Investors with entrepreneurial spirit tend to be very passionate about what they do. They get excited. They’re about the big picture, the process, the vision, the inspiration! Big ideas that are as thrilling to talk about as they are to reach for.
And there’s no doubt about it – taking an active role with your investments is a path filled with the exciting and unexpected. It’s not a journey for the faint of heart. But there’s also a “boring” side. You can’t succeed on all flash and no substance.
These “boring” skills aren’t just important, they are essential to investing success. Have you mastered them?
6 Skills Worth Investing In
#1. Organization
Being organized comes naturally to some and not to others but make no mistake: it’s a skill you can learn. Being organized covers a variety of areas in running your financial venture: knowing where important documents are (and keeping them secure but easy to navigate), keeping up with details, team communications, financial statements, and tax documentation, remembering tasks and meetings, and more.
There’s much to be done and you want to do it as efficiently as possible. After all, the goal of organizing is to be able to access documents, supplies, and assets in a quick and neat manner.
#2. Recordkeeping
Anything involving money requires a lot of paperwork. Being organized is one thing, but keeping the right records is a critical aspect. Do you have all the proper licenses and authorizations? Where are you keeping them? Are you keeping track of your expenses?
Keeping accurate and up-to-date records empowers you to evaluate performance over time and adjust accordingly. It also ensures that you’re doing business right, with all the legal precautions and documentation!
#3. Financial Literacy and Budgeting
The financial side of any venture can be rather dull. Still, you must master it if you're going to get ahead.
Financial literacy isn’t just about knowing how to spend, save, and invest. Managing finances also means understanding how to scale up, what your profit margins are, how to tactfully raise prices, and where to cut costs without compromising quality.
Accounting isn’t easy, and you’ll likely need a helping hand. Regardless, though, you should know what’s going on on the financial side of things.
#4. Time Management
This, along with financial management, might be the most important skill for you to master. Most people are used to having their days and tasks structured by a boss. When you are the boss, you don’t have those clear guidelines and expectations. You make your own schedule and decide your own task list.
For some, that’s incredibly liberating. For others, it’s a disaster waiting to happen.
Every investor and entrepreneur must know how to use their time wisely. This is particularly true as you start out, before you understand the workload involved.
Here are a few ways to improve your time management skills:
- Write down an agenda
- Designate time limits for tasks
- Check email once at the beginning of the day and once at the end of it
- Take regular brain breaks
- Stop trying to multitask
#5. Tech Smarts
These days, it’s impossible to escape technology’s reach. You’re going to have to be willing to learn and adapt to new technologies, whether it’s online invoicing, making a killer spreadsheet, or navigating different portals for tracking financial reports.
If handling tech isn’t your strong suit, practice in a few low-stakes ways.
- Experiment with new apps on your smartphone
- Learn how to download widgets and extensions for your browser
- Pick up some new software
- Create a social media account on a platform you’ve never used
It’s not necessarily about mastering specific tools and platforms, though the staples are always helpful. It’s about being able to adapt quickly to new technologies. You flex that skill by regularly using a variety of technologies!
#6. Attention to Detail
They say the devil is in the details, and they’re not wrong. As confident as you may be in the big picture, it can all fall apart if the details aren’t clear and defined. This means you care about the little things. You’re not just concerned with outcomes, but with things being done right.
Looking to start earning passive income? Connect with one of our Portfolio Advisors today!
