3 Mantras of Entrepreneurship: 1.3 – Self-Confidence
June 18, 2016
UL0008 – Venture Capital
March 22, 2012

The Need for Special Skills

Special skills are also needed when implementing and adapting the plan as the company plans get implemented…Savvy investors will look out for the ability of the entrepreneur and the team to make the idea work as a business and they will look out for evidence of this ability through the business plan presented to them. Mr Inderjit Singh – The Art and Science of Entrepreneurship.

As we have said previously, anybody can come up with a great idea; it’s the transformation of an idea into a successful business that is the tricky part. If you can turn your idea into great business, then it would be a brilliant success.

It takes special skills to understand and to execute such a task. Unlike a normal career path, where you just have to focus and grow within your expertise, an entrepreneur has to be a jack of many, if not all trades. They have to understand their product and their market thoroughly and they have to be able to show that not only will they turn their product into a business, but they also scale the business to a higher level.

Entrepreneurs have to understand, product development, marketing, sales, accounts, human resources and a myriad of things, in order to build their business. They may hire or partner people to handle all of that work later on, but in order to ensure your businesses success you have to understand all of that, so that you can manage and grow your business to achieve your vision.

You need to be able to show that:

  • You can turn your idea into a business.
  • There is a market for the product and that they will buy.
  • You understand your market thoroughly (customers, competition, suppliers)
  • You and your team can build, manage and grow your business both on the technical/operational side and on the customer (sales/marketing/customer service) side.
  • You have foreseen the problems you may face and have already or are currently working on solutions to fix those problems.
  • You have contingency plans in place, in case something fails(will show that you are committed to the project and will not quit easily)

This is what helps to build confidence in a new company and it is what investors look out for. Investors put their money into the CEO’s vision and the execution team, because they believe that the team would be able to deliver something exceptional.

If you can show that you understand the product, the team, the business and yourself very well, then getting it financing and support from anyone would be very easy. Just by looking at your pitch or business plan, people will be able to gauge your ability, because they can see the work that you have put into your idea and they can see that you can take the idea you have and make it into something really successful.

To start and run a great business, it is absolutely essential to learn and understand as much as you can. If you have covered all the bases in your plan and you are sure that you have a successful business, your confidence will say it all. People will look at your confidence and will invest in you readily.

So make sure you study your product, your market and your people thoroughly in order to build something great.

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