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11 Entrepreneurial Skills Small Business Owners Need To Master



The word ‘small’ in ‘small business’ doesn’t necessarily entail minor tasks and responsibilities, for everyone engaging in entrepreneurship knows that it’s not the size of the business that counts but the operations that help it thrive. That is why as a small business owner, you are already tasked from the get-go to make sure that you come well-prepared for the circumstances you’re bound to face.

11 Young Entrepreneur Council members kindly shared the key skills they believe every small business owner should have and practice to safeguard their success and continuous growth in the market, all of them listed below.

1. Basic Communication Skills 

Jared Polites of LaunchTeam believes that a lot of founders and leaders slip at a basic skill – communication. As a leader, one should know the difference between effectively communicating and simply relaying a message. To enable a collaborative culture, a leader must teach his team to be proactive, honest, and open. This should also extend to warmly welcoming feedback, listening to negative sentiments, and properly responding to acquired knowledge.

2. Emotional Intelligence 

Jared Weitz of United Capital Source Inc. takes high emotional intelligence as an edge for business owners. While more technical tasks are already automated by technology, one thing robots can’t take away from the manpower is their ability to feel. Whoever you’re bound to deal with in the business, it’s a vital and powerful skill to perceive their emotions and empathize with them. This also applies inwardly as your capability to manage your feelings will do wonders in your decision-making circumstances.

3. Leadership 

Dishan Javasinha of DG Studio strongly emphasizes the value of connecting a team through a solid, greater purpose that inspires and unites all individual purpose. He claims, “The strength of a leader could be measured by how many personalities get behind and believe in the purpose the leader puts forth.”

4. Proactivity

Richard Fong of Bliss Drive turns to proactivity instead of merely reacting to circumstances right when they are already taking place. While the lesson of working under pressure is deemed crucial to every business owner’s learning process, it would do the bigger picture a huge favor when you foresee possible hardships and work on what you need to surpass those at present. Plus, a head start is almost always a great advantage.

5. Delegation 

Matt Doyle from Excel Builders encourages first-time business owners to learn the importance of delegating duties as the business starts growing. Sure, leaders are known to shoulder the majority of tasks, but any human being can only do so much. This, however, doesn’t mean that you have to give your followers every duty at hand to spare your reputation the burden by saying you’re handling the ‘thinking’ part. Great leadership stems from scrutinizing your team well enough to know who is best at which job and giving them a platform to exercise their capabilities while still providing them opportunities to try out other tasks to channel growth. Your reach then lies in constantly training and assessing their skills so they could operate the business with you and not just for you.

6. Financial Literacy 

David Chen of GTIF Capital heavily advises every small business owner to thoroughly understand financial matters. The numbers you incur are hard facts about your business’ life, where it is now and where it’s headed. Scrutinize your numbers to maximize your cash flow and determine how to invest for your future. As Chen puts it, “Your business depends on it.”

7. Digital Marketing 

Sved Balkhi of WPBeginner puts confidence in one’s expansive understanding of digital marketing. As more people rely on the Internet for products and services, Balkhi draws attention to business owners’ firm knowledge of SEO, social media campaigns, online marketing, and more to be able to effectively lead a team that, too, is well-informed in drafting the best digital marketing strategies to grow the business.

8. Customer Service 

Thomas Griffin of OptinMonster counts on great customer service that is well-versed in dealing with irate customers and responding to negative reviews. Griffin believes that there’s more cost to incur in acquiring new customers than in keeping the existing ones.

9. Sales 

Kristin Kimberly Marquet of Marquet Media, LLC sees persuasion skills as a key factor in successfully operating a business. Your sales reach doesn’t only have to cover new clients, prospective customers, potential employees, profitable investors, and existing talents, for it also has to include your capacity to sell yourself to establish your credibility to your stakeholders.

10. Thought Leadership 

Daisy Jing from Banish describes a thought leader as someone who thinks outside the box, motivates, and willingly shares controversial ideas to others. She believes that to operate well, you must know how and when to bring innovation, motivation, and collaboration to the table whenever possible.

