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2. Communication skills
The next important entrepreneurial skill you need
to develop is communication skill. A famous
speaker once said that “the fact that you are talking
doesn’t mean someone is listening.”
3. Negotiation skill
In the course of building a business, you are bound
to negotiate deals. You negotiate with customers
and suppliers over goods and services offered. You
negotiate with bankers over bank loans terms and
conditions.
4. Leadership skill
Business is all about your relationship with people.
It entails uniting people with different
backgrounds, beliefs and skills to a common cause.
It entails forging people with different skills and
ideologies into a business team.
5. Sales skill
This is the most important entrepreneurial skill of
all. If you are not selling tangible items, then you
are probably selling intangible items such as
services.
Those situations in which new goods, services, raw
materials, and organizing methods can be
introduced and sold at greater than their cost of
production.
Evaluating the entrepreneurial opportunity is a key element in
the entrepreneurial process because that is the time to
determine whether the particular idea is worth exploring
further and whether it realistically can generate sufficient
revenues and profits. The questions that need to be answered
at that time include:
What is the market need that the new product or service has
to meet?
What market research should be performed to determine the
need?
What competition exists for that product or service?
What resources are needed to bring the product or service to
market?