What are the Key Skills Required to be a Successful Manager/Entrepreneur?

According to different sources, it has been confirmed that to be a successful manager or entreprenueur, a person must be stress-free. This is because stress can lead to bad choices and decisions which are not a quality of an entrepreneur. A person must learn to be stress-free to become a manager and this is the reason why we have covered managing stress before we come to the actual question about the skills required to be a successful manager or entreprenuer. 

Before mentioning some of the tips that can manage stress, the caretakers needs to understand the major cause of stress in individuals. It is because; the base of problem can help to remediate the issue. Hence, the five major detriments of students stress includes, huge pressures, instant change in life, loss control over situation (vulnerability), lack of activities in physical life and the most important one is experiencing any bullies and discrimination in their lives.

The best way to manage stress among students is to host morning communication. Before starting a day, connecting with students and asking them if they have any issue. In this regards, teachers must break communication gap with students by treating them friendly so they can open up their voice without any fear and hesitation. The second best possible way to manage students stress is teaching through games. Young age people most inclined towards sports and fun games. The aim to manage activities for student must contain self-management so that any student could learn to manage any stressful situation. For example, games like stress management escapes room hands-on interactive puzzles, managing yoga classes for them. The third way that can be put in consideration while managing students stress is promoting a growth mindset. This one is most important mostly in this century, teaching students to rise above negative thought is necessary so they could not think limited when they see situations and circumstances.

Lack of Sleep and junk foods have encourages stress among students in a way that they even do not realize that what is the reason behind their behavioral change. These are the factors that stops mind to work actively which ultimately ends up with stress. So the students must be encouraged to value de-stress by taking approximately 10-12 hours’ sleep.  Lev Vygotsky`s theory to manage students stress focused on The Zone of Proximal Development (ZPD). This theory highly recommended to work outside students zone, which helps out students to grow their cognition level, as well as helps them to get busy in the activities that free them with stress they are facing in their lives. In sum, this theory entailed to distract the students from day routine and enhances their intellectual skills.

One of the ways that has been considering effectual to manage students stress is helping students to attain the service they need. Deprivation makes human vulnerable, hence, student might facing stress due to food securities and housing and these are the needs that student do feel shy in discussing within friends circle or even with any person. Here is the chance to de stress students by helping them to identify their needs and must attain the help of health advisory committees in addressing these issues. School systems in this regards can arrange backup food and breakfast programs for needy students. So the students having habit of junk food could also avail the facilitation and needy one would be helped in other perspective. However, the aim would remain same ‘managing student’s stress’. 

Key Skills Required to be a Successful Manager/Entrepreneur

The entrepreneurship competency and attributes are deemed as one of the factors of production or the key resources used when setting up the business, regardless of the structure and size, undertaking the risks with an objective of achieving profitability. The enterprise is linked with the risk-taking ability of an individual and their competency levels to ensure all other factors of factors, such as land, labour, and capital are aligned and managed to ultimately achieve the objectives of the organisation. The understanding and emphasis on the attributes and expertise of entrepreneurship are essential when opting for successful business leadership and therefore to cater the view this aspect the chosen topic is ‘the entrepreneur: Characteristic and Skills’ to reflect better on what competencies are essential for attaining entrepreneurial attributes and competencies. Therefore, enlightening focus on these aspects will not only ensure personal development but also assists organisations in identifying the right candidates for the leading and facilitating roles which are of key significance in the contemporary world when competing efficiently and meeting the strategic business objectives with greater chances of success.

  • Effective Communication
  • Risk Handling
  • Strategy & Decision Making
  • Focus Selling
  • Motivating and Encouraging
  • Time Management
  • Strategic Thinking
  • Networking etc.

In evaluating the significance of business management skills, Thornhill and Amit discovered that the failure of younger and new entrepreneurs is attached with lack of business management skills. According to many studies and researches, it has been found out that business management skills are significant in the later phases of the organisation or business for the continuing operation of the business. As per Frese and Gielnik, since the conditions and situations of a business is highly unpredicted, complicated, and changes needs and requirement throughout the business process, entrepreneurs should develop certain personality features or characteristics to have the potential of dealing with the situation. The entrepreneur should act as a top seller, marketing specialist, accountant, innovator, investor, and leader (Uy et al., 2020).

There are many theories regarding the characteristics and skills of the entrepreneur. It is universally true that for economic development, entrepreneurship is a significant element. An entrepreneur performs under uncertainty and is the risk bearer (Mamabolo, Kerrin and Kele, 2017).  . One of the significant theories related to the characteristics and skills of an entrepreneur is the innovation theory proposed by J.A Schumpeter.  As per Schumpeter, entrepreneurs are typically an innovator and innovators are those who brings new combinations. The core notion and theme in this theory is the innovation. Schumpeter has made a difference between an inventor and an innovator. As per him, an inventor ascertains new materials and methods. However, an innovator is the one who implements discoveries and inventions to bring out new combinations. Nevertheless, there are also some drawbacks to this theory. This theory has laid a high emphasis on the function of innovation. However, it averts the organising and risk-taking characteristics of an entrepreneur. Another theory of entrepreneur which includes the management skills is the Theory of Leadership. This theory was proposed by Hoselitz, according to him, entrepreneurship is the operation of leadership and management skills. In this procedure, the entrepreneur should obtain leadership and management skills and should demonstrate their capability to manage and lead (Uy et al., 2020).

