12 must-have entrepreneurial skills for business success

Whether you’re launching a side hustle or managing a growing business, you're already relying on a mix of hard and soft skills. Each day brings a packed to-do list, complex challenges, and high-stakes decisions—all driving you toward your goals. 

But to build a truly successful business, maintaining a growth mindset and honing your entrepreneurial skills is essential. From strategic thinking and resilience to communication and financial savviness, this guide covers the entrepreneurial skills you need to thrive, whether you’re starting a side hustle, launching a new business, or 

you’ll need to launch a side hustle or take your existing business to the next level. 

What are entrepreneurial skills?

Entrepreneurial skills are the abilities or traits a person needs to start and operate their own business. While some roles require a narrow skill set, entrepreneurs need a broad array of skills. To get a company up and running, you might need business knowledge, technical expertise, people skills, and creative vision. 

Examples of entrepreneurial skills

Entrepreneurial skills fall into two categories. Hard skills are ones that require explicit knowledge and education or training, whereas soft skills are personal attributes or qualities.

Some examples of entrepreneurial hard skills include: 

• Website building
• Branding
• Accounting and bookkeeping
• Sales and negotiation
• Data analysis

But an entrepreneur can rarely float by on hard skills alone. Soft skills are often the glue that makes or breaks a start-up’s success. Some examples of soft skills for entrepreneurs include: 

• Problem-solving skills
• Leadership 
• Communication
• Collaboration
• Creativity (though some creative skills would be considered hard skills)

While you don’t have to excel at every skill to be a successful entrepreneur, developing a breadth of know-how helps you navigate challenges, delegate tasks effectively, and empathize with your employees and audience.

12 entrepreneurial skills every business owner needs

Getting your business or side hustle off the ground and moving is no small task. In a world of ever-changing market trends and economic challenges, you have to think on your feet without losing sight of your company mission. The ability to switch from one competency to another is crucial to maintaining a solid business foundation. 

The following skills aren’t exclusive to entrepreneurs — they’re indispensable to any industry and job role. If you’re getting ready to make the transition to entrepreneurship and become your own boss, you may be surprised by how many transferable skills you already have under your belt.

Of course, others may need a little cultivation or refining. But fine-tuning them will ensure you’re qualified to roll with the punches and keep your business moving forward. 

Here are 12 entrepreneurial skills every business owner can leverage for success: 

1. Budgeting 

All business ideas are limited by budgets. Successful entrepreneurship—whether you’re starting a side hustle or scaling a growing company—requires a firm grip on your business’s financial reality, which means learning to manage budgets, analyze financial data, and understand cash flow patterns. 

This knowledge is invaluable to your business’ security, as it facilitates sound decision-making and allows you to build realistic action plans for investments, expansions, and cuts.

2. Problem-solving

Entrepreneurship has no finish line, regardless of your industry. Your business journey will be chock-full of new challenges and obstacles requiring problem-solving and critical-thinking skills. Strategic thinking allows you to step back from today’s problems and see the bigger picture, aligning short-term goals with long-term objectives. 

Sometimes the most reasonable option is to take a rational, objective approach. Identify the problem, analyze its causes, list potential solutions, and then analyze each solution individually to find the one that best fits your budget and capabilities.

3. Communication skills

Business owners are the voice of their companies. Whether you’re emailing a client, delivering an elevator pitch to a potential investor, or delegating tasks on Slack, practicing adaptability in tone and delivery is essential to effective communication. 

One of the best ways to improve your communication skills is to ask for feedback. Periodically, check in with employees or clients to ask how you can improve. You could schedule one-on-one meetings or send a quick survey with a rating scale and a comment box.

4. Time management

With so many responsibilities and decisions to make each day, several tasks may compete for your time and attention. Learning to manage your time and leave room for flexibility provides you with the necessary structure to move through your day without wasted resources or missed deadlines. 

Consider using a time-tracking tool to understand where your time goes each day. You can also self-assess your most productive times each day and arrange your tasks accordingly. Time blocking is also an incredibly effective way to manage your time as an entrepreneur. 

5. Creative thinking

The business landscape is ever-changing, and adaptability ensures you stay competitive. An entrepreneurial mindset allows you to insert creative thinking into every aspect of your business strategy, from differentiating your products from the competition to creating incentives that retain the best talent. 

Successful entrepreneurs challenge traditional ideas, embrace new perspectives, and encourage experimentation. Practicing these skills will keep your team inspired and your business forward-thinking. 

6. Leadership skills

As a business owner and the head of a company, leadership is a critical entrepreneurial skill. It’s your job to set the tone. Your team observes your actions, and whether you demonstrate a strong work ethic or take shortcuts, your employees will mirror you. 