11. Self-Awareness Of Blind Spots 

Magnus Simonarson of Consultwebs realizes that the prime skill a business owner needs to sharpen and refine doesn’t have to be taught but uprooted from within. When the business owner knows his blind spots and can bravely seek help from those he believes knows better than him, he also prevents compounding inner issues that no technology nor app can solve for him.

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The latest weekly indicators indicate a significant decline in consumer confidence due to mounting debt



Weekly Indicators: Consumer Confidence Drops Sharply As Debt …


Welcome to our analysis of this week’s economic indicators! In today’s blog post, we will focus on the sharp decline in consumer confidence and its impact on the economy. Also, we will explore growing concerns about increasing levels of consumer debt. We will dive into ten different aspects that provide a detailed view of the current market scenario and its potential consequences.

Consumer Confidence: A Decline Worth noting

In recent weeks, consumer confidence levels have seen a sharp drop across various regions. This decline is intrinsically linked with the overall health of the economy, as it reflects how optimistic consumers are about their household financial situation and the job market. When consumer confidence is low, spending decreases, investments falter, and ultimately economic growth slows down. It is essential to understand what factors contributed to the drop in consumer confidence recently. Some causes include inflationary pressures, global economic uncertainties, and fluctuations in financial markets. These challenges can lead to a decrease in disposable income, rising unemployment, and increased anxiety over future prospects. To illustrate the significance of the drop in consumer confidence, consider: – A nation grappling with high inflation rates and stagnant wages inevitably experiences a decrease in consumer confidence, resulting in lowered spending habits. –

  • Higher prices for everyday goods and services

  • Wage growth not keeping pace with inflation

  • Limited disposable income

  • Growing consumer pessimism

  • Reduced consumer spending on non-essential items

  • Lower demand for products and services impacting businesses

Debt Concerns: A Growing Menace

Simultaneously, there has been growing concern about the increase in consumer debt levels. High debt can negatively impact the economy by making it difficult for borrowers to manage their financial obligations and affecting the stability of the financial system. It can also lead to a vicious cycle, with debt-laden individuals finding it harder to access credit or save for the future. Higher debt levels result from various factors such as the ease of obtaining credit, low-interest rates, rising cost of living, and slow wage growth. When consumers are unable to keep up with their debt payments, default rates increase, which affects the lending institutions and can potentially send ripples throughout broader economic sectors. Imagine a scenario where consumers take on substantial debt over time, fueled by easy credit access: –

  • Shopping sprees financed through high-interest personal loans

  • Frequent use of credit cards without timely repayments

  • Struggling with multiple loans and debts repayments

  • Increased default risk on loans

  • Lenders becoming cautious around loan approvals

  • Credit score decline impacting future borrowing prospects

Summary Table

Indicator Trend Impact
Consumer Confidence Declining Decreased spending, slowed economic growth
Debt Concerns Rising Financial instability, higher defaults, restricted credit access

As we continue to monitor weekly indicators, it’s essential to assess both consumer confidence and consumer debt levels. Understanding their causes and potential consequences can help formulate policy decisions aimed at mitigating their impact on the economy. An astute evaluation is vital to ensure steady economic growth and prevent unwanted setbacks or crises in the future.

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Keeping End-of-Year Finances in Check



Sometimes, the holiday season is not full of wonder and merriment. The gift-giving culture associated with the holidays can be a source of stress and frustration, especially with the ongoing pandemic, economic downfall. Here is how you can keep your finances in check to cap off 2020 by being financially aware.

Holiday Questions

It is no secret that the ongoing pandemic has affected the economic lives of people. While the holiday season promises a short relief from the doom and gloom of the pandemic, more and more individuals are located on opposite sides of the spectrum when handling finances during the holidays. Others want to go all out to celebrate the hardships that 2020 brought, while others are more practical and tend to be more frugal in their holiday spending.

Here are some of the frequently asked questions about how to manage money during the end-of-year season to have a balance between sharing your love and care to the people you love while not breaking the bank.

How Do I Keep from Overspending during the Holidays?

Give the gift of your time and talents.