According to the statement of Thomas and Mueller, the core differences among regular employees and entrepreneurs is the attitude of risk-taking. Becoming an entrepreneur and having risk-taking characteristic is not solely about suffering from the risk of loss, but by experiencing the risk of family relations, health and emotional conditions, and career opportunities. It has been determined that the risk-taking and innovation are strongly interrelated with the intent to turn out to be an entrepreneur (Almahry, Sarea and Hamdan, 2018).

A theory was established by Lazear known as Jack-all-trades. This theory proposes that individuals having balanced skills have more capability and possibility to become entrepreneurs, and those balanced skills could be adopted and gained by acquiring adequate education, working with different people, performing different functions, and working in a different organisation with diverse nature of the business (Liang, Wang and Lazear, 2018).

Another significant trait which a typical entrepreneur obtain is that they have a vision for the future. Entrepreneurs are directed and governed by these visions and mission in the endeavour of the business. The vision or mission of the entrepreneur might be long- middle, or short term. However, all these visions and missions are concerned with the ultimate expansion of the business. According to Dornelas, having a vision and being visionary is a fundamental personality trait of an entrepreneur. entrepreneurs who are visionary have a clear picture of a precise vision of how the business or organisation will operate in each detail and the outcome which it would generate.

To become an entrepreneur, one does not only require big and effective ideas, but the capability to run those ideas and progress the business. A true entrepreneur acquires a unique and different set of characteristics and skills which allow them to be diverse and attain all the set aims and objectives. The core objective of the entrepreneur is to attain the set objectives which could only be accomplished by obtaining a unique and diverse set of skills and characteristics through which business could flourish and the objectives are attained. Entrepreneurs are motivated for the success of the business and would eliminate any obstacle or barriers which stand to their success(Ridzwan, Muhammad and Ab Rahman, 2017). Enough literature and evidence have been generated regarding the characteristic and skills of entrepreneurs through different researches and theories from which it could be determined which skills and characteristics are required by entrepreneurs and how they could support in the successful endeavour of the business.

Concerning “Looking through the Eye of an Entrepreneur”, the work has been outlined to depend fundamentally on the analytical and methodical thinking of secondary data. The data for this journal was obtained through different sources including articles, business case studies and interviews. To attain the objective of the research, the interviews were carried out by teachers and investors. In this journal article, the interview from entrepreneurs was also taken, however conducting the interview and collecting data from entrepreneurs was a challenging task because of the entrepreneur’s busy schedule (Rahman, 2020). Nevertheless, few faculty members and entrepreneurs participated in the interview and provided answers on the semi-structured set of questions. They were able to conduct the interviews from the desired audiences to obtain authentic and reliable data.  On the other hand, the information and data gathered for the Journal of Entrepreneurship Education have been done from secondary sources. To acquire adequate understanding and knowledge on the skills required by entrepreneurs, this journal article was created applying different theories of entrepreneurship. The theories were applied to compare if the required skills of entrepreneur are in line with the theories proposed by different theorists on the topic of entrepreneurship (Uy et al., 2020).

The findings of the result from the journal concerning the character and skills required by an entrepreneur demonstrated that acquiring adequate characteristic of entrepreneurship is highly significant for the person as well as for the business. Based on the study of this journal it has been determined that innovation, creativity, and goal orientation is highly significant for an entrepreneur to obtain as this support in establishing a new venture and helps in the continual of the business (Ridzwan, Muhammad and Ab Rahman, 2017). Problem-solving and decision-making skills are one of the core skills which are essential for any person advancing to become an entrepreneur. Entrepreneurs are the ones making every important decision of the business so they should make decisions which are appropriate for the business as well as for the employees. The decisions taken by an entrepreneur must be in favour of every person involved in the business and not just the business itself/ Problem solving is another essential skill which was found to be effective in these studies, Entrepreneurs must look for adequate manners to identify the problems, after the identification they must be able to look for an adequate solution which would be beneficial for the business in the long run.  The findings of these journals were parallel to the aims and objectives set. As the aim was to found skills and characteristics required by an entrepreneur which has been determined in both the studies. Furthermore, the importance of these skills for the business has also been demonstrated. The results have also been evident from the theories developed by different theorist on entrepreneurship (Uy et al., 2020). 

There are several characteristics that have been illustrated in the above studies which include; adaptability, innovation, and tolerance of risk. And the skills discussed in these studies concerning entrepreneurs include; management and leadership skills, decision-making, problem-solving skills, and many others. These are the main and basic characteristics which every entrepreneur must obtain for an effective and successful business.  

Having some limitations in conducting the research is normal. However, it is critically significant to minimise the scope of those limitations all through the process of the research. There were also some limitations within this research process. The data has been collected solely from secondary sources of the data which is a huge limitation for many pieces of research, as gathering data from secondary resources result in plagiarism issues, copyrights, and not providing adequate credits to the authors. However, the limitation of conducting secondary research has been looked after precisely and due credits to the original author have been provided so that the issue of plagiarism and theft of work could have appeared.

On the basis of the general review of the research paper, below are the points which might help in enhancing the skills and characteristics of the entrepreneur and increasing their scope in the market through developing solid grounds for them to succeed and excel in the business.

  • The education of entrepreneurship should be improved as it plays a vital part in advancing the adequate and relevant skills for an entrepreneur to run their day-to-day business needs and requirements, and in what manner to face and eliminate challenges and obstacles which they would experience throughout their entrepreneurial journey
  • The characteristic of an entrepreneur is not something which could be learned, however, it could be enhanced by getting adequate training
  • Improve the quality of education by providing support to educational institutes and colleges 
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