Job Skills For Entrepreneurs

If only you had what it takes to follow your dreams and start your own business…. Wait a second—you probably already do. It's true: Chances are good that in your current job you've already mastered job skills that will help you achieve success as a business owner. You’ve already got entrepreneur skills.

John Torrens, Ph.D., an assistant professor of entrepreneurship at Syracuse University (and a former business owner himself) runs regional "boot camps" for emerging entrepreneurs. He's identified five entrepreneur skills that can lead to a successful career change—and you may be better equipped with these essentials than you think. To begin exploring your ultimate midlife career change, discover the capabilities you bring, and play to your strengths.

No. 1: Effective Networking
 

Who's got it: Sales reps, volunteers, writers.

Social networking, while important in today's business climate, cannot replace person-to-person, palm-to-palm meetings. Sitting behind a computer monitor might be easier or less stressful, but physically meeting other people is incredibly powerful. "You need to be around people to take advantage of opportunities when they present themselves," Torrens says.

Put it to work: When making a career change, don't pressure yourself to get out and "network" every day. You'll have better results if you concentrate simply on having meaningful conversations—work doesn't even have to factor into your talks. So expand your comfort zone and consider joining an industry group. Enjoy lunch with a colleague or two. Offer to serve on a planning committee. Host a neighborhood potluck. Many times the not-so-obvious ways to network are the ones that really pay off.

No. 2: Opportunity Awareness

Who's got it: Retailers, homemakers.

Most successful start-ups become that way because the owners pinpointed a problem and created a business to solve it. "We're all generally surrounded by the same things, but not everyone turns these situations into opportunities," Torrens says. "My favorite sources of opportunity for people come from their own experiences." He mentions Nike founder Phil Knight: "He was an elite distance runner who created a superior and less expensive running shoe for a very small niche of athletes. He didn't set out to be 'Nike,' but he did set out to solve a specific problem."

Put it to work: Besides thinking about opportunities in your own life, read financial and trade news to stay abreast of industry changes like deregulation and supply shortages, Torrens says. Also entrepreneurs should look for populations that are underserved in some way and build a plan to fulfill their need.

No. 3: Resilience and a Thick Skin

Who's got it: Teachers, public relations professionals

Entrepreneurship is certainly not an easy road. Many budding entrepreneurs in the midst of a career change hear "no" countless times, but perseverance does pay off. When Starbucks founder Howard Schultz needed to raise $400,000 to launch his concept, he pitched the idea a whopping 242 times and heard no almost every time, Torrens says. Believe in your idea and be prepared to hear negative reactions.

Put it to work: Talk about your idea with friends and family. Get used to explaining and defending it before going into the public forum, where criticisms may be harsher (but payoff can be much greater).

1. No. 4: Passion

Who's got it: Nonprofit employees, community organizers, academics.

"It's fine to be in business to make money, and some people's passion is simply growing enterprises," Torrens says. But when you truly love something, your commitment and deep caring show. Such energy impresses investors, employees, and customers--and makes you more satisfied too.

Put it to work: Create a comprehensive business plan and a ready "elevator pitch" (how you'd describe your company to someone important within the span of an elevator ride--30 to 90 seconds). Doing so shows you're prepared for any potential business encounter.

No. 5: Self-Reflection and Flexibility

Who's got it: Artists, designers, marketing professionals.

Constantly re-examine your idea and ask yourself questions. Are you solving a problem for potential customers? Are you better (faster, cheaper, stronger) than their alternatives? What job skills or ideas do you have that can set your business apart? As Torrens notes: A good idea is simply a good idea unless it has a potential market of people who see its value.

Put it to work: When a trusted authority provides constructive criticism, take some time to write down the ways that making their changes might improve or hinder your business idea. Considering different pathways to success helps you deliver thoughtful answers to the many questions people will ask.