4 Important Skills for Young Entrepreneurs

It can be said that the contemporary business sector is constantly changing, becoming more complex and challenging. At the same time, business competition is inevitable and tough, with entrepreneurs being urged to adapt and react quickly to changes and constant developments.

In particular, it is necessary for a young entrepreneur to possess strong entrepreneurship skills in order to cope with the difficulties and obstacles that he/she may face.

What are these skills?

According to the first findings of a European survey conducted under the European “SPARKS – Strenghtening Entrepreneurial” program, some of the main skills emerging from the responses of the respondents were:

  1. Management and leadership skills

Young entrepreneurs consider management as a very important skill. More specifically, young entrepreneurs today should be able to plan activities that occur within their organization, organize, direct, coordinate, and motivate their team’s human resources, manage their time accurately, develop a spirit of co-operation, communicate their vision, inspire and control all the actions and activities of their business.

  1. Networking and communication skills

Communication plays a significant role for entrepreneurs helping them to express their ideas in a clear and effective way, to persuade, influence, encourage, negotiate and develop interpersonal relationships with people both in the internal and external environment of their business.

  1. Planning a business plan and access to finance

According to entrepreneurs, it is very important to know how to design a business plan that will provide a clear and comprehensive presentation of the goals and activities that the business is about to develop. At the same time, young entrepreneurs consider that access to finance and the availability of financial resources are extremely important factors in order to maintain the sustainability of their business.

  1. Digital marketing skills

Young entrepreneurs believe that digital skills are key factors in order to boost competitiveness, productivity, innovation and professionalism. It is perceived that the knowledge of using digital tools and technology is vital for an entrepreneur as well as for the growth of his business.

The Institute of Entrepreneurship Development attended the 2nd meeting held in Florence on 9 and 10 May with the other project partners from Turkey, Italy and Portugal where they had the opportunity to discuss and develop further prospects from the above findings as they emerged from.