Soft or interpersonal skills that allow you to work well with others are invaluable for entrepreneurs. A recent report by McKinsey found that soft skills are becoming more crucial every year as intelligent machines take over repetitive, basic tasks. For entrepreneurs, soft skills help build strong relationships, adapt to change, lead effectively, and think outside the box, all of which are essential for long-term business success.
Read on to learn which soft skills are worth developing to improve your chances of success as an entrepreneur and future business owner.
What makes a soft skill useful in business?
Soft skills are part of a broad category that covers a range of talents and characteristics — such as communication, leadership, flexibility, and teamwork. The most useful soft skills facilitate collaboration between internal teams and external partners, help entrepreneurs raise funding, and improve communication to move everyone toward a common goal.
While any soft skill can be useful in the right setting, the top soft skills in business contribute to a positive work environment, enhance productivity, and ultimately drive business growth and success. "Accompanying the adoption of advanced technologies into the workplace will be an increase in the need for workers with finely tuned social and emotional skills—skills that machines are a long way from mastering," wrote McKinsey.
Top soft skills for business success
As machine learning and artificial intelligence become more prevalent in business, the demand for different soft skills is rising. Here are five of the top soft skills for business success that will continue to play a role in the coming decade.
Communication
Strong communication skills are essential for entrepreneurs. Strong verbal and written communication skills empower entrepreneurs to share their ideas, direct those around them, and provide constructive feedback clearly and concisely. Communication also encompasses the ability to actively listen to others, along with persuasion skills that are needed to influence potential funders, negotiate deals, and motivate teams.
Problem-solving
Entrepreneurs need to think outside the box and stay flexible, taking any challenges that come in stride. Problem-solving skills help navigate the inevitable hiccups that occur along the way to pursuing a goal. "Entrepreneurs who can face and overcome challenges head-on are more likely to succeed and earn the respect of those around them," wrote the Founders Network.
[Read more: 7 Important Soft Skills to Grow Your Career]
Strong communication skills are essential for entrepreneurs. Strong verbal and written communication skills empower entrepreneurs to share their ideas, direct those around them, and provide constructive feedback clearly and concisely.
Empathy
Empathy is an often undervalued trait in the business world. But it's also one of the key soft skills McKinsey identified in their report.
"In aggregate, between 2016 and 2030, demand for social and emotional skills will grow across all industries by 26 percent in the United States and by 22 percent in Europe," wrote the consulting firm. "While some of these skills, such as empathy, are innate, others, such as advanced communication, can be honed and taught."
Empathy facilitates collaboration, innovation, and employee retention. It can also influence how entrepreneurs build products and services that truly help customers. Empathy allows you to put yourself in another's shoes to truly understand their perspectives, challenges, and motivations and design a business that matches that need.
Leadership
Along with strong communication skills, entrepreneurs need to be able to delegate, direct, and develop the strengths of those around them. As your idea gains traction, you will likely need to transition from entrepreneur to business owner. Entrepreneurs often act as supervisors and part of a team, meaning they need effective leadership skills to help motivate others.
Flexibility
The ability to adjust to change and unexpected challenges is vital in a dynamic business environment. "From employee departures to global disruptions or shifting partnerships, unforeseen challenges can arise at any stage. The key is to view these hurdles not as roadblocks but as opportunities to refine your approach," wrote the Founders Network.
Adaptability and flexibility are soft skills that come from training your mindset. Developing a growth mindset and working to see every challenge as an opportunity can help improve this soft skill. In general, many soft skills can be learned or improved with the right approach.
How do you train your soft skills?
Some soft skills, like empathy, are innate. Others can be developed by listening to podcasts, getting regular feedback from others, going through specific training (such as leadership training), or working with a business coach.
Start with a self-assessment or gather peer feedback to learn more about your existing soft skills and where you can improve. From there, you can develop a roadmap for honing your strengths and overcoming your weaknesses.
[Read more: Practice Patience, an Underrated Virtue in Business]
CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.
CO—is committed to helping you start, run and grow your small business. Learn more about the benefits of small business membership in the U.S. Chamber of Commerce, here.
