Whether you are attempting to bring a mobile app to market or are launching a hardware startup in a tough market, your skills as an entrepreneur will play a pivotal role in whether your company flourishes or fails. You might have a powerful product or a terrific team, but without crucial skills in your repertoire, your business may not be long for this world. Other competitors might outperform you, out-market you, or simply outlast you. Without the necessary skills strengthening your backbone, you're likely to crumble in the face of business challenges. Review the following three "F" skills that top entrepreneurs need to possess, and which you need to understand, to become a successful CEO.
Savvy entrepreneurs need to have laser-sharp focus. Whether you're concentrating on your task at hand or pinpointing your efforts on dominating your market sector, your ability to tune out the distractions around you will stand you in good stead.
Successful entrepreneurs have an uncanny ability to spot opportunities and market trends before their competitors. Just as Wayne Gretzky advocates that you "skate where the puck is going to be," so too must entrepreneurs be thought leaders in foreseeing sector opportunities. Consider a startup founder like Travis Kalanick, who never considered Uber to be just a ride-hailing mobile app, but instead a global transportation system facilitated by crowdsourced labor.
Entrepreneurs face important decisions every day. From hiring a co-founder to determining revenue streams and product features, you need to be able to make tough decisions without wavering. If you're unsure of your path forward, your employees will sense your hesitation. Forget financial funding from investors too; smart angels and venture capitalists can spot an unsure entrepreneur in an instant.
If you make a consistent effort to improve your leadership skills as an entrepreneur, not only does your business stand a better chance of succeeding, but you'll also draw strong candidates to your company. Powerful leaders attract motivated employees. Just as strong staff rise to meet challenges, so too will your company's revenues and opportunities rise. Will you attempt to integrate the three F's into your management style?