Gifts come in many shapes and forms, and while the gift-giving culture primarily revolves around how much money you have spent on a gift… Gifts can also come in the form of time and talents! For example, if one of your friends desperately need time for self-care activities or a date with her husband, you can volunteer to babysit their kids in one evening! If you know your friend is getting married and you have an amazing voice, you can ease up their burden of looking for a wedding band and volunteer to become a wedding singer free of charge!

Make your wish list before going shopping online.

While shopping online is becoming more efficient, it can be distracting to put more in your cart than earlier anticipated. One way to not spend more on your holiday gift list is to make a wish list first and, most importantly, stick to it!

Spend within your means.

Yes, with the pandemic, money may be tight, and it is more practical to let go of luxury items (because who needs a $5000 designer bag if you are not a Kardashian, right?) and make do with practical and useful gift items.

I Will Be Using My Credit Cards for All My Holiday Shopping. What Are Your Thoughts on Best Practices?  

With cashless payments slowly becoming a trend, more and more people are attracted to pay using credit cards. Credit cards are a great way to pay for bulk holiday items because most credit card holders provide a generous cash-back system that can pay you back from 1% to 5% of your purchase fees. You have to look out for sure that your chosen credit card has no annual fees, which means you will not pay any interest in your purchases. Another word of caution is to again spend within your means so that your credit card debt will not be carried out through the spring season.

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Airbnb Bounces Back amidst Covid-19 Pandemic



It comes as no secret that the Covid-19 pandemic has severely affected the tourism industry, including the hotel and accommodation sector. Despite the initial setback, Airbnb’s are slowly starting to rise with the trendy Airbnb nomadic culture work from home individuals are starting.

Airbnb Nomads

When the Covid-19 pandemic started, the first industry to take the brink of the economic downfall was the tourism industry. With flight and movement restricted by lockdown protocols, fewer people are checking into hotels and booking at Airbnbs. While the industry initially felt the effects of the lockdown protocols, they are slowly bouncing back with the Airbnb nomad trend.

So what exactly is the Airbnb nomad trend? Because more and more companies are encouraging people to work from home to control the spread of the virus, people are ditching their apartments and are starting to hop from one Airbnb to another as an opportunity to explore the world (within the confines of their Airbnb) while they are working from home.

Working in Style

Take, for example, Tess Pawlisch, who has been working in San Francisco for four years. She can only take a few vacation leaves amidst her busy schedule in her previous office work set-up with her demanding job. However, now that she is working from home, she can balance working from her Airbnb even when she is on a sunny beach in Mexico sipping tropical-flavored shakes. Pawlisch is only of the many individuals who decided to seize the opportunity to “travel” while working from home.

Bouncing Back

With the initial setback to minimal to zero bookings for Airbnb during the early half of the year, this trend comes at a perfect time for the accommodation giant as Airbnb sales skyrocketed to twice their original sales start of the year. Airbnb’s market value is almost at par with another booking giant,, with the Bnb having $83.2 billion and booking having $85.6 billion. Airbnb has been doing so well in the past few months in terms of shares and stocks that they even surpassed Marriott hotel, which has a projected $41.7 billion valuation.

Exciting Opportunities Await

The work from home set-up is advantageous for people who are bitten by the wanderlust bug, but it is also advantageous for individuals with families or those who want to be nearer their families during these trying times. For example, Trey Ditto was working in Brooklyn, New York, because of his job. Because his company encouraged him to work from home, he decided to move in with his wife (who was also working from home) and their 2-year-old son when they found a bigger apartment near the upstate portion of New York City for about two months. When they realized this would be the new normal soon, they moved to another Airbnb in Texas to be closer to their families—an opportunity that would not have been available if they were back in the office.

Pain Points

However, hopping from one Airbnb to another is not all luxury and glamor. First, the stress of hauling all your things to settle for a month and then moving to another house the next. It can be extremely exhausting. Second, there will always be the element of surprise. For example, even if the unit’s photos are very enticing (it’s called marketing for a reason), the actual unit may be smaller or more run-down than earlier anticipated and can be quite stressful for picky individuals. Lastly, since the Wi-Fi connection is essential for work from home individuals, not all Airbnb units have the best Wi-Fi access to work with. In fact, the Wi-Fi connection is the number one complaint of individuals who are slowly adapting to this lifestyle.

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