Click on the words in the figure below to see the important skills
of the “global entrepreneur” or successful SMEs on international markets
Global Mindset
Global mindset – strategic thinking, business planning, leadership, vision and motivation to grow business internationally
Globalisation presents a range of opportunities for entrepreneurs, not least a significantly larger potential customer base and wider access to valuable resources. Operating globally means small firms must both raise their operating standards and adopt a global mindset – young entrepreneurs must understand the complexities of the global environment while also demonstrating sensitivity towards other cultures and the ability to operate in diverse cultural settings. The born-global approach calls for an entrepreneur to address the needs of a global market from inception. This approach provides an attractive alternative to the conventional staged approach to internationalization whereby an entrepreneur first operates in its home market and then enters one or more foreign markets sequentially.
Thematic playlist
Intercultural Communication
Intercultural communication - foreign languages, networking, intercultural awareness, knowledge of differences in legislation and regulation in the international market, preferences of customers
Good communication skills in English are essential when dealing with customers in the global marketplace. Here, the intercultural understanding plays an essential role in global business relations. Whether an entrepreneur is aware of it or not, first impressions do make a major difference in achieving business objectives. Any time an entrepreneur makes contact with a person in business, he/she is making a mini presentation of himself/herself, ultimately representing the company, service and/or products. If an entrepreneur is working with people from a different culture, he/she will have noticed that they do and say things differently. It is important to understand that this is not the wrong way, but a different way of thinking and communicating.
Thematic playlist
Risk Taking
Risk taking, business acumen, sense of opportunity, not being afraid to fail, self-confidence
Nobody can really be sure if risks will pay off, no matter how calculated they may be. But this should not stop entrepreneurs from taking risks. If an entrepreneur wants his/her business to succeed, risks are necessary. Some risks may not pay off, but an optimistic risk-taker will always look at failure as an opportunity to learn. Failure will teach entrepreneurs how to think and plan strategically. Since most people tend to avoid risk, those who are brave enough to take risks already have a competitive advantage. Similar to the concept of a first-mover advantage, when most individuals stay away from risk, that means less competition for risk-takers. This means if an entrepreneur has found a worthwhile opportunity, and no one else has jumped on it, he/she is the only business reaping the benefits and communicating with customers.
Thematic playlist
Change Management
Change management, adaptability, flexibility, openness to change
One of the biggest hurdles that every entrepreneur must face is implementing change in the company. Often, the new set of procedures bundled with the best intentions for the company are met with strong resistance and criticism from its very people. The perspectives inside the company are different. Usually, owners prioritize productivity and profitability, to name a few. They assume that something is worth keeping if it produces an acceptable output. On the other hand, employees consider their employment stability, workplace safety, respect, and convenience. This comparison is just one among the many, but it is with these differences that change is often resisted. Even with specialized staff the impediments are not easy to overcome all the more for the young entrepreneur with limited resources. Still, in almost all cases, it is not the company size but the lack of determination and boldness that prevents a successful implementation of the change.
Thematic playlist
Creativity And Innovation
Creativity And Innovation
Entrepreneurship is considered a key factor in economic development and is the result of a process that applies both creativity and innovation to capitalize on marketplace opportunities. Entrepreneurs are those who marry their creative ideas with the purposeful action and structure of a business. Creativity, innovation and entrepreneurship are important things when launching innovative products and services. Creativity and innovation have become the vital point to enhance the value of entrepreneurship. Creativity helps entrepreneurs in improving existing business practices. Innovation is about making a process that can convert invention or gain ideas to sell more marketable products or services.Thematic playlist
Critical Thinking
Critical thinking, decision making, problem solving skills
Critical thinking is a skill that can be honed and developed with practice, real-life experiences and time. It’s the ability to assimilate information, identify logical connections, solve problems methodically, and reflect on both our ideas and those of others in an objective manner. The skill encourages self-reflection as well. It helps facilitate the examination of our own beliefs in comparison to those held by others. Critical thinking helps develop the right entrepreneurial mindset to crack businesses most pressing concerns. When we examine new ideas with a logical, objective eye, we open ourselves to entirely new worlds of beliefs, concepts and perceptions. To practice this means to step away from our beliefs and do what’s best for the business.
Thematic playlist
Marketing And Sales Skills
Marketing and sales skills, customer orientation
Marketing should be a part of any company strategy, and those that don’t pay attention may pay the consequences down the path. It is important, however, to understand what type of strategy works with your product/service. Marketing is often a skill that many entrepreneurs choose not to pay as much attention to compared to product and development. However, some essential marketing skills will help any entrepreneur, especially those looking for a more sustainable long-term focus around their business. Some of the more essential marketing skills needed if you’re an entrepreneur are: creating a content writing/SEO strategy (with a layer of personalization); learning graphic design (first impressions do actually matter); and creating videos (everybody watches videos!).
Thematic playlist
Lifelong Learning Attitude
Lifelong learning attitude – awareness of one’s learning
Lifelong learning is the idea that you are never finished educating yourself and growing. Getting new certification or training, listening to podcasts, taking online classes, teaching new skills to someone else, and reading books are all ways to continue to educate yourself throughout your life. Lifelong learning and self-directed learning readiness are both key to business success. People who demonstrate the drive and ambition to want to progress with adult education often have the characteristics that make them successful in the business realm as well. And their continued learning helps them gain tools that are more likely to help them succeed. People who choose the lifelong and self-directed learning path, are usually more motivated to perform their work, have a high level of “Internal locus of control”, i.e. they want to put in the work to have positive outcomes, and show greater performance in their jobs.
Thematic playlist
Business Skills
Business skills – profit orientation, action orientation, financial management, operational thinking, people management skills
There are some skills that an entrepreneur absolutely needs to have to make his/her business successful: Sales - marketing can drive customers into a business, but sales are going to be what keeps them coming back; Planning - Entrepreneurs that are successful with their ventures make a plan and stick to it, thinking out every risk, benefit, and cost of an option available to them; Communication - this is how an entrepreneur will be able to cultivate loyal employees, charm customers into coming back time and time again, and court investors and other sources for increasing revenue; Customer Focus - entrepreneurs do not forget that everything that they do is for the customer, since the customer is the one that is allowing them to do anything in the first place; Curiosity - This will lead an entrepreneur to look into what the competitors are doing, and it will also allow the use of new technologies to streamline the business and even reach out to new customers.
