Home Entrepreneurship Basic Life Skills Needed by an Entrepreneur

Basic Life Skills Needed by an Entrepreneur

by Olufisayo
Life Skills

Enterprising men and women have the ability or know-how that enables them to undertake and complete activities. Most men and women have a certain amount of knowledge, attitudes, and practical skills that can be useful when realizing an enterprise.

Skills are developed when a person learns how to do a task competently. Anyone can develop skills by being willing to put in the necessary effort.

There are several types of skills: practical everyday skills such as writing legibly or doing household chores; vocational skills that enable a person to do a particular job; and recreational skills like dancing, painting, or sports. You can enhance your life by adequately developing your skills.

You should, therefore, evaluate the talents and level of skills you have and how they can be harnessed to realize an enterprise. Talents and acquired skills have to be constantly utilized and applied; otherwise, they can also be forgotten and wasted.

Skills may be of a technical or managerial nature and they relate to the ability to perform tasks or functions tactfully in specific areas of entrepreneurial endeavors.

Technical Skills

Technical skills are the practical abilities one needs in order to produce the needed products or provide the required services. For example, to start a tailoring business, you need to be able to cut and sew, to start a mechanic garage you should be able to repair cars. If you do not have the needed skills, you rate this as a weakness.
Some other common examples of technical skills include:

  • Engineering
  • Computing
  • Carpentry
  • Catering

Most technical skills are acquired through study, and after years of experience and practice.

Managerial Skills

Business management skills are the abilities you need to run your business efficiently.
Marketing skill is one vital aspect of managerial skills. Other areas of business management skills that are equally important to the success of your entrepreneurship business include:

  • Financial management
  • Selling
  • Planning
  • Leadership
  • Organization
  • Costing
  • Record Keeping


When managing employees, entrepreneurs:

– be consistent
– be fair and honest
– build enthusiasm
– encourage questions
– encourage employees to make their own decisions
– instill confidence in them
– keep an open door
– listen actively
_ recognize individual differences
– set a personal example
– show consideration for the feelings of others

– be argumentative
– be autocratic
– be overly demanding
– be unreasonable
– conceal the truth
– discourage initiative
– discourage ideas
– do the thinking for employees
– fail to clarify instructions
– Play favorites
– reprimand an employee in front of others
– think small

Photo by Anna Tarazevich from Pexels

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Deo June 12, 2012 - 9:33 PM

it rear good, keep it up

Ezekwonna Chinedu E October 17, 2012 - 1:05 AM

Please, look on this write up again and see if I’m making sense: “to start a mechanic garage to be able to repair cars”. Is it more meaningful if you put it this way: to start a mechanic garage, you should be able to repair cars. Thanks 4 Such wonderful work. I will reference this in my work.

Olufisayo October 18, 2012 - 5:17 PM

Thanks for the heads up. Corrected. Regards

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OBASANMI October 22, 2015 - 1:23 AM

Simply helpful and Educative, thank you for the knowledge impactation!

Olufisayo October 22, 2015 - 10:39 AM

We are glad we could help. Thanks for the feedback

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