Characteristics of the Business-savvy Entrepreneur

A business-savvy entrepreneur takes a broad range of skillsets and combines them with an in-depth understanding of how their business functions to manage people and processes, create new opportunities, problem solve, and grow the business. The business-savvy entrepreneur understands how an action in one department positively or negatively impacts another area of the company to make sound decisions as a whole.  You are able to view the bigger picture while simultaneously managing the small steps that leads to the bigger vision. From experience, working in the legal department of a Fortune 100  company, understanding cross-departmental impacts is a huge component for the sustainability of a company.

Here are a few detailed characteristics of the business-savvy entrepreneur.

You communicate and coordinate well.

  • You possess the ability to effectively communicate with individuals within and outside of your business to achieve desired goals. You know that listening and understanding it equally as valuable of talking. You have the ability to manage and different personalities and skillsets.

You are solution oriented

  • When problems arise, you don’t bow out or try to cover things up. You pivot. You dive head in to figure out what resources, wise counsel, key players you need to develop solutions. You understand that finding solutions are only a step in the problem solving process. You have to figure out what is the most efficient and effective way to implement changes. What are the business risks and legal implications of each possible solution.

You value planning and processes

  • You understand that having plans and processes in place, helps the business run more effectively. It is easier to train new staff when you can effectively articulate what is the protocol for certain situations. You spend time evaluating your plans and process via A SWOT analysis to determine ways to improve.

You see the ability to ask for help as a strength and not a weakness

  • Pride coming before the fall applies to business as well. I know how tempting it is to try save money by trying to wear every hat in your business. But, that stems from a poverty mindset, and you are doing yourself and your business a disservice. The goal is to understand every function in your business, not perform it. If you can do everything alone, you are not performing a God-sized vision. To scale your business and make more money, you need to free up your time by delegating tasks.

You understand sales and marketing

  • Cash is the lifeline of a business. Sales lead to cash. Marketing leads to sales. Understanding sales will help you understand what your clients are saying and also the challenges of taking a company’s offering to market. Legal departments and marketing departments often butt heads the most. Marketing wants to drive sales, and the legal department’s job is to protect the brand as a whole. So to make sure marketing doesn’t cause a lawsuit by trademark or copyright infringement, false advertisement, advertising outside of other rules, regulations, or industry standards.

You seek out and seize opportunities

  • With business development, the goal is grow the business. Spot and properly vet new opportunities. If they are good for the business you seize them. You are resourceful. You leverage your networks and follow up on leads.

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