Finance October 29, 2013 Last updated September 18th, 2018 226 Reads share

3 Financial Skills All Entrepreneurs Should Acquire

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Being successful in business doesn’t happen by accident. Being an entrepreneur involves careful planning, educating yourself on all aspects of your venture, and finding the right team of people who have the skills that your project requires. There are certain skills that you yourself need to develop in order to get ahead. Following a few simple guidelines can get you on the right path to success. If you skip them, you will spend most of your time wondering what you’re doing wrong.

Get things done

You’ll never be successful if you don’t get things done. Entrepreneurs know how to make things happen, how to motivate people, and how to plan for success. No matter the type of business or activity you are working on, being able to reach the final goal is imperative. Here are a few ideas that you should consider:

  • Never leave things undone. Things never get done on their own. If you ignore something that needs to be completed, it might haunt you until it’s done. If you’re leading by example, be sure to show your team that you won’t tolerate half-hearted attempts or partially completed assignments.
  • Time management. Make the best use of your time. If you keep putting off the important things because of some minor crisis, you may soon find yourself behind. Don’t be afraid to delegate those smaller tasks to other people on your staff. You can keep an eye on how they’re doing without hanging over their shoulders.
  • Adaptability. The world is constantly changing, and you need to be willing to adjust your project as needed. This can be a challenge when you’re focused on finishing a project. However, if conditions have changed, you might find yourself with a less-than-useful project.

Get capital

Starting a business can be difficult, and getting the financing that you need can be even more challenging. You need to know how to get capital to start a small business. If you’ve tried traditional financing without luck, you may need to look for some alternative ways of funding your project or business.

  • Asset-backed borrowing. Whether it’s a home-equity loan or a line of credit on your motor home, using collateral in order to fund your business may be the answer. It places more risk on your own shoulders while leaving the banks feeling more comfortable about the venture.
  • Microloans. Sometimes all you need is a little infusion of cash to get going. Finding someone who is willing to give you a microloan could be in your best interest. Whether it’s for only a few hundred dollars or maybe several thousand, it’s a good way to get your project moving.
  • Strategic partnerships. Finding a partner who is willing to work with you and who sees a mutual benefit to the success of your business or project can be the key to moving ahead. It takes some salesmanship and courage to go shopping for this kind of financial support, but the possible rewards are worth considering.

Get credit scores

If you don’t know where you stand financially, you’re probably not going anywhere. One of the first things a savvy entrepreneur will do is check his or her own personal finances. If you’ve got an excellent credit score, your chances of landing a deal for some capital are very positive. However, if your personal score is lackluster, you may find it difficult to get your project off the ground.

  • A solid piece of financial planning advice is to monitor your credit on a regular basis. By keeping track of your finances, you can be assured of staying ahead of any problems that might arise. But if you ignore your credit score, what looks like a sure thing may turn out to be a sure disaster.
  • You can get a copy of your credit score from each of the three national credit bureaus: Experian, Equifax, and TransUnion. Knowing what’s in your credit report can help you deal with banks and other lending institutions so that you can negotiate the financing you need.
  • However, checking your credit score just one time each year may not be enough. If you really want to know what’s going on in your personal finances, you should have a credit check regularly. Whether it’s once a month or once a week depends on your personal situation; but, relying on just a single annual report may leave you in the dark about your credit options.

Being an entrepreneur requires more than just having a good idea for a business. It requires having all of the skills and knowledge to carry it off successfully. You need to be able to get things done, secure financing, and know that you are considered a good risk by your bank and the people you do business with.

Images:  ”Business graph /Shutterstock.com

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Joy Mali

Joy Mali

Joy Mali is an active blogger who is fond of sharing interesting finance related articles to encourage people to manage and protect their finances. Follow her and know how to manage your credit score for better credit standing.

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