In the competitive world of business, the word “entrepreneurship” has taken on a special meaning in recent years. Entrepreneurs are people who decide to start a business, despite the risks that this can represent. However, for a business endeavor to have a higher success rate, they must know the market that they want to penetrate and have a solid business plan. Moreover, it is important that they have certain skills for entrepreneurship.
The different types of entrepreneurs
There are different types of entrepreneurs. Some are innovators, who stand out for their creativity and ability to identify opportunities in untapped markets. On the other hand, there are persevering entrepreneurs, who are willing to face the competition and work tirelessly to make their business grow and position itself in the market, even if this requires more time and effort.
There are also entrepreneurs who imitate business ideas. However, they do so with changes that make their brand more attractive to customers or consumers compared to the competition. The group of entrepreneur-researchers is characterized by its focus on exhaustively studying the market and the needs of consumers before undertaking a business.
This approach decreases significantly the risks of failure, as it is based on data and a solid understanding of the market. Finally, the entrepreneur-buyers, who are the ones who acquire businesses with potential and make them grow even more. Instead of starting from scratch, they buy existing businesses and propel them to success.
Entrepreneurship skills that you need to have
Regardless of the type of entrepreneur that you want to be, these are the skills you need to have, or develop, for your business undertaking to be successful:
- Creativity: Every business starts from identifying a need that has to be satisfied. Creativity is essential to finding innovative solutions to market problems.
- Motivation and passion: Motivation and passion are the driving forces behind an entrepreneur. They must be able to overcome obstacles and maintain their resolve throughout their path.
- Vision: A solid vision is critical for turning a business idea into a reality. This implies developing an initial strategy and constantly working during its execution.
- Responsibility: Entrepreneurship entails assuming risks. Entrepreneurs must be responsible for their decisions, as each of them affects the success or failure of their business.
- Adaptation: Uncertainty is inherent to all business endeavors. You must be able to adapt to changes and find solutions when unexpected challenges arise.
- Organizational skills: A well-organized business is critical to its growth. This implies both a solid initial plan and the constant measurement of the enterprise’s key performance indicators (KPIs).
- Leadership: Entrepreneurs must be leaders, not just bosses. They must inspire their team, align them with the goals of the business undertaking, and foster a collaborative work environment.
- Receptivity: You must be aware of the fact that there is always something new to learn. Humility and a willingness to learn will help you find opportunities for growth.
- Empathy: Soft skills are equally important. Empathy will help you connect with employees and customers, understand their needs, and offer solutions that satisfy them.
- Ability to establish relationships: Projecting a professional image that generates trust is essential for closing deals with clients or investors. The ability to establish strong relationships is a valuable asset.
The Wiese Foundation’s Entrepreneurial Fund program has become a valuable ally for social entrepreneurs, providing an integral support that allows them to take their business ideas to the next level.
Every three years, this initiative convenes social enterprises nationwide, offering them the opportunity to receive financing of up to S/150 thousand, strategic professional advice and personalized training for 18 months. This support does not only provide the capital needed for growth, but it also gives recipients access to a team of experts who guide them through every step of their business development.
Currently, the Wiese Foundation is presenting the four winners that will be part of the second portfolio of the program: Donor Association, Caxacori Studio, Away Pallay and Inkao Peru. We invite you to learn more about these social enterprises and the acceleration stage of the program here: https://www.fundacionwiese.org/fondo-emprendedor
