3 Expert Entrepreneurial Skills that You Need to Prove You Can Succeed

3 Expert Entrepreneurial Skills that You Need to Prove You Can Succeed
Photo by Tim Mossholder / Unsplash

Creating a business from scratch is literally one of the hardest things you can do. It's an adventure that requires 100% of your energy, is full of uncertainty and has a high chance of failure.

I've learnt that it takes three skills to improve your chances of success as an entrepreneur.

  1. Vision: a compelling idea for improving the world in the future
  2. Commitment: complete dedication to the cause and the daily grind
  3. Learning: continually testing and reflecting on your performance to grow your skills

So let's look at what is a company's vision.

A company vision is a statement that outlines a business's long-term goals and future aspirations. It serves as a guiding light for the company, helping to keep it focused on its mission and objectives. A company vision is typically broader in scope than a mission statement, which outlines a business's actions to achieve its goals.

Some examples of company visions might include:

  • "To become the world's leading provider of clean energy solutions."
  • "To revolutionize the way people shop online."
  • "To create a world where everyone has access to quality education."

And you need to be committed to making the vision comes alive. Not for just a day or a week, but this dedication needs happen every single day. It must compound over time. And during over that time you need to be testing and learning.

Deep Mastery of Entrepreneurship

We recently went deep into Entrepreneurship in our Moonshot Master Series, where we studied ideas from Eric Ries, Darren Hardy and Simon Sinek.

What is Entrepreneurship and its Benefits?

Entrepreneurship is the process of starting and running a business. It involves identifying a market opportunity, developing a product or service to meet that need, and bringing the product or service to market. Entrepreneurs take on the risk and responsibility of starting and managing a business.

Entrepreneurship is the process of starting and running a business.

There are several benefits to entrepreneurship. Some of the most notable include:

  1. Opportunity to innovate: Entrepreneurs can create and develop new ideas, products, and services.
  2. Personal and professional growth: Starting and running a business can be a challenging and rewarding experience that helps individuals grow personally and professionally.
  3. Financial independence: Entrepreneurs have the potential to earn significant profits and achieve financial freedom through their businesses.
  4. Job creation: Entrepreneurs create jobs for themselves and others, contributing to economic growth and development.
  5. Personal fulfilment: Many entrepreneurs derive a sense of purpose and satisfaction from building and growing their businesses.
  6. Community Impact: Entrepreneurs can create positive change and positively impact their communities.

The History of Entrepreneurship and Famous Entrepreneurs

The concept of entrepreneurship has a long history, dating back to ancient civilizations. In pre-modern times, entrepreneurs were often involved in trade and commerce, organizing and managing the production and distribution of goods and services.

During the Industrial Revolution of the 18th and 19th centuries, entrepreneurship played a significant role in developing new technologies and growing factories and mass production. This period saw the rise of many famous entrepreneurs, such as Matthew Boulton and James Watt, who developed steam engines, and Elias Howe, who invented the sewing machine.

In the 20th and 21st centuries, entrepreneurship has continued to evolve and expand to include many businesses and industries. Some famous entrepreneurs from this period include Henry Ford, who founded the Ford Motor Company and revolutionized automobile production; Bill Gates, who co-founded Microsoft and helped shape the personal computer industry; and Elon Musk, who has founded and led companies in a variety of industries, including electric vehicles, space travel, and solar energy.

Today, entrepreneurship is vital in many economies worldwide and is crucial in driving innovation and economic growth.

Why Elon Musk is a Successful Entrepreneur

Elon Musk is a South African-born entrepreneur who has founded and led several successful companies in various industries. He is perhaps best known as the CEO of SpaceX and Tesla, Inc.

Musk's entrepreneurial journey began in the mid-1990s when he co-founded a software company called Zip2. The company provided online content to news organizations and sold to Compaq for almost $300 million.

In 1999, Musk co-founded X.com, an online payment company. X.com eventually became PayPal, which eBay acquired for over $1 billion in 2002.

In 2002, Musk founded SpaceX, a company that designs, manufactures, and launches advanced rockets and spacecraft. Under Musk's leadership, SpaceX has developed several successful rocket and spacecraft systems, including the Falcon 1, Falcon 9, Falcon Heavy rockets, and the Dragon spacecraft. In 2020, SpaceX became the first private company to send humans to the International Space Station.

In 2004, Musk became the chairman and product architect of Tesla, Inc., an electric vehicle and clean energy company. Under Musk's leadership, Tesla has developed several successful electric cars, including the Tesla Roadster, Model S, Model X, and Model 3. Tesla has also expanded into the energy storage market with its Powerwall and Powerpack products.

Musk has been successful in several industries because of his ability to identify market opportunities and develop innovative products and services to meet those needs. He is known for his vision, determination, and willingness to take risks, which have contributed to his success as an entrepreneur.

One of the most popular entrepreneurial frameworks or theories is the Lean Startup methodology, which Eric Ries developed. The Lean Startup methodology is a management approach that aims to help entrepreneurs and startups create and establish successful businesses more efficiently.

The fundamental principles of the Lean Startup methodology include the following:

  1. Build-Measure-Learn: The Lean Startup emphasizes the importance of testing and gathering customer feedback as early as possible in product development. This feedback helps entrepreneurs quickly identify and address problems or issues with their products or service.
  2. Minimum Viable Product (MVP): The MVP is a product or service with just enough features to be tested with customers. This testing helps entrepreneurs gather valuable feedback and make informed decisions about improving and iterating on their product or service.
  3. Pivots: A pivot is a strategy or direction change based on the feedback and data collected from the MVP. Pivots allow entrepreneurs to course-correct and refine their business strategy as they learn more about their customers and market.

