The document outlines 10 essential skills for entrepreneurs: 1) having a sustainable business model with cash flow, 2) developing a financial plan for the business and personal finances, 3) having passion, ambition, focus and resilience, 4) strong sales skills, 5) continuous education on the business, competition, and trends, 6) creating a business plan but being willing to pivot, 7) delivering high quality products and services, 8) effective communication and decision making, 9) building a strong reputation and image, and 10) giving back to the community.

1. 10 Essential Skills for an Entrepreneur
and How to Get Them

2. Why do you want to become an
entrepreneur?
 You have an idea or widget that you want
to share with the world in the hopes of
making it a better place.
 Tired of working for someone else. You
can do it better.
 Autonomy, Purpose, Legacy,
Accomplishment, Master of your own
Destiny

3. A business isn’t a business unless it’s
sustainable
 Cash Flow
 Gaining traction
 How are you going to make it through the night?
 “Everything easy has already been done” – create
value, disrupt status quo, build a better mouse
trap
 That dog don’t hunt 
 When do you let go?
 Road to success is paved with dead bodies
 Do you want to be that famous person who died
penniless?
 The Casino Principal - $$$, time,
 Don’t be a slave to your dreams; that’s your ego talking
 Calculate your risk

4. Have a financial plan in place: Business &
Personal
 Be a calculated risk taker – most successful entrepreneurs.
 Be money savvy – if you aren’t, get a trusted advisor!
 Educate your self!
 Don’t hide your head in the sand
 Don’t abdicate your power to a spouse, partner, parent, etc.
 Don’t trust blindly, Understand
 Gamble/invest what you can afford to loose.
 “Income is the outcome.” Tony Robbins
 Money may not be the motivator however, we are building our
business so at some point we don’t have to work.
 Apps and software - Quickbooks, Living Balance Sheet,
Pulse, Plan Guru

6. Passion, Ambition, Focus, Resilience
 Intensity to succeed
 Love what you do
 Ability to fail – You know it’s going to happen
 Learn to hedge against failure
 Fall down two times get up three
 Get up, dress up and Show up!

7. Sales Skills
 If you aren’t selling a product you are selling yourself, usually doing both
 It’s tough out there - Take classes, read books, go to seminars i.e. Tony
Robbins, Jim Rohn, Gratitude, Oprah, Meditate, Yoga, Run, Crossfit, Boxing.
Do what ever you have to do to stay motivated and up!!
 “It’s going to be somebody so it might as well be me”
 Sales are about finding solutions that meet specific needs. “Find the Pain”
 Ask questions, don’t dominate the conversation – most sales people talk too
much
 Be the Super Hero that finds the solution
 Know your customer
 Donald Trump – Art of the Deal – He analyzes people
 Don’t get side tracked - learn how to control the conversation

8. Sales
 Start from now! - Don’t do a number on your head.
 Learn from your mistakes. Get a mentor, coach, shrink, support group.
 Relentlessly self-promote – Remember you love what you do!
 Make sure people know what you do
 Don’t be afraid to share what you do
 Know what you do
 Network – In your target markets
 Become know within your circles
 It’s not quantity it quality – Get to know 3 people well at an event not 23 superficially
 Follow-Up and stay in touch. – Develop a system to help you stay in touch. i.e. CRM, One-
Card-System etc., HubSpot
 Personalize your social media interactions.
 Don’t just sell and promote, bring added value, reflect who you are and what your values are.
 Share resources
 Be an advocate for your constituency – referrals make the world go round
 Build partnerships and cross-market – Find niches, build relationships and credibility
 If you don’t have an integrated social media and marketing plan you are lost

9. Education
 “Knowledge + Action = Power”
 Know your product
 Know your competition
 Know what other people are doing
 Be aware of the world around you: business, social and
political climates
 Trends, Threats, opportunities, strategic alliances
 Learn about everything you need to know about
running your business.

