3 Entrepreneurial Skills Aspiring Business Owners Must Have

3 Entrepreneurial Skills Aspiring Business Owners Must Have

What comes to your mind when you hear that someone is being referred to as a successful entrepreneur? Do you straight away think of a school dropout who has managed to found success in the business world? Or do you think of a seasoned professional who seems to always know what the next big thing is?

The emergence of entrepreneurs like Ian Alexander Ang of Secretlab and Dr Ayesha Khanna of ADDO AI shows that anyone can be a successful entrepreneur. However, you need to have the right skills and practice them regularly so that you can take your venture to new heights.

Here are 3 important skills you should learn and work on.

1. Finance skills

You don’t need to be extensively experienced in financials like Dr Ayesha Khanna of ADDO AI, who had previously spent many years on Wall Street. Basic finance skills such as budgeting and financial statement analysis are some of the essential skills required.

Having a well-crafted business plan with a sound budget could be the deal maker when you face a potential investor. This is where a good understanding of basic financial reports such as balance sheets, income statements, and cash flow helps you to be able to monitor your business progress and pitch to investors with authority.

If you are not very comfortable in handling elaborate financial issues such as taxes, you can outsource them to a firm offering SME accounting services in Singapore, like Ackenting Group. Not only do we have the best professional accountants in the industry, but we can ensure that you will be able to receive essential financial services such as risk analysis, financial analysis and more. We are here to help you keep up-to-date on your financials through accounting bookkeeping services so that you can continue to focus and grow your business.

2. Be open to feedback and learning

As an entrepreneur, you need to have an open mind. Perhaps the ‘perfect’ product that you have created may not meet customers’ expectations. Thus, it is vital to be open to receiving feedback and even more crucially, have the humility to learn and adjust.

For instance, you may have missed funding from a potential investor. Perhaps you have overlooked a few things on the business model or a financial plan. Would it have been better to reach out to an outsourced accounting firm? You can work with other professionals to gain a deeper insight into your business. Being open to constructive feedback can help you learn more and realise key improvements you might be missing.

3. Take risks

Anyone can take risks, and many entrepreneurs do so too. But taking risks can either result in tremendous failures or impressive successes. Successful entrepreneurs seem to have their balance tipped towards successful outcomes, and there’s a reason for that: they learn how to take calculated risks.

Diving into a new business or a new product is not a decision made based on a hunch or a gut feeling. Successful entrepreneurs learn to study information such as sales forecasts, market analysis, and break-even analysis and take calculated risks based on sound advice.

And you don’t have to do the back-breaking work. Reach out to the best audit firms in Singapore to receive objective and thorough analysis. If you are looking for financial analysis and risks analysis on your next big idea, then you can speak to Ackenting Group. We provide corporate accounting services, tax accounting services and more, always ready to help you make the next best step for your business. We aim to help you understand the financial implications that may come with such a move so that you can also take calculated risks in the future.

How you spend your time can significantly determine the outcome of your ventures. You should spend time honing the skills above, but you should also spend time developing your business. A greater portion of your day should be dedicated to developing yourself and developing the business. By outsourcing to a firm offering these essential financial services, you can continue to work on your business and grow as an entrepreneur.

If you require any assistance on accounting services, feel free to drop us an email at johnwoo@ag-singapore.com or contact us at +65-66358767. At Ackenting Group, we offer a complimentary 30 minutes online consultation for us to better understand your business requirements.

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