Starting or running a company? Here’s my list of skill sets you MUST have…

Here’s my list
  • Passion about a concept
  • A willingness and ability to commit to building a business around that passion, including willingness to ride out the rough patches
  • Ability to plan well and take decisions – strategy is about making a choice to focus on one thing from among the many choices available
  • Ability to articulate your vision and plans and convince others to join you in the journey – here, others could be investors, co-founders, early employees, early customers, vendors, etc.
  • Ability to learn quickly – being street-smart, being nimble about adjusting the strategy and plan based on what the in-market experiences tell you
  • Being flexible and willing to change from original plans – plans don’t work out as planned – they do give you a direction but you have to make changes and adjustments as you implement
  • Being structured with your thoughts and plans – being process oriented, though processes may not exist or will be flexible at the early stages
  • Being ‘aware’, if not an expert, about the economics of business & finances
  • Being a smart and enthusiastic sales person
  • Being brave, coupled with the ability to take failures in your stride – failure is a part of many an entrepreneurial journey – failure just means that the rewards and success is delayed and somewhat farther away than originally planned or expected
  • Leadership: Being able to lead a team, and having the confidence of hiring people smarter than yourself is the sign of a good entrepreneur
  • Ethics, value-system, sense of fairness and  responsibility are important, as with any other profession

Will be happy to receive your thoughts on skills important for entrepreneurs. Do write to me at prajakt.raut@gmail.com

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Author: Prajakt Raut

Prajakt Raut is the founder of Applyifi.com, and author of the book for startups - ‘Starting Up & Fund Raising’ Prajakt personal goal in life is to encourage and assist a 100,000 people to become entrepreneurs. _____________ Prajakt is the founder of Applyifi - an online platform that provides startups a 36-point scorecard and assessment report on the venture's investment readiness [www.applyifi.com], and helps them improve their odds of getting funded. Prajakt is also the founding partner of The Growth Labs, a platform where growth-stage companies get sharp, incisive advice from senior professionals and experienced entrepreneurs. [www.thegrowthlabs.in] Before starting Applyifi, Prajakt was the head of operations at IAN, founding member of a leading incubator, and the Asia-Director for TiE (2004 - 2007). Previously Prajakt had co-founded Orange Cross, a healthcare services company, and was part of the founding team member of Idealake Technologies. While in college Prajakt had founded a printing business and has spent over 10 years working in leading advertising agencies. Prajakt’s book, ‘Starting Up & Fund Raising’, helps startups understand an investor’s perspective, and helps them improve their odds of getting funded. The book also helps entrepreneurs understand the building blocks of a business.

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