Leading by example isn’t just a responsibility; it’s a powerful skill that fosters a high-performance culture and positive work environment. When you model integrity and dedication, it inspires strong collaboration, trust, and continuous improvement across your team. 

7. Management skills

While you may be tempted to juggle a dozen roles, you can’t do it all—and maintain your mental health. When small-scale day-to-day tasks constantly occupy your time, becoming a future-minded leader is difficult.

Successful entrepreneurs need management skills, so they can build structures that allow their employees to thrive and take on more responsibilities. That way, you can delegate to your growing team and dedicate more time to strategic planning and long-term goals.

8. Decision-making

As the head of the business, your days are fraught with important decisions. Successful entrepreneurs need to be able to mix analytical thinking and intuition, since they frequently have to make decisions with limited information and unpredictable outcomes. 

Learning to weigh pros and cons, consider risks, and surround yourself with diverse perspectives empowers you to navigate complexities confidently. And while making quick decisions is often necessary, you may need time to clear your head. Remember that deep breathing or a brief meditation or mindfulness practice can help you manage your emotional triggers and make decisions with clarity. 

9. Networking

Hard work is just half of keeping your business healthy. The relationships you cultivate as a business owner are the other. After all, your familiarity with industry peers, potential partners, and clients keeps your business on people’s minds.

Regular networking helps you gain insights into your target market, stay up-to-date on emerging trends, and open doors to new opportunities.

10. Collaboration

You depend on your team to keep your business moving forward, so you need to arm yourself with tools to give them support and guidance. Demonstrating gratitude, open-mindedness, and reliability are intrapersonal skills that build the trust necessary to keep your workforce productive. 

Successful entrepreneurs should also check in with individual team members often. Ask how they are doing and what they need from you to work more efficiently or effectively. Also, consider how to engage employees in team-building activities to improve their interconnectedness.

11. Active listening

According to research by Gartner, 82% of employees believe it’s important for their organization to see them as a person, not jut an employee. This demonstrates the importance of showing your team members that you hear and respect them, not to mention practicing emotional intelligence and prioritizing their work-life balance. You’ll begin to see happier and more effective employees as a result. 

Remember, active listening may look different depending on the setting. In-person or Zoom call conversations leave room for nonverbal cues, like nodding or smiling, to convey understanding. On Slack or email, you can “listen” by repeating back important information (e.g., “I hear you saying that…”) or asking clarifying questions.

12. Public speaking

Management is the face of the company. Throughout your career, you’ll have plenty of opportunities to speak in front of a crowd. Whether delivering a TED Talk or leading a team meeting, when you know how to tell a good story, you can motivate and inspire people to rally around your vision. 

The best way to get better at public speaking is to practice. Rehearse your speech on your own, in front of a mirror, and for trusted friends or family. Whenever possible, ask for honest feedback to improve your delivery, pacing, or body language.

How to improve your entrepreneurial skills

Entrepreneurship is a commitment that requires continuous improvement and skill refinement. Here are a few tips to help you constantly improve your ability to lead a business: 

• Take online courses: There’s a class for every aspect of business management. Quick courses in social media advertising, financial forecasting, and supply chain optimization can help you develop your skill set. Even if you don’t directly oversee a specific task, developing a working knowledge can improve your collaboration with other departments and your ability to make informed decisions with your team.
• Seek out mentors: Many successful entrepreneurs have navigated the decisions that are brand new to you today. Mentors can provide you with a sense of connection and bolster your confidence. Tapping into an experienced professional network can give you the clarity to help you move forward, no matter your business situation. 
• Create a practice plan: You don’t have to learn everything at once. Identify the most pertinent skills to your success and create a plan to refine them. This could mean being more conscientious about clear communication, showing gratitude, or attending seminars. Regardless of your goals, practice and consistency make perfect. 
• Join a local business organization: Running a business can be lonely, but having the support of colleagues navigating similar professional spheres can help you maintain your sense of purpose. Local business associations are also great places to improve your networking skills, stay up-to-date on trends, and find new opportunities. 
• Work with a coach: Entrepreneurs provide constant guidance to their teams—and they benefit from the same kind of support. A coach, whether it’s a business coach or a life coach, can serve as an incredible ally to an entrepreneur, helping them set clear goals and stay on track to reach their wellness and professional objectives.

Hone the necessary skills to lead a successful business (and life)

If you have the characteristics of an entrepreneur, you already possess valuable soft skills, including passion, drive, and self-confidence. Now, it’s time to level up your entrepreneurial skills and equip yourself with the tools to transform your dreams into reality.

Practicing time management, learning to lead a team, and developing know-how about various business management topics can all help push your business forward. And as your company grows and earns success, so will you.

Ready to develop your entrepreneurial and leadership skills? Discover how BetterUp’s coaches can provide the personalized support and resources you need to reach your business goals faster.