5 Entrepreneurial Skills You Didn’t Know You Needed Until Now

Starting a business is exciting, but the truth is that entrepreneurship demands more than just a passion for your product or service. As many entrepreneurs soon discover, certain skills are immediately obvious but necessary for long-term success. These skills often make the difference between a flourishing business and one that struggles to keep up, as many new business failures occur within the first two years of operation.

Overlooked Skills Entrepreneurs Need to Succeed

To succeed in the competitive world of entrepreneurship, there are key skills that every business owner must develop. Below are the overlooked skills that can help entrepreneurs navigate challenges and drive long-term success.

Emotional Intelligence and Resilience

Running a business presents unexpected challenges. Anxiety and high stress were top mental health concerns for 50.2% and 45.8% of entrepreneurs, respectively. Entrepreneurs must be able to manage their emotions, understand and empathize with others, and stay calm under pressure. Developing emotional intelligence helps entrepreneurs manage stress and remain resilient through difficult times, which is key to long-term success.

“Emotional intelligence is the foundation for entrepreneurial success, but it’s usually the first thing that goes out the window when things get chaotic. The self-awareness piece is particularly critical—it reveals how your personal patterns show up in your business decisions,” said Samantha Fackler, business coach and founder of Grow With Sam.

Time Management

Twenty-seven percent of entrepreneurs report having a poor work-life balance, emphasizing the pressure many face in managing their time. While it’s tempting to pour all your energy into your business, constantly working long hours can quickly lead to burnout, which is experienced by 34.4%. Entrepreneurs must recognize that time is a limited resource, and simply working more isn’t the solution.

Learning to distinguish between urgent tasks and those that can wait will keep both your business and health on track.

“Working evenings and weekends isn’t a badge of honor; it’s a system failure,” Fackler said. “Hustle culture makes us think that you have to work a ton of hours when you work for yourself, but it is a one-way ticket to burnout. I’m direct with my clients about this: Burnout isn’t just a personal issue; it’s a business liability. When you inevitably crash, your entire operation stalls while you recover. You need to create space in your schedule to prevent this.”

Financial Literacy

It’s easy to get caught up in the excitement of creating a product or service, especially when it seems to be fulfilling a need and drawing in customers. However, managing finances is an ongoing challenge, as entrepreneurs often struggle with cash flow management and budgeting.

A 2024 QuickBooks study revealed that 45% of business owners lost at least $10,000 due to low financial literacy, while 13% claimed to have missed out on at least $500,000.

A solid understanding of business finance is necessary, even if you plan to hire a financial expert. Being financially literate allows you to make informed decisions, track your company’s financial health, and ensure you’re positioning yourself for growth and expansion.

“Financial literacy starts with getting honest about your relationship with money. Start with your personal finances,” Fackler said. “If you’re avoiding looking at your bank statements or feeling perpetually anxious about money, address that first. If money becomes water in your hands and you can’t save, then you’re going to see that show up in your future P&L. Your personal money patterns will absolutely show up in your business decisions.”

Adaptability

In the fast-paced world of entrepreneurship, change is the only constant. Being adaptable is key, whether it’s shifting market demands, evolving technology, or unexpected competition. Entrepreneurs often have to pivot or rethink their business plans to stay relevant and draw in customers. The ability to quickly assess the market, take in new information, and change direction when necessary can be a game changer for a growing business.

“The entrepreneurs who navigate change most effectively have two things going: crystal clear vision and complete flexibility on execution. Know exactly where you’re going, but be open to changing how you get there. In practice, this means getting comfortable with being wrong sometimes. Your ego can become your biggest obstacle to adaptation. When market feedback contradicts your assumptions, don’t take it personally—treat it as valuable data,” Fackler said.

“Adaptability also requires margin. When you’re operating at full capacity with zero breathing room, even small disruptions become catastrophic. Build buffer into your timelines, finances, and energy management. The most adaptable founders I know aren’t constantly reactive because they’ve built systems that give them space to think before they respond,” she added.

Delegation

During the early stages of entrepreneurship, you wear multiple hats such as founder, customer service representative, marketer, and accountant. As the business grows, you must learn to trust others and delegate tasks. This effectively allows you to focus on core aspects of the business and improve the efficiency of daily operations.

“It’s a myth that successful solopreneurs exist. No one makes the entrepreneurial journey alone, and yet, finding the right people can be one of the greatest challenges,” Fackler said. “My first hire was really difficult to make, but it created space that directly translated to revenue growth. Start practicing delegation in your personal life: housecleaning, meal prep, anything that builds your comfort with asking for and receiving help. The entrepreneurs who scale successfully aren’t doing everything—they’re doing the right things while building systems for everything else.”

How Entrepreneurs Can Acquire the Skills They Need to Succeed

You may not have all the skills you need today, but that doesn’t mean you can’t acquire them. You’ll gain hands-on experience as you navigate the daily challenges thrown your way, but there are other ways to build up your entrepreneurial skill set.

• Certifications and Training Courses: Enroll in courses or certifications such as financial management, digital marketing, and leadership. These options are offered by universities, nonprofit organizations, and online platforms like Coursera and Udemy, helping you gain formal knowledge in specific areas.
• Business Coaching and Mentoring: Seek guidance from experienced business coaches and mentors who can provide personalized advice and help you confidently take on business challenges.
• Networking and Peer Groups: Join local or online entrepreneurial communities to connect with other business owners, share insights, and learn from each other’s experiences.
• Workshops and Seminars: Attend industry-specific workshops and seminars to stay up to date on trends and develop new skills related to entrepreneurship.
• Books and Podcasts: Read books on entrepreneurship and listen to podcasts featuring successful business owners to gain insight and practical advice.
• Software Tools: Take advantage of software tools that can help you develop key entrepreneurial skills, or at the very least make the business a bit easier to run. For example, Trello and Google Calendar can aid you with organizing tasks and managing time, while Asana can help you delegate tasks and manage project progress.

“Rather than trying to be good at everything, identify the two to three skills that leverage your natural strengths and fill capability gaps through strategic hiring and partnerships,” Fackler said. “Remember: The goal isn’t to eliminate weaknesses—it’s to make them irrelevant through smart delegation while doubling down on what you uniquely bring to the table.”

The Bottom Line

Entrepreneurship is a challenging yet rewarding journey. There’s a diverse set of skills you need to succeed, but your skill set should include emotional intelligence and resilience, time management, financial literacy, adaptability, and delegation.

By acknowledging and developing these skills, entrepreneurs can better handle the demands of running a business and position themselves for lasting success. If you haven’t yet started honing these skills, now is the time to do so.