3 Fundamental Skills That Every Successful Entrepreneur Should Possess

Business Coach and Consultant Dan Kent, who not only runs a successful business himself but coaches others on how to do the same, joins us to share his insights.

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Are you an entrepreneur looking to climb up the mountain of success? If you feel like you’re doing everything you can but still not reaching the summit, then perhaps you need a little bit of guidance to help you get there. 

Dan Kent, a Business Coach and Consultant, shares invaluable advice that can help you level up and thrive on your entrepreneurial journey.

Kent is the Founder of Best Self Coaching, and since his company’s inception in 2014, has helped hundreds of business owners transform their professional and personal lives. When it comes to working with business owners, his motto is simple: “I will question your assumptions. I will hold you accountable. I will work with you to bring out your very best self.”

So if you’re looking for business advice that cuts to the chase, you’ve come to the right place. According to Kent, the three key skills that every entrepreneur needs are self-management, leadership, and financial literacy:

Self-Management

“Self-management is number one on the list,” says Kent, referring to an individual’s organizational skills and ability to keep themselves on track. He believes this skill set to be the foundation for success in any business endeavor. 

With some of his clients, Kent says their ambitions are “190 hours worth of things,” but since there are only 168 hours in a week available to us, they end up feeling overwhelmed. “It’s no wonder that they’re frustrated, hate life, and find themselves completely stuck,” he says. “They’ve set themselves up to fail and they never even realized that was the case.”

Self-management is about setting and prioritizing goals, managing time effectively, and maintaining discipline in daily tasks. Entrepreneurs must be able to self-manage to navigate the unexpected nature of running a business.

To do so, an entrepreneur might create what Kent calls a ‘time budget’, to identify all of the things (roles, responsibilities, activities) they’d like to devote time to in any given week and schedule them according to their availability.

Easier said than done, of course, as it’s tempting for entrepreneurs to get distracted by a second project, or third or fourth that presents itself. “Business owners are some of the most ambitious people in the world,” he says. “They have 48 different things that they want to do, and they fruitlessly try to stretch themselves across all of them, to everyone’s detriment.”

Leadership

The second fundamental skill on Kent’s list is leadership. Now, you might be thinking ‘Of course an entrepreneur is a leader, they’re a business owner after all.’ But leadership is about far more than being in charge.

According to Kent, it involves bringing your values to life in the workplace and creating a company culture that embodies those values. It’s also about understanding your brand’s purpose, company blueprint, and vision.

“A lot of people just go along without some broader idea of what exactly they’re trying to accomplish,” Kent continues. “But an organization works like a machine. Every cog turns another cog, which turns a wheel, which makes the whole function work.”

With this analogy in mind, Kent emphasizes the importance of aligning every part of your business with your overarching vision and values. In this light, effective leadership includes instilling a sense of purpose and direction within your team and ensuring that everyone is working towards a common goal. Cultivating every employee’s intrinsic motivation, in a way that aligns with those values is paramount to being an effective leader. Kent feels that effective leadership is of such importance, that he’s dedicated the entire second season of his podcast, Clearing Obstacles – Blissful Ambition to conversations about redefining what leadership means in this ever-changing world.

Financial Literacy 

Kent, who trained as an accountant and has some experience with finance, says that learning to understand your financial situation is key to entrepreneurial success. “Ignoring it is dysfunctional, and trying to do it all yourself isn’t functional either.”

He shares this is a tough area for many business owners, who often feel like they’re “driving at night without headlights on.” In other words, they can’t see how the financial decisions they make today can impact them in the future.

But that doesn’t mean that entrepreneurs need to be finance experts (though, if you are, that’s great). What’s more important is that you “have enough literacy in the discipline to be able to hire a competent professional that can provide you with the sorts of insights that you need, and then competently do something with that information,” Kent emphasizes.

He explains that if entrepreneurs are financially literate, they will be better equipped to understand and manage the financial situation of their business. But more than that, they’ll be able to better communicate with the financial professionals they work with. 

Nonetheless, finance, leadership, and self-management are not easy areas to navigate, so it is best to leave it in the hands of those with experience, such as Dan Kent, who has spent many years of his career advising business owners. 

With his extensive background in coaching and consulting, Kent offers practical tips like the ones mentioned above, to help entrepreneurs navigate the hardships of running a successful business. His track record of assisting business owners in transforming their professional and personal lives highlights his expertise in the field.

“The impact that I can make is literally what gets me up every day,” he says. “Because every business owner impacts so many lives within their orbit – the value of business coaching scales dramatically.”

To learn more about how Dan Kent can support you on your entrepreneurial journey, visit his website at bestself.coach, where you can explore his coaching services, read testimonials from satisfied clients, and take advantage of valuable resources designed to help you as you build your successful business!

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