7 Super Powers For Entrepreneurship

Personally, I have experienced a few small business adventures ranging from home decoration, customer loyalty platform development, property investment business, etc. I have failed a lot and I am still failing with the belief that every failure is taking me closer to success. Hereby I humbly summarize 33 essential skills to master to have a higher rate of success in entrepreneurship. I will use this story to record and remind myself of the important points and revisit them whenever I need them. I will be grateful if these points can benefit any readers who are on the journey of entrepreneurship or about to start one.

“Success is not final; failure is not fatal: it is the courage to continue that counts.” — Winston Churchill, Former Prime Minister of the United Kingdom

Entrepreneurship is a beautiful word but also a bitter one in the face of constant unknowns and countless failures. The process of starting a business is a serious test and challenge for any entrepreneur and requires a strong combination of skills. Therefore, what kind of superpower is required for an entrepreneur to master?

Superpower №1: Learning Capability

Once we are determined to start our own business, we must improve our overall quality and strive to become a generalist instead of easily losing at the starting point.
Entrepreneurship starts with changing our own way of thinking and learning. Learn and change while starting a business.
Not only do we have to learn by ourselves, but we also have to establish a perfect learning system to push our entrepreneurial team to keep learning.
Strive to learn faster than competitors. One of the fastest ways to grow is to allow our competitors to be the teachers.
Create a safe place to carry out constructive criticism and promote self-assessment, so that the team can develop harmoniously and support each other, and thus using this as a guide for any entrepreneurial execution.

“A horse never runs so fast as when he has other horses to catch up and outpace.” — Ovid, Roman Poet

Superpower №2: Management Capability

If we want to start a successful and profitable business, scientific management is indispensable, regardless of the size of the company.
Establishing a company culture is extremely crucial since the very beginning of any entrepreneurship. After all, company identity is how one company is recognized by the external world.
Bottom line, human resource is the domain where all enterprises must compete. Therefore, one of the most fundamental tasks for entrepreneurs is to adopt “people-oriented” management to create an environment for employees to put in their work with the greatest enthusiasm.
Managing customer satisfaction is one of the core requirements in management. Having effective management in this area will propel entrepreneurs to compete for more market share.

“Hire people who are better than you are, then leave them to get on with it. Look for people who will aim for the remarkable, who will not settle for the routine.” — David Ogilvy, advertising tycoon, founder of Ogilvy & Mather, and known as the “Father of Advertising”

Superpower №3: Leadership

New business usually fails. As entrepreneurs, we need to build up our own death squad to take on risks and kick ass!
Assign the right person for the right position to maximize the talents. As a leader, see the team players as friends and connect with them deeply.
Make sure a motivational system is in place to ignite the employees’ enthusiasm for work. The power of execution will follow.
The best way to resolve conflicts is to agree to disagree. Respect every team member to enhance cohesion.
Authorize different team players for different tasks. Trust them completely to allow room for decision making and learning from mistakes. Never do everything by ourselves, we only have limited time and energy after all.

“Surround yourself with the best people you can find, delegate authority, and don’t interfere as long as the policy you’ve decided upon is being carried out.” — Ronald Reagan, 40th U.S. president

Superpower №4: Mental Strength

Never stop to train our enterprising mindset. Possess an insatiable hunger to succeed. These are the two strong supporting pillars for entrepreneurs along the journey.
Choosing to start a business is no different than choosing a struggle. We got to love the meaning behind the work and the work itself. Constant challenges and failures are always there awaiting us. Allow our why to drive us by putting in the necessary work for every struggle.
Perseverance and never give up attitude are the psychological energy that entrepreneurs must possess to succeed.
Be really good at analyzing various problems from the perspective of the whole team, rather than the mentality of a small businessman or an individual. Work for the team first and the team will follow.

“Tough times never last, but tough people do.” — Robert H. Schuller, author, motivational speaker, TV host

Superpower №5: Communication

Communication is the channel that connects us individually. We must continuously improve our communication skills since communication is an essential lubricant for any entrepreneurship to operate.
Entrepreneurship requires connections with different people. Create our own efficient network of connections through communication.
In managing our business connections, focus on maintaining a good and stable relationship with suppliers, be it physical goods or intellectual knowledge. Be sure that we always have goods to provide and values to give.
We have to deal with various organizations to operate a business. Never transgress the bound or overstep during the process of interaction.
Two heads are better than one. We can leverage different people’s views and suggestions to make decisions. Be good at listening to others and go beyond our own limitations and imagination.

“Communication cannot always follow the top-down model. With the fluidity of information in business today, leaders need to be masterful listeners; they need to be able to receive and send.” — Joseph Badaracco, author, professor of Harvard Business School

Superpower №6: Reflection

Business is the perfect reflection of the entrepreneur. Entrepreneurs must constantly reflect on themselves and have clarity at all times. After all, the business exists to provide value to customers, and not just about making more money.
Sometimes, an entrepreneur has to make a fast decision especially when everything seems to be unclear. Take the necessary risks and place our bets thoughtfully.
There is no constant victor in the business world. We can always laugh at our setbacks and reflect positively to achieve victory.
Never forget to reflect and improve especially when everything is going well. Be prepared for the storm during sunny days.
Reflections should be combined with actions, and the results of reflections should be really put into practice.

“When you have clarity of intention, the Universe conspires with you to make it happen.” — Fabienne Fredrickson, founder of ClientAttraction.com

Photo by Marc-Olivier Jodoin on Unsplash

Superpower №7: Financial Strength

As an entrepreneur, we must master a certain degree of financial knowledge even if we can always recruit professionals to manage.
Never allow a muddled account to happen. Every business transactions have to be recorded accurately on the account.
Cash flow is the lifeblood of the business. Good management of cash flow can enable entrepreneurial businesses to grow healthily. Entrepreneurs must pay serious attention to the management of liquidity.
Reduce the fixed costs in the early stage of entrepreneurship and do not waste money on buying unnecessary fixed assets.
Strictly control and manage accounts receivable. Reduce the risk of bad debt accumulation.

“Money, like emotions, is something you must control to keep your life on the right track.” — Natasha Munson, author, inspirational speaker and CEO of Be Magic, Inc.

Last but not least, if you manage to read until here, do leave a comment to tell me how it goes. Any feedback or criticism is definitely welcomed.