Entrepreneurship is one of the greatest rewards today, but also one of the most stressful and risky investments. Dreaming of changing the world and understanding it is two very different things. While one is full of passion and hope, the other is full of failure and bankruptcy. However, nowadays there is a craze that more and more people are becoming entrepreneurs and starting their own startup companies. The success rate of start-ups is usually less than 4%.

Entrepreneurship is all about first accepting that whatever you do can fail, and then doing whatever you have to do to win against the odds. And in the beginning, the startup’s success is based on the lifestyle and work ethic of the entrepreneur. Michael Merisier Junior, who is a famous entrepreneur and investor and the founder of Luxury Rental Bae, spent most of his life learning from entrepreneurs and his own mistakes and became successful.

Michael Shares Some Essential Skills Every Budding Entrepreneur Must Learn to Increase the Chances of Being Successful:

  • Communication: Every entrepreneur must be an effective communicator. It is essential for entrepreneurs to be able to communicate with employees, investors, customers, creditors, colleagues and faculties. If an entrepreneur is unable to estimate the value of his business, it is unlikely that the business will succeed. They must also be proficient in all forms of communication, including individual and personal conversations, group tears, written communication and e-mail, and online messaging.
  • Focus: The path to successful entrepreneurship has its ups and downs. There is a pinnacle of success and frustration of failure. A successful entrepreneur must be able to concentrate in order to stay on the ball even in difficult situations. This ability can also be thought of as goal thinking. Entrepreneur Whatever problem they face, a successful entrepreneur has the focus to oversee the ultimate goal and can push themselves to achieve it.
  • Ability to Learn: The ability to learn is one of the most important skills that can be acquired in life, especially in business. However, if one is building a business, the ability to learn is essential for success. The ups and downs that an entrepreneur goes through are inevitable. An entrepreneur needs a high level of learning skills – and a desire to learn. If a person can learn in any situation, even in the event of failure, he has the skills needed to be a successful entrepreneur. Failure helps to expand business knowledge and understanding.

According to  Michael Merisier Junior, One of the key things every entrepreneur needs is Persistence. The journey to success is hard and full of arduous obstacles but with persistence and determination, you can make it.