Every entrepreneur invests time and resources into themselves. That is the only way to build the skills that are needed to shore up their weak points over time.
In the cannabis industry, there is this idea floating about that the skills required for success are different than what a “traditional” entrepreneur must have. That couldn’t be further from the truth.
As the cannabis industry continues to move forward, entrepreneurs must stop thinking of themselves as a separate industry. They are small business owners, start-ups, sole proprietors, and partnerships facing the same challenges of every other entrepreneur today.
Master These Skills to Push Your Business Forward
Shifts toward general societal acceptance are going to continue happening for the cannabis industry. That is why these are the entrepreneurial skills that will be needed for future success.
If you travel through Colorado or Washington, you’ll find many retailers in the cannabis industry rely on clever puns for their branding. That may work for the business, but what about yourself? What is your personal brand as an entrepreneur? Create a strong personal brand for yourself by increasing your circle of influence. Network throughout your community. Build an online presence that shares helpful information. This will set you apart from those who are trying to make a quick profit.
People have connected to cannabis in the past because of its “black market” appeal. Empathy was really never a skill that was needed in the past. Today’s consumer is different. Customers will come to you with a variety of reasons why they want your product. Through empathy, you can identify their key needs. That will allow you to identify which items they’re most likely to purchase.
Financial management is a critical skill in the cannabis industry right now. Because of the patchwork of laws faced by the industry, most businesses operate in a cash-only format. You must keep thorough books every day. You must be disciplined with your cash management. Entrepreneurs must consider the security of their finances as well. With good accounting, you’ll know which business strategies to push for future growth.
Entrepreneurs must be clear and precise with every communication effort. Every conversation must include active listening. Marketing efforts must put the needs of the consumer first. When this skill is effective, it encourages people to come see what you have.
In the past, products in the cannabis industry sold themselves. It is still a “destination industry” because people will seek out entrepreneurs in this field. Now, however, there is a lot more competition than there used to be. You must identify what makes your product better than the competition. Then you must identify why that has value to your customer. Discover these two key points and then push the sale.
Entrepreneurs fail more often than not. Between 80-95% of all businesses in every industry fail within their first 5 years of operations. The cannabis industry is no different. That means one of the best skills you can have is the ability to pick yourself up after failure. It takes just as much courage to start again as it did to start the first time. Learn from your mistakes, implement changes, and the next business venture might be wildly successful.
Entrepreneurs cannot work on their own all the time. Help is always needed to reach for the next business goal. That means delegating work. You can do that by hiring others, outsourcing it to an independent contractor, or using freelancers. It can be difficult to trust someone with important tasks, but if you don’t take that first step, you’ll eventually fall behind the other entrepreneurs who have learned this skill.
Never assume your products or services are as described by your vendors. Test everything. Inspect everything. If something of inferior quality reaches your customers, then you’re almost guaranteed to receive negative feedback.
#9. Stress Management
Stress will always be part of the entrepreneur’s life. When things don’t go your way, frustration and stress are the natural response. To counter stress, try to incorporate about 20 minutes of meditation into your daily routine. Meditation can organize your thinking, disregard negative thoughts, and encourage creativity.