10. Have a Business plan
But don’t be afraid to pivot
 “If you don’t know where you are going how will you know when
you get there?”
 Business plans - a road map, your identity, cash projections,
launch and roll-out, marketing, the team
 For investors – at the end of the day investors invest in talent
 If you can’t execute, if you don’t have passion and drive…it’s not
going to happen.
 Research, compile data, target markets, get a feel for your
industry
 Budgets & Cash-Flow projections are super important!
 It’s essential that you understand expenses, how to time $$$ and
cash flow needs
 If you can’t do it, hire someone
 The importance of a CFO - They help you with the numbers.
 A CPA does taxes, a CFO keeps an eye on your money,
expenditures, performance, interpret P&Ls.
 Focus your superpowers on what you do best. Find resources to
help you with the rest.
 Boot strapping? – Beg or barter i.e. SCORE, Best friend’s father
etc.

11. Look Big!
 In this day and age it’s easy!
 Big on line presence – web site, social media, blog,
youtube etc.
 Great marketing materials
 Fabulous headshots
 Pictures of your team
 Referrals on your on line presence
 People look at that stuff

12. Deliver!
 Be your word - Do what you say
you are going to do
 That’s who you are, that’s all
you have
 Go the extra yard…even if you
don’t necessarily provide that
service.
 Get the sale, gain the customer
 Do what you have to do
 That may even be your pivot
 This demonstrates agility and
resiliency

13. Communication
 Etiquette/Respect – Please!!!
 Lead by example
 With and between employees – the world will be a better
place!
 Verbal and written
 My pet peeve!
 Content must be grammatically correct with proper spelling
 On your web site, social media, emails, print materials,
phone calls
 Verbal communications must be respectful.
 If you can’t do it: hire or ask someone i.e. your mother,
your friend, your teacher, your coworker
 Answer emails!!!
 Stay in touch with clients and other contacts
 Building relationships- not only all about us. RoR Ted
Rubin
 Personalized emails, informational email blasts, share
info about your company or things that affect client’s
company etc.

14. Decision making
 Be able to make them
 Think quickly but not rashly
 Gather facts, gage the market, talk to trusted advisors,
then decide
 This is where resilience comes into play because
sometimes those decisions come back and bite
us…even if they are right ones for the circumstance.
 Sometimes we have to make tough decisions and not
everybody is happy.

15. Image & Reputation
 All we have is our integrity – It follows us
and defines us
 It’s how people see us
 Make sure people see you the way you want to
be seen
 Be your word, do what you say,
 Deliver quality,
 Treat all people with respect (even if you
don’t think they deserve it)
 Stay above it all
 Social media – be careful
 Have good headshots – it tells a story
 Good photographer
 Stylist to create the look you want

16. Build a winning team
 No one can build a successful business alone.
 Your job
 Find people who are committed to the
business and its success
 You’re going to spend more time with them
than with your family.
 Find a mentor and/or coach
 “Hire slow and fire fast” – if the person isn’t
performing or not a good fit, set them free.
 Hire people with the right skills
 Hire people you communicate well with
 Hire people with drive
 Hire people you like

17. Be Organized Have a system
 Nothing worse than not being able to find
papers and files
 Decreases productivity
 Threat to personal and client security
 Financial Feng Shui – A cluttered office
obstructs energy pathways and the flow of
money into your life
 One calendar only - preferably in the cloud
so it syncs everything
 Task and outcome oriented
 Make weighted and prioritized lists –
Franklyn Planner
 Time management – schedule important
tasks and get them done with out
interruption i.e. I can’t talk now can we
schedule something for ____
 You can have an open door but get stuff
done!
 Be single minded!

18. Community Service
 Give Back – Make the world a
better place.
 It all comes back to you in one way
or another.
 Help another person or organization
 Find time to be selfless
 Find favorite non-profit
organizations and get involved.
 Let your clients know you give
back
 Support your client’s efforts