5 Top 2020 Skills for New Startups and Business Owners

It’s no secret that business is tough. For startups, that toughness becomes brutality.

Just about 44% of all startups fail before their fifth year. Not only can it be a challenge to stay in business, but it can also be incredibly difficult to even start the business. That is, unless you have mastered each of these five skills.

Top 2020 Skills for New Startups 

• Entrepreneurship

On the surface, this skill speaks for itself. Of course you’re going to have to have an entrepreneurial spirit if you’re going to be an entrepreneur! But exactly what is entrepreneurship?

Being an entrepreneur is more than being a businessperson. To be an entrepreneur means to be a businessperson, an artist, and everything in between. Not only are entrepreneurs the “idea people” and the founder; they are also the person that everybody looks to to find the company’s way forward.

That includes personality qualities like being dependable, trustworthy, loyal to your employees, and so on and so forth. When it comes to starting a startup, it’s not enough to be an entrepreneur. You also have to be an entrepreneur.

• Fundraising

The ability for startups to raise funds is critical to the development of the brand. If your startup cannot get the funding required to move into the next phase of development, then your startup will likely never get off the ground.

Fortunately, there are a wide variety of ways for startups to raise capital. A method commonly used by startups in the technology field, for instance, is what is known as crowdfunding. Crowdfunding involves seeking investments, donations, or “patronage” from the general public. Oftentimes, this is done through platforms such as GoFundMe or Patreon.

Other methods of fundraising include seeking out angel investors, entering competitions, and more commonly - taking out a loan. The Small Business Association offers loans that are designed specifically for helping startups achieve long-term financial viability. 

• Coding and Web Development

More than 97% of consumers look for local businesses online. Without a website, your business will not appear in those search results, except for where others have already mentioned you. For startups that have evolved beyond the use of traditional brick-and-mortar locations, the lack of a website can be particularly destructive.

Since coding and web development is so critical for the success of entrepreneurs and because so few entrepreneurs actually know these skills, many schools and organizations have begun teaching coding for kids.

David Dodge, CEO of Codkid, had this to say in regard to that trend, “Coding isn’t just about code anymore. It teaches creativity, problem solving, attention to detail. All of which are critically important for entrepreneurs.”

• Sales

More than 20% of CEOs have a marketing or sales background and there is good reason behind that correlation. Many of the skills necessary to be successful in sales are also necessary to be successful in management. For startups, both sales and C-level management are of the utmost importance.

Regardless of the industry in which you plan to operate, you need to find clients. Without a solid understanding of sales strategies, you simply won’t be able to secure enough income for the company. That means no paying off loans and, even worse, no convincing investors to continue buying in.

The phrase “good sales skills” can often be translated to “good interpersonal skills.” When you know what people want, you can more easily determine how to sell them your product.

• Time Management

Time management skills are always in the top five lists of “important skills to have” lists for just about every industry. The reason for that is that time management skills can single-handedly make the difference between the success and failure of a company.

Studies show time and time again that goal-based production increases performance. Through proper time management practices, you can increase your startup’s output, improve production, and optimize labor.

On the other hand, through poor time management practices, a lot of damage can be done to the company. Deadlines can be missed, clients can go without proper attention, and investors might be convinced that you simply have no idea what you’re doing.

Without a system of time management policies in place and firmly adhered to, there is simply no way of ensuring that goals are consistently hit on time.

Conclusion

Regardless of the industry in which your startup plans to operate, these five skills will increase the odds of it joining the 56% of successful startups in the five-year range.

By keeping an entrepreneurial spirit knowing what it really means to be an entrepreneur, your employees and partners will quickly fall in line. Under the guidance of a skilled entrepreneur, employees find it easier to know their duties and accomplish their goals.

Add in fundraising, coding and web development, sales expertise, and time management, and you’ve got a real powerhouse of productivity ready and raring to go!

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About the Author

Hunter Amato is a graduate of Florida State University looking forward to capacity building in the education and computer science fields.  

He has a thorough understanding of the full Microsoft Office Suite, social media, and various other software platforms and uses his affinity for writing to clearly communicate with opposing council, clients, and everybody in between. 

His passion, his experience, and his formal training makes Hunter Amato a great fit for any financial, administrative, or legal department looking for that additional market advantage.