Ever since the creation of this great nation, business has changed. The foundation of America was built on the backs of entrepreneurs. With the Industrial Revolution, the idea of huge companies with multiple departments was born and has been perfected ever since. How is business changing today?

Well, a lot of Americans are finding their way back to their roots. The lifestyle of the entrepreneur has become an attractive option for more and more people, especially parents. The growth in entrepreneurs has grown significantly over the past decade – with 27 million Americans starting and running their own businesses. Even universities have jumped in on the changing economic environment, with entrepreneurship programs increasing from 180 to more than 2,000 between 1990 and 2014. These programs have likely increased further in the past 5 years.

What do you think these entrepreneurship classes are teaching today’s young adults? We have a list of what we believe to be the best skills an entrepreneur can possess today. Keep reading for our insights!

Money Savvy

In order to find success as an entrepreneur, you need to possess money skills that reach beyond the plastic keys of a calculator. You need to have reason when it comes to money. Entrepreneurs don’t buy things spontaneously, but rather practice caution with every purchasing decision. Successful entrepreneurs know that a business is only as effective as its budget sheet. Do you know where your money goes each month? Do you make more than you spend? An entrepreneur that finds success knows the answer to these questions, preferably off the top of their head. If you think your business finances need a little organizing, don’t hesitate to reach out to us for guidance!

Related: Predicting the Future with Your Business Budget: 6 Simple Steps

People Skills

Building a business takes a lot of work, and in the beginning, it takes a lot of networking. The only way a young entrepreneur is going to grow their business is by building relationships within their industry. To do this, you need people skills. A phenomenal entrepreneur is very convincing. They have their pitch down to a science, and they know how to adapt to multiple personalities. People skills also come in handy when managing employees. Each of your employees is unique, and therefore they need different things from you. Some may need constructive criticism, while others respond better to gentle encouragement. Being able to identify these differences and act on them is key to running a company successfully.

Lastly, people skills are valuable when expanding your team and hiring new members. Possessing the ability to judge a person’s character well can save your company from hiring a toxic employee. Your company is only as good as its employees. You want your team to create a culture that everyone wants to be a part of and can thrive in.

Marketing

This skill may come off a bit surprising, but it’s very important. In the beginning stages of a company, the owner wears many hats. Those hats will include basic marketing skills like SEO, just to name one. Marketing is a huge necessity required for building your company. Until your company is big enough to have its own marketing team, those tasks will fall to you. Even on a tight budget, there are effective ways to market your business. A successful entrepreneur knows cost-effective marketing strategies!

 

Ark Financial is here to help you find success for your financial life, whether that’s within your business or your personal life. Contact us today to learn how we can help you find more success!