Global business leader and author, Richard Branson, in a rejoinder to a question sent to him by one of his followers on LinkedIn, identifies four essential skills every entrepreneur needs to acquire to win their market and develop a successful business. According to the English social entrepreneur, the essence of a business is problem-solving, and it is quintessential for the entrepreneur to realize this before venturing into any business. His words:
‘’Every business should be launched to solve a problem, and it’s important that all budding entrepreneurs know this.
According to Branson, the skill set, attitudes, and values a budding entrepreneur needs to be harmed with cannot be compromised even by the recent wonders of Artificial intelligence. Values such as empathy and compassion, and creative and lateral thinking are essential human skills needed in innovating and in building a successful business.
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The following are ways entrepreneurs can build a sustainable business:
Listen deeply and always act with empathy
One could not underestimate the power of listening actively, Branson noted. Your listening skills coupled with your empathy towards your customers help you to understand the core of your business and develop great insights. You can’t solve a problem unless you really understand it.
‘’I’ve come up with so many different ideas and gained so much wisdom and insight from listening more than I speak. I jot down notes everywhere I go, and it helps me find so much inspiration for new ideas,’’ Branson noted.
Embrace optimism and say ‘yes’ as much as possible.
Being open-minded and positive about the future invariably comes with a great deal of nerve force that enables one to take risks and do what would have seemed unimaginable. This experience according to Branson is ‘’innately linked to trusting your instinct, which is certainly something that can be learned and should be regularly exercised.’’
For Brason, entrepreneurship is often a ‘no risk, no reward’ arena, so you’ve got to take calculated risks and realize it’s OK if it doesn’t always work out.
‘’I often say that every risk is worth taking as long as it’s for a good cause and contributes to a good life. I also live by the phrase that ‘the brave may not live forever, but the cautious do not live at all’’ he said.
Branson noted that for one to have an exciting career and a fulfilling life, one must have developed knowledge and capacity of taking smart risks, lean into one’s fears, and seeing the glass half full in life.
Delegate and collaborate effectively
One certainly cannot build a great business alone. One needs to know how to harness and concentrate the multiplicity of skills and talents of people towards achieving the bigger picture. Thus, according to Branson, the ability to delegate and bring out the best in people is a skill a business leader must have.
‘’Virgin could never have evolved from a student magazine to a global brand if I hadn’t learned how to trust people, collaborate and delegate.’’
Solve problems through creativity.
Lateral thinking and creative problem-solving are essential ingredients of innovation. The ability to think differently can be inborn and it can be learned. Branson noted how his inborn condition, dyslexia, has helped him to be unique.
‘’As a dyslexic, thinking differently is all I’ve ever known, but it’s certainly something you can learn too. Giving people permission to dream big, bring radical ideas to the table, and draw outside of the lines is so important. It makes life a lot more exciting too!’’