Are you a startup founder raising your seed round or contemplating raising your Series A funding? Or a wantrepreneur wondering whether you have the necessary skills to make it as a full-time entrepreneur? Whether you are meeting with angel investors or contemplating giving up your day job for the precarious life of an entrepreneur, there are specific skills you must possess if you hope to ever secure backers for your company. Following are five crucial skills you need in order to convince early adopters you are an entrepreneur worth backing:
Self-Motivation
Investors and mentors look for self-motivated entrepreneurs. If you're a startup founder who needs constant reassurance before making important decisions, you might have a tough time keeping top-notch backers in your cheerleading squad. Work on developing the tenacity and chutzpah to make informed decisions you can defend to others.
Determination
Not to be confused with self-motivation, determination is crucial if you want to be a successful startup founder. Do you accept defeat at the first sign of obstacles or do you insist on burrowing under or around the obstacles? Venture capitalists and angel investors need to know your level of determination in the face of challenges. Proving your persistence is crucial regardless whether you are seeking financial backing or mentorship.
Adaptability
Clinging to your initial business vision in the face of growing opposition can be either a sign of commitment or foolhardiness. Mentors and advisers want to back founders who are passionate but who are also willing to accept advice based upon experience. A willingness to contemplate advice and adapt strategies if necessary shows potential investors you aren't stubborn at all costs.
Execution
Execution is crucial for entrepreneurs. Any marketer can talk a good game, but if you can't examine, execute, and evaluate, you're not a founder potential investors are likely to back. Experience trumps planning every time. Show advisers you're an action-oriented entrepreneur, and your chances of securing funding increase.
Team-Building
Investors don't just back ideas; they back the team behind the idea. Even if you are a solo founder with strong technical skills, you need to convince financial backers you have the skill set to build a multi-faceted startup team. From research and marketing to customer acquisition and SEO, your team needs to embody the skills required to take your idea from concept to high-growth startup.
Making a consistent effort to ingrain these skills into your entrepreneur's modus operandi will put you in good stead. Investors are more likely to back an entrepreneur with sound business skills even if a startup idea requires work or a potential pivot. How many of the above-listed skills are part of your DNA and how many do you need to work on to become a better entrepreneur?