When transitioning from employee to entrepreneur, here are three skills you must have, or must be willing to develop.
#1 – People Skills
Your ability to manage your emotions and relationships are a key ingredient to success in anything you do.
If work your performance reviews consistently mention that you have low EQ, or you have difficulty getting along with others, it’s time to seek professional guidance.
In business, your people skills are going to be even more critical than they were when you were in a high-flying corporate career. You will not be able to hide behind a team – when you start, you are the face of your business and your brand. People like to do business with those they know, like, and trust (KLT), and you can’t achieve that KLT factor without excellent people skills.
If you suspect people skills are your area of weakness, email me at email@example.com to find out if my EQ Accelerator Coaching Program (which is designed to significantly improve EQ in 12 weeks or less) is right for you.
#2 – Self-Promotion Skills
In any organization, some employees will be much better than others at making themselves look good. They are the ones who get noticed by their superiors, who are more likely to be considered for leadership roles, and who seem to have the favour of the powers-that-be. That’s because they have mastered the fine art of self-promotion, a tricky skill that requires the individual to be fearless in owning their strengths and successes while managing their relationships carefully. The aim is to position themselves to be influential without alienating those whose support they need and those they like and care for.
If the thought of talking confidently about your own strengths, successes and ambitions makes you gag, it’s time to fix that. You can’t make a start in business if you’re not willing to tell people what’s great about your product or service and why they need it. What holds many people back is that they associate the idea of self-promotion with being insincere, a fraud, or a pushy salesperson, and this clashes with how they see themselves.
To find out how you can quickly and effectively position yourself to promote your business with grace, confidence and integrity, minus the pushy salesman feeling, send me an email at firstname.lastname@example.org.
#3 – Business Skills
What do you know about setting up a business?
Do you know what a business plan is?
Do you know how to monitor cash flow, profit and loss, and work out if your business is doing well?
Or do you at least know where to go to find answers?
If not, it’s time to get your business skills up to scratch. A good place to start is your local Council or Chamber of Commerce or equivalent. Here in Victoria we have Small Business Victoria (SBV) which is a great place to start with basic information on getting your business set up, how to register your ABN or ACN, the difference between a business and a company etc. SBV regularly runs free workshops for new business owners that are part networking and part information sessions.
For more detailed advice, I recommend that you speak with a qualified lawyer or accountant. There are legal and financial implications for different business structures, and you want to choose the one that best suits your needs.