6 Most Useful Skills Every Entrepreneur Needs

Starting a business – and being successful at it – requires the right amount of talent, knowledge and skills. You must have the knowledge about your industry, about general business principles, as well as about the laws and regulations that affect your operation.

Additionally, you must have nerves of steel and a heavy dose of patience to take chances and navigate the ups and downs that come with any new venture.

Although success often requires you to have ambition and clear goals, it also requires a certain set of personal skills. Here you will read about six useful skills that entrepreneurs need on their way to success.

1. Ability to listen

Great communicators make great businesspeople. In the business world, you must establish rapport with partners and suppliers. You also need to be there for your employees.

Of course, in order to succeed, you need to commit to customer service excellence, which involves hearing what your customers have to say. All these types of interaction involve one common skill – the ability to listen.

Without the capacity to interact with other people, you will have difficulty getting your new business off the ground. If you have little practice with interpersonal relationships, don’t lose hope.

By learning how to listen, you take one of the best shortcuts available on the path to becoming a great communicator.

When people have something to say, never interrupt them. People often have feelings, opinions, and interests that differ from yours, but if you learn to hear them out, you can quickly win people over.

As you listen attentively, notice the non-verbal cues that contribute to the conversation. When you intentionally communicate with customers and other people through listening, you gain their trust, loyalty, and admiration.

2. Assertiveness and confidence

Though listening skills are undeniably important, that doesn’t mean you have to keep quiet. Quite the contrary, being a good businessperson implies believing in yourself and being able to speak your mind with confidence. After all, communication goes two ways.

As an aspiring entrepreneur, you will often find yourself in situations that require assertiveness. Whether you are dealing with a pushy business partner or a demanding employee, you should never let others dictate your actions.

So, when you need to express your opinion – even if it includes disagreeing with the other party – try to do it assertively and confidently.

Take a deep breath, and articulate your thoughts. Sometimes it might seem overwhelming, as if you are on the verge of a conflict, but eventually you will learn to relax and project self-assurance. You will also gain the trust and respect of those around you.

3. Willingness to Learn

Being a businessperson requires an ongoing willingness to learn. Even after building a successful business, you have not finished your job. In fact, when it comes to learning and improving, you are never quite finished.

Continuous learning will help you evolve both personally and professionally. An insatiable appetite for learning through the Internet, books, documentaries, and seminars will deepen your knowledge and help you maintain your creative edge.

You should also remember to stay up-to-date with all the relevant development in your industry. Pay attention to trends and issues that affect your line of business and learn from the people who have already succeeded in businesses similar to yours.

Talk to industry leaders to get their advice, and apply their insight to your own business. Whatever you do, make learning an ongoing process both in your personal and professional life.

4. Creativity 

When it comes to keeping your business fresh and competitive, creativity is an essential skill. To innovate, you need to be creative. Being creative means doing things differently and thinking not only outside the box but also without that box!

This goes for both your personal life and business. In fact, those two are interconnected – when you spark creativity in your personal life, it will inevitably reflect on your business. So, what can you do?

What you can do is shake up your routine by trying new ways of doing things. Even small changes such as rearranging your office, driving home via a new route, ordering an unusual meal and talking to strangers can help you develop habits that can lead to innovation.

You should also attempt to think about things from new perspectives and apply new ways of solving problems. A little bit of creativity can go a long way in terms of your business growth, so do everything you can not to stifle it with convention and routine.

5. Courage and risk taking 

Entrepreneurs take risks, and you will surely find yourself in situations that require quick and risky decision making. You should never act recklessly, but you should always have the courage to try new ideas and to take little risks. If you don’t try, you will not succeed – it is that simple.

People are often held back by the fear of failure. Rather than fearing failure, embrace it. Sometimes the best experiences in business come from ideas that didn’t work.

Follow your creativity by implementing new ideas and making bold decisions even when you lack clear direction. As an entrepreneur, you should have the guts to take chances and have faith. As John Burroughs once said, “Leap, and the net will appear.”

6. Perseverance 

Last but not least, entrepreneurs must never give up. Remember this – never give up! There will be numerous obstacles and challenges along your way, but if you persevere in spite of them, you will reap success.

Sometimes this means having to accept failure. Even when your failures are expensive and embarrassing, they can still lead to success. Forgive yourself when you make mistakes and look for lessons you can learn from every seemingly negative experience.

