Building startups into Fortune 500 companies and billion-dollar Unicorns is taxing to say the least. From 60- to 80-hour work weeks to raising investor funds on a regular basis, you will face seemingly insurmountable hurdles ahead. So how do successful people on top of their respective industries make it seem so effortless? While there exists a multitude of variables, there seems to be recurring earmarks or skills that these people possess, which have allowed them to thrive in their chosen career path. Here are five skills every aspiring entrepreneur should know about.
The ability to process large chunks of information and then provide the most pragmatic decision based on the given information is an important skill you need to wield masterfully as a startup entrepreneur. From the moment you file for company registration in Malaysia to annual tax filings to processing quarterly reports, sharp analytical skills can mean the difference between making a bad call that jeopardizes your company and making accurate decisions that accelerate pace of business growth.
Without cash, even the best of ideas and products/services cannot flourish to their fullest potential. You need to be able to raise money from investors, whether it’s the generous hands of private equity firms, angel investors, or venture capitalists. Because of the complexity of raising cash, it’s become a prized skill for entrepreneurs. In addition, it is of equal importance to know how to manage cash flow and allocate resources to business departments that need it most.
Having the courage to carry out hard tasks and decisions without delay is also an invaluable skill to maximize startup growth rate. Be straightforward with your employees, managers, and investors. If someone is clearly not a good fit for your startup, fire them fast. It feels heartless, but you have to look out for the best interest of your brand. Be straightforward with investors as well, clearly stating what you like or don’t like in your contract’s terms and conditions.
If you can differentiate value from cost, you’ll be financially well-off both in your personal and professional life. Seeing value in things or places that others do not see can give you a competitive edge. You will be better able to bring in new recruits and employees who don’t just look good on paper but can also contribute beyond what their resumes indicate. You can objectively judge products and services, making changes or discontinuing product lines before they can even strike a fatal blow to your business.
Running a startup in Malaysia can be chaotic, and what’s worst is that you get to repeat the same stressful events every day. The ability to soak up this large amount of stress and then normalize at the end of the day will prepare you for what’s to come the following day. You avoid getting burnt out physically and mentally and is able to perform at optimal levels every single day.
There you have it – five skills that every startup entrepreneur should know about and work on. The skills are rarely talked about in other articles, books, and seminars, but undoubtedly compose the core of any successful entrepreneur.