the most.  

First – finances, and second, being able to strike the perfect work, study, and life balance. While I cannot completely help you with the finances (partially yes – check out the discount offers currently being offered on our online MBA, MSc, and LL.M programmes), I thought what I could do to help was to bring some facts to light about the other unknowns – what does a typical day in the life of an online master’s student look like? 

I asked a few of our students from different walks of life, occupations, and personal situations to answer a few questions on their study tactics and strategies, plans and reality, and so on. I thank each one of the respondents for taking the time to share their experiences and give valuable advice to you – possibly future students. In our ‘a typical day in the life of a master’s student’ blog series, we bring to you one of our real students or alumni sharing the insights.  

Today, we’re looking at one of our students journey, a busy professional being a CEO of an International NGO, who got only busier during and after Covid.  

An Introduction 

Which programme did you choose and why? 

MBA Leading Innovation and Change, because the “Aid industry” needs to innovate and change and I needed to learn so I could play a small part in that.

The Study Plan  

How did you plan to study each module, and what was the reality? How many hours did/do you have to put in each day/or in a week? 

Given my intense work schedule I chose to do the program over two years committing to 25 hours per week of study during the time actively enrolled in a module plus pre-reading between modules. It all went well for the first module and then I had to take a few years off due to a serious medical situation.

Since restarting It will took me two years to complete the remaining 3 modules and the dissertation. Time commitment on modules 25 hours per week average was close, albeit closer to 40 hours a week closer to deadlines.

What part of the day did/do you find most suitable to study? (e.g. early mornings, lunch break, evenings, weekends?) 

Well, for me it was evenings and weekend, sometimes late evenings as late as 3am. I eventually understood that the studies cannot be done effectively in an hour or two at a time. It definitely needed longer periods of intense study.

How much time did you devote for each assignment? 

I took the 300 hours recommended very seriously in my planning (25 jours per week per module) In the end, I probably averaged 350-400 per module. There is so much reading to do and lots of great rabbit holes 🙂

Travelling and Communication 

Did you travel for work? How did travelling impact your ability to study? 

Immensely! My job involves me being all over the world 6 months out of 12 and this heavily impacted one module. I planned the best I could, but it was a huge challenge and in the end I had to get board permission to back off on some work commitments to ensure I succeed in my studies. Fortunately, my board is very understanding, I don’t think everyone would have that privilege. In the end, Covid slowed travel, but at the same time increased my workload very heavily.

How were you able to interact with peers and/or professors given the time differences? 

I was so disappointed with the switch to an on-line residency because of Covid. Other than that, online interaction was fine and time differences were not a major issue for me.

A typical day as a master’s student 

What does a typical day as an Online Masters’ student look like for you? 

There was no typical day for me, intense travel schedules and work responsibilities made that extremely difficult. Some weeks I could not get more than a few hours and in other weeks I studied 60 to 70 hours.

Any advice? 

Any advice you have for students to better plan their studies. 

Do not undertake this lightly. Be realistic in your planning, consider your work loads and travel schedules and make sure you build a realistic study plan around them. It takes huge discipline, you have to make it a priority and in doing so consider your family situation too. I am thankful that my wife understands how important this is to me and continues to support me throughout.

All right folks, this was a sneak peek of a typical day as a master’s student. I hope you find it insightful and informative and that it gives you an idea of what to expect when you enrol for our master’s programmes. Watch this space as we have many more interesting insights coming up!