Lesson - Skills of Successful Entrepreneurs

Lesson - Skills of Successful Entrepreneurs

Communication Skills

• Entrepreneurs need effective communication skills in order to gather the information necessary to organize and run their business. 

• Entrepreneurs must develop writing, speaking, and listening skills. 

• Example 1: If you are a plumber, you must be able to listen to your customer to determine what is wrong so you can fix it. You must also be able to tell the customer what you did to fix the problem.

• Example 2: You need to be able to write well so you can create flyers for your business.

Multiple Choice

True or False: Good communication skills include speaking, writing, and listening.

• True

• False

Human Relations Skills

• It is essential that entrepreneurs be able to work with and get along with others. They need to enjoy meeting and talking to people.

• If you do not enjoy meeting and talking to people, it will be hard to take care of your customers.

Multiple Choice

If you enjoy meeting and talking with others and you work well with others, what type of skill do you have?

• Human Relations

• Math

• Technical

• Business

Math Skills

• Basic arithmetic and knowledge of basic record keeping are needed for the entrepreneur to make purchase decisions, calculate profit, and complete financial statements.

• Example 1: Jose has to compare the costs for supplies from two different vendors. He is using math skills to make sure he gets the best price for the products he sells in his store

• Example 2: Zoey is adding the money she made from sales this month and subtracting it from the costs she had to find out how much profit her business made.

Multiple Select

Which of the following is an example of using math skills. CHOOSE ALL that apply.

• Calculating how much you need to sell your products for in order to make a profit

• Counting change for a customer

• Talking to a customer about the features of a product you are selling

Problem-Solving and Decision-Making Skills

• Entrepreneurs must make decisions and solve problems every day.

• Example: Jenis accidentally ordered too much lip gloss. She decides to have a sale to try to sell the extra products instead of keeping the stock and slowly selling it.

• A customer complains that Devin does not have their size shirt in stock. Devin offers to order the shirt and ship to to the customer.

Multiple Choice

True or False: Problem-Solving and Decision-Making is a very important skill for entrepreneurs

• True

• False

Technical Skills

• Computer skills are essential in almost every business.

• Example 1: You will use software, like spreadsheets for tracking money and inventory and documents to send letters

• You will use technology to promote your products with a website and social media.

Multiple Choice

True or False: Taylor creates a video about her clothes boutique and posts it on Instagram. She is using her technical skills.

• True

• False

Business Skills

• Entrepreneurs must have a basic understanding of how the economy works.

• They also need a basic understanding about the functions of business: accounting/finance, marketing, and management.

• Example 1: Ayana plans a marketing campaign to increase sales around the Christmas holiday.

Multiple Choice

Understanding the economy, accounting/finance, marketing, and management is what type of skill?

• Technical skills

• Communication skills

• Business Skills

• Math skills