Rolph Balgobin serves as chairman of The Quicksilver Group, an international organisation with subsidiaries operating in a range of different industries, including manufacturing, energy, education and real estate. This article will look at entrepreneurship, providing an overview of critical aptitudes for successful founders and business leaders.
Launching a new business venture is not only a means for entrepreneurs to generate an income for themselves but also offers significant societal benefits, providing products or services that can improve people’s lives, creating employment and boosting the economy.
Successful entrepreneurs have strong business management skills, enabling them to effectively plan, direct, organise and control the organisation’s resources. In addition to leadership skills, entrepreneurs also need to be adept communicators, drawing on their business acumen and strategic thinking to build credibility, improve efficiency and manage risks.
Communication skills enable business leaders to more effectively express their thoughts and ideas, be it verbally or through written communication. Great leaders are active listeners too, enabling them to build connection, retain information and respond appropriately. In business, the importance of communication and listening cannot be overstated, as it is these skills that allow the entrepreneur to build trust with stakeholders, maintain relationships, understand needs, make informed decisions and resolve conflicts. These soft skills include written and non-verbal communication, as well as emotion control.
Sales and communication skills go hand in hand. Entrepreneurs need to be able to sell anything to anyone, from presenting compelling business ideas to investors and pitching products to customers to onboarding talented employees. In the business’s formative stages, the founder wears various hats, often serving as the company’s first sales personnel. Sales skills are integral to demonstrating value to stakeholders both within and outside of the organisation.
Entrepreneurs need to be able to work under pressure, thinking outside of the box and coming up with solutions in high-stakes situations. In launching, running and scaling their business, the entrepreneur will encounter a multitude of obstacles, setbacks and problems, relying heavily on their can-do attitude and problem-solving skills to overcome them.
Strategic thinking is integral to building a thriving business. Although entrepreneurs often achieve success through their own sheer strength of will, they need to be capable of creating a solid structure and growth strategy based on sound business sense and skills to take their business from good to great. Great founders have an unquenchable drive and unerring passion for their business. It is this drive that keeps them pushing forward, even on the hardest days, providing motivation to continually propel their business to success.
As head of the company, the founder will need an inordinate amount of self-motivation. No longer answering to a superior, they are effectively on their own and solely responsible for steering themselves and their business in the right direction. As the business grows they will need to hire a team, surrounding themselves with talented people and delegating, leading and following as appropriate.
Dedication to lifelong learning is an incredibly valuable mindset for anyone, particularly the entrepreneur. For someone who is building a business, a willingness to learn is crucial. As the entrepreneur goes through the inevitable ups and downs, they need to be able to learn from all their experiences, including their missteps and failures. After all, it is these that present the most valuable learning opportunities.
In the fast-paced world of business, change is constant and often unpredictable. Founders must be dynamic and capable of adapting to shifting consumer needs and markets, embracing new trends, revising business models and pivoting their strategies where necessary. This flexibility not only positions them to avoid potential pitfalls but also helps them to recognise and capitalise on unrealised opportunities.