Lichtenstein and Lyon (2001), working with their own research and that of Gerber (1995), developed four essential skills for the entrepreneur, of both the  social and business variety. They are:

• Technical Skills: ability to perform the key operations of that business;
• Managerial Skills: ability to organize and efficiently manage the operations;
• Entrepreneurial skills: ability to identify market opportunities and create solutions that capture those opportunities; and
• Personal maturity: self-awareness, willingness, and ability to accept responsibility, emotional development, and creative ability.

The first three in this set are the most obvious, and I imagine anyone attempting an entrepreneurial enterprise would focus on these continually throughout their careers. These skills are also the ones most likely to be learned either through education, experience, or mentorship. But what about the fourth? How many entrepreneurs, experienced or inexperienced, hone the skills involved with personal maturity? Entrepreneurs aren’t only start-ups and first time business owners. They are independent business people who are engaged in their communities and regions, pursuing all manner of opportunities for the sake of wealth generation, creativity, personal fulfillment, and a desire to fill a void in the marketplace. It is just as important to hone the fourth as this is the basis for reputation and reputation is just as important in the business community as it is in the social community. Each of these capitals are cornerstones to a solid entrepreneurial foundation.

Be a well-rounded and continually trained and educated entrepreneur and encourage others to do the same. It builds the stability, sustainability, and prosperity of your community!

References

Lyons, T., & Wyckoff, B. (2014). Facilitating community wealth building: Understanding the roles played and capacities needed by coordinating institutions. Journal of the Community Development Society, 45(5), 443-457.

Attributions

Photo by Asheville Area Chamber of Commerce, NoDerivs 2.0 Generic, No alterations.