Discussing the Art of Entrepreneurship

by Sameer Panjwani

To be a successful small business owner, you need to understand multiple things and be extremely efficient. This means you must be well versed in the “art of entrepreneurship.” How much do you know about the following?

  Do you want to be an entrepreneur? Or, are you already one? Either way, you’ll need to understand the finer points of running your own business. It is an art form, especially when you consider the number of different aspects you need to keep track of all at once. To be a successful small business owner, you need to understand multiple things and be extremely efficient. This means you must be well versed in the “art of entrepreneurship.” How much do you know about the following?

Multi-Tasking Is a Must

A good entrepreneur knows how to multi-task. This involves doing many tasks at once. For example, you might find yourself typing out an email while talking on the phone. You might need to handle billing while juggling clients. After a while, it may feel completely normal to carry out several tasks at once, and you’ll find it hard to stop. The art of entrepreneurship encompasses the principal of multi-tasking, especially once you realize how many tasks you need to get done within the little amount time that you have.

You Need Management Skills

Although many entrepreneurs just employ themselves (and no one else), others might have a small staff that helps with basic tasks. If this scenario sounds like your setup, then you need to have comprehensive management skills. You’ll need to ensure that your employees stay on task and meet deadlines. While micromanaging (directly overseeing every action, small or large, within your business) can cause you to bump heads with others, it might be necessary depending on the people that you have working for you. Ideally, you want to relax and give your employees enough space to work – unless you feel that they are not meeting goals or completing tasks at an appropriate pace. Knowing how to manage others can be an art form, and it is essential for any entrepreneur.

What Do You Know About Marketing?

In addition to management skills, you also need to know offline and online marketing. Why? You want to connect people with your products so that what you’re selling, well, gets sold. Otherwise, you won’t be in business for long. Ideally, you need to know how to sell your products to people without being overly forceful. You’ll need to know how to link your products to the right influencers and spread the word through non-traditional channels, like social media. You’ll also need to place advertisements, send out press releases, and do a number of different marketing tasks in order to get your business (and products) attention. Without marketing skills, you won’t be selling much, and your business will go under quickly. Thankfully, there are plenty of places where you can brush up on your marketing knowledge.

Sourcing (or Making) Your Own Products

On top of everything else described above, you need to either source or make your own products. Some entrepreneurs have mastered the art of making their own goods. They know how to do this efficiently so they can make money. In addition, they have to purchase all of the materials they use in order to create their products. However, other entrepreneurs sell products that other companies have made for them. They either create their own brand and then outsource the manufacturing, or they have a niche product where they are the only ones selling it, despite not actually making it themselves. Either way, you need to know how to get those products into your own hands and distribute them appropriately.

Customer Service Counts

Not only are you the one making the products, listing them for sale, and then marketing them in numerous ways, but you’re also the one doing all of the customer service tasks. What do we mean by “customer service tasks?” Well, you’re the one solving problems for your customers. Further, you need to handle all of the other related things, like packing and shipping out your goods. For example, your customers expect certain things to be done for them, such as helping them track packages. Some even expect you to send thank you emails. You’ll need to do all of these little customer-service-related tasks in order to be successful.

Don’t Forget About Accounting

Finally, you need to know basic accounting. You’ll need to submit tax returns, send in your sales tax payments, and do anything else that the banks and the government require in order to keep your business running from a financial perspective. If you forget to send in a required form, payment, or tax return, then you could get hit with a large fine and additional penalties. Since you’re just an entrepreneur, this could be devastating. Remember, in business, accounting is key.

Sameer Panjwani is the Founder & CEO of Mondovo, an online marketing toolset that helps you track your rankings, monitor your site stats, and research your competitors. A man of many talents, Sameer is currently on a mission to help 1 million businesses grow organically through his products and services.

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