As a business owner, you must also develop patience. Success usually does not come overnight, and setbacks do not magically resolve themselves. In the face of adversity, maintain optimism. When you believe in yourself and persevere, you become a prime candidate for success.

Difficulties along the road to entrepreneurial success can seem discouraging. However, if you regard every situation as a learning experience, you can develop the much needed personal skills that will help you build a successful business when you combine them with your expert knowledge.

Begin with the six useful skills listed here, and look for other tips for personal and professional growth along your pathway to success. Most importantly, remember to always improve and challenge yourself – there is no success for those who stand still.

Author bio: Natalie Smith, a freelance writer from Seattle, follows topics related to entrepreneurship, leadership, marketing, social media, and business in general. You can reach her @Natalie Smith

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How NEOFECT Created a Smart Glove (Robotic Arm) That Uses Online Gaming for Rehabilitation

Wearable technology keeps evolving. And it is transforming the way we experience the world. Watches, eyeglasses, rings, bracelets and even smart home devices like the thermostat are changing how we consumer information, monitor our health and use home products. Smart technology has a significant role to play in how people will live in the future.

NEOFECT wants to change how to aid rehabilitation and the provision of clinicial real-time patient data. In an interview with  Scott Kim, Neofect’s co-founder and CEO of the US office, he spoke to us about how he started NEOFECT, the company’s success factors and challenges they have faced in their bid to change physical therapy using online gaming.

Brief summary about your startup

Established in 2010, NEOFECT is a mobile health startup with a vision to deliver an affordable and effective at-home system to aid neuro patients with central nervous system disorders such as a stroke.

Its first product, RAPAEL Smart Glove, combines a wearable device, virtual reality and gamification for rehab exercise, while its software analyzes the data from built-in sensors and provides training tasks based on the patient’s activity level.

The device has been successfully employed by a number of major hospitals in South Korea since December of 2014, and approved for use in the US and Europe. NEOFECT has offices in S. Korea, San Francisco, and Poland.

Why and how it was started

The President of NEOFECT, Ho-Young Ban, experienced first-hand the difficulties faced by stroke patients and their families when his father and two uncles fell victims of stroke.

Although his uncles were fortunate to survive, they had to turn down the rehab therapy because of the costs involved. So, when his friend Young Choi came up with an idea of Rapael, Ban could not resist.

Soon after, their classmate from the University of Virginia’s Darden MBA program Scott Kim joined the team to launch the US operations.

Kim was born with spinal bifida and went through a surgery and a long rehabilitation process, so he immediately recognized the opportunity and became a co-founder and the CEO of the Neofect’s US office.

What has been the biggest success factors

Personal motivation of the founders combined with the latest, most advanced smart technologies have become the major engines behind the company’s success.

– Gamification, which motivates a patient throughout the rehab process. It helps to induce neuroplasticity for hand function of a patient with a brain damage.

Various rehab games are updated monthly and each game targets specific movements such as squeezing the orange for finger flexion/extension and pouring wine for forearm pronation/supination, for example.

– Artificial Intelligence: the software analyzes data from the glove’s sensors and provides training tasks based on the patient’s activity level. The algorithm is designed to enhance learning multiple functions by offering an optimal task at a proper level of difficulty.

– Wearable Device: RAPAEL Smart Glove is a wearable bio-feedback training gadget. Lightweight and designed to fit different hand sizes, it uses the Bluetooth technology to collect the patient’s data.

What are the biggest challenges you have faced launching and running the company?

The biggest challenge was the product’s concept itself. Many people believed that Rapael could be a threat to the therapists. Fortunately, after we launched the program in several hospitals, we’ve been able to prove that our device is designed with the doctors’ and patient’s needs in mind and helps them make the rehabilitation process more efficient.

Which do you think is most important: the right market, the right product, or the right team?

This sounds like a cliché, but the right team is easily the answer to me. With the right people, you can make necessary adjustments based on new information to make sure there is a product-market fit.

My previous job was to lead a team to make mobile apps – without any exception, all great apps loved by users were made by great teams.

Final words for those chasing the startup dream

Never underestimate the importance of execution. Many people waste their time just to validate what they think or others think, or even just to finish the conceptualization.

However, you should “fail fast” in order concentrate your efforts on building a product which has a market demand, and of course, to save time and money as well.

Plus, you should fail while you are small rather than big, if you’re meant to face it. The earlier you do the reality check, the faster you can reach your goal, although it might cost you a couple of failures at the beginning.

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