The Lean Startup methodology has been widely adopted by entrepreneurs and startups worldwide because it provides a structured and efficient approach to building and growing a successful business. It helps entrepreneurs minimize risk and waste by focusing on the most critical aspects of their business and gathering valuable customer feedback throughout the product development process.

What daily habits do good entrepreneurs have?

Good entrepreneurs may have many daily habits, as each person's routine will vary based on their needs and preferences. That being said, there are a few everyday habits that many successful entrepreneurs share:

  1. Setting goals and priorities: Good entrepreneurs are clear about what they want to achieve and can prioritize their tasks and activities accordingly.
  2. Being organized: Successful entrepreneurs are often highly organized and able to manage their time effectively to get things done.
  3. Seeking out new opportunities: Good entrepreneurs constantly look for opportunities to grow and improve their businesses.
  4. Networking: Many entrepreneurs recognize the importance of building relationships and connections to grow their businesses. As such, they may make an effort to attend events and engage with potential partners and clients.
  5. Staying informed: Good entrepreneurs remain up-to-date on industry trends and developments to make informed decisions about their businesses.
  6. Taking care of their physical and mental health: Successful entrepreneurs understand the importance of taking care of their physical and mental health to perform at their best. They may make time for exercise, healthy eating, and self-care activities to maintain a healthy balance.

What are the best tools for entrepreneurs?

Many tools and apps available to entrepreneurs can help them manage and grow their businesses. Some popular options include:

  1. Asana is a project management and task-tracking tool that helps entrepreneurs and teams stay organized and on track.
  2. Slack is a communication and collaboration platform that allows entrepreneurs to communicate with team members, clients, and partners in real time.
  3. Trello is a project management tool that uses a visual "board" approach to help entrepreneurs and teams track progress and organize tasks and projects.
  4. Hootsuite is a social media management tool that allows entrepreneurs to schedule and publish content across multiple social media platforms.
  5. FreshBooks is an invoicing and accounting tool that helps entrepreneurs manage their finances and keep track of client payments.
  6. Zoom is a video conferencing tool that allows entrepreneurs to hold virtual meetings and presentations with team members and clients.
  7. Grammarly is a writing tool that helps entrepreneurs improve their grammar, spelling, and writing style in emails, documents, and other written materials.

These are just a few examples of the many tools and apps available to entrepreneurs. The best ones will depend on the specific needs and goals of the individual or business.

What are the top 3 entrepreneurial books ever written?

Many books are considered essential reading for entrepreneurs, and the "top" three may vary depending on whom you ask. However, here are three books that are particularly influential for entrepreneurs:

  1. "The Lean Startup" by Eric Ries: This book introduces the Lean Startup methodology, a management approach that helps entrepreneurs and startups create and develop successful businesses more efficiently.
  2. "The Art of Possibility" by Rosamund Stone Zander and Benjamin Zander: This book offers a framework for thinking differently and taking a more expansive approach to business and life. It benefits entrepreneurs who break out of traditional mindsets and explore new possibilities.
  3. "The E-Myth Revisited" by Michael E. Gerber: This book argues that most small businesses are started by "technicians" who are skilled in their field but not necessarily in business. The book provides practical advice for entrepreneurs on how to build and grow a successful business.

These are just a few examples of the many popular books among entrepreneurs. Other influential books include "Good to Great" by Jim Collins, "The 4-Hour Work Week" by Tim Ferriss, and "The 7 Habits of Highly Effective People" by Stephen R. Covey.

Checklist for an entrepreneur starting a new company

to do list
Photo by Marissa Grootes / Unsplash

Starting a new company can be complex and daunting, but having a clear plan and a set of tasks can help ensure you cover all the necessary bases. Here is a checklist of some essential tasks that entrepreneurs should consider when starting a new company:

  1. Define your business idea: Clearly define what your business does, who your target market is, and how you will deliver value to your customers.
  2. Conduct market research: Research your industry and target market to understand the competitive landscape and identify opportunities for your business.
  3. Create a business plan: Develop a written plan that outlines your business strategy and financial projections.
  4. Choose a business structure: Decide on the legal structure of your business (e.g., sole proprietorship, partnership, corporation) and register your business with the appropriate government agencies.
  5. Obtain necessary licenses and permits: Determine what licenses and permits your business needs to operate legally and obtain them.
  6. Set up your finances: Open a business bank account, establish a record-keeping system, and set up a plan for invoicing and billing.
  7. Build your team: Identify the key roles that need to be filled in your business and hire the right people to fill those roles.
  8. Develop your marketing and sales strategy: Determine how you will reach and sell to your target customers.
  9. Launch your business: Once you have completed these tasks, you can start operating your business and serving your customers.

These steps are just an essential checklist of some critical tasks solved in starting a new company. Depending on your specific business and industry, you may have additional duties to consider.

Test your understanding of how Elon musk is a great entrepreneur

  1. Why is Elon Musk considered to be a successful entrepreneur?
  2. What are some of the companies that Elon Musk has founded or led, and how have they impacted their respective industries?
  3. What key characteristics or traits have contributed to Musk's success as an entrepreneur?
  4. How has Elon Musk demonstrated his ability to identify and pursue new market opportunities?
  5. What challenges has Elon Musk faced as an entrepreneur, and how has he overcome them?