Entrepreneurs are risk-takers and self-starters. They are often people with bold, innovative ideas who know how to transform them into a reality. Commonly understood as people who build and operate their own business, entrepreneurs need a particular set of unique skills to succeed, including communication, teamwork, leadership, business strategy, problem-solving and more.
Those looking to develop and sharpen these crucial entrepreneurial skills might consider the online Master of Business Administration (MBA) with a Specialization in Entrepreneurship and Business Development program from the University of North Carolina Wilmington (UNCW). As observed by Millennial Magazine, starting a business is exciting and rewards creativity, but a business needs more than innovation and creativity to thrive. An online MBA is one way for entrepreneurs to ensure their skills are good enough to compete in today’s competitive, constantly evolving business world.
What Are Entrepreneurial Skills?
Some people believe that entrepreneurship requires innate talents, and the question of whether entrepreneurs are born or made is a constant debate. What is clear, however, is that even natural abilities like risk tolerance and resilience are not enough for someone to launch a successful business. People can learn and practice entrepreneurship through experiences, education and training. By seeking growth opportunities, professionals can build crucial skills and develop innovative ideas to succeed as entrepreneurs.
Entrepreneurial Skills and Characteristics
While no single skill can make the difference between the success and failure of a new business, a few must-have abilities contribute greatly to an entrepreneur’s prospects. These include:
Communication
Strong communication is essential to effective entrepreneurship. According to Investopedia, “Whether a person is a solo entrepreneur or runs a Fortune 500 company, they need to understand how to communicate effectively to all stakeholders and potential stakeholders that touch the business.”
Teamwork and Collaboration
No entrepreneur can create a business alone, and working well with others is a crucial skill for getting a new venture off the ground. Even the best entrepreneur will need to rely on colleagues or vendors to get a job done. Indeed also notes that “being a business owner means you will most likely act as both a supervisor and as part of a team, and you will need to rely on effective leadership skills to help motivate your team.”
Business Strategy
Starting a business is only the first step. A successful entrepreneur also needs to know how to keep a business going long-term and how to find growth opportunities. These scenarios are where business strategy comes in. Strategizing is a complicated task, requiring you to look at the bigger picture and understand how decisions affect the company. An MBA can provide the experience and exposure needed to meet these demands.
Problem-Solving
Any business will face obstacles, but what matters is how well and how quickly an entrepreneur overcomes those obstacles. While a solid business strategy is essential, even the most farsighted and savvy businesspeople can’t entirely avoid roadblocks. That’s why the ability to solve problems and think critically is a vital entrepreneurial skill.
Consider an Online MBA in Entrepreneurship and Business Development Program
There are many reasons to pursue an online MBA, and for entrepreneurs who want to acquire the skills and tools needed for the successful commercialization of ideas and the launching of small businesses, the online MBA in Entrepreneurship and Business Development program from UNCW is an ideal choice. Through courses like Foundations of Entrepreneurship, UNCW’s AACSB-accredited program offers students a chance to approach entrepreneurship as both a mindset and an attitude.
Learn more about the University of North Carolina Wilmington’s online MBA with a Specialization in Entrepreneurship and Business Development program.
