We all know the basic entrepreneurial skills like leadership, business management, time management, creative thinking, and problem-solving. These skills are vital for promoting innovation, business growth, and competitiveness, and they can be applied in various job roles and industries.
However, I believe there are some other essential skills that aspiring entrepreneurs need to get started, even before developing the more advanced business skills.
In this article, I'll discuss five of these essential Skills for Entrepreneurs that MBA programs often overlook.
1. Research
Effective research goes beyond just sitting in front of a laptop and searching for information online. To truly understand the urgency of need or demand for your product or service, you need to meet potential customers one-on-one. This hands-on approach can help you avoid over-estimating or undervaluing your offering, as you'll gain a deeper understanding of how much people value it and how much they're willing to pay.

2. Jugaad
In India, we often call this "jugaad" - the ability to find innovative solutions using limited resources. While the term "innovation" may conjure images of high-tech breakthroughs, jugaad is about doing whatever it takes to make things work, even with minimal resources. This skill is crucial for entrepreneurs, as not everyone has access to vast funding. Developing a jugaad mindset helps you stay resourceful and adaptable in the face of challenges.
3. Building Meaningful Relationships
Networking may come later, but to get started, you need a few trusted friends who are willing to fail with you. These are the people who love and support you, not because they see you becoming successful, but because they genuinely enjoy working with you. Maintaining these deep, loyal relationships is a valuable skill, as these people will keep you grounded and motivated throughout your entrepreneurial journey.

4. Earning and Surviving on a Modest Budget
It's a myth that you can start a business with zero investment. The reality is that you need a minimum amount of capital to experiment, learn, and grow your startup. I recommend aiming to earn at least ₹10,000 per month to cover the essential costs, such as travel, learning new skills, hiring interns, and testing various strategies and marketing campaigns. This modest budget will help you stay focused and make the most of your limited resources.

5. Saying No to Unsolicited Advice
In India, well-meaning relatives and friends often try to offer their opinions and suggestions, even if they don't have direct experience in entrepreneurship. While it's important to listen and learn, you also need to protect your mental peace by learning to politely decline advice that doesn't align with your vision. Not every suggestion requires a rebellious response, but you must be selective in order to stay focused and resilient during the inevitable setbacks.
These five skills - research, Jugaad, building meaningful relationships, managing a modest budget, and setting boundaries - are often overlooked in traditional business education, but they are crucial for aspiring entrepreneurs to develop before diving into the more advanced aspects of running a successful venture.
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