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8effective ways to build entrepreneurial skills that matter.

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Becoming your own boss and an entrepreneur is the new coveted career choice of the 21st century. People are fed up with working jobs that leave them underpaid and unfulfilled.

Although some entrepreneurs say they were born to build a company, it’s never been easier for anyone to learn entrepreneur skills that can propel them into building a successful business.



Here is a list of 12 effective ways to build entrepreneurial skills that matter:

  1. Take a different path

“Creativity is the root of entrepreneurship.” —Karndee Leopairote, Thammasat University.

Creativity is the ability to see things differently and to provide solutions where there are gaps. To build your creativity skills, intentionally try something new. Do something that others won’t do. Read unusual books. Watch a movie in a different language. Travel to an unexpected spot. Talk to people that are out of your circle of comfort.

“The Big Short” is a movie that depicts how several opportunist entrepreneurs and investors managed to profit from the 2008 financial crisis by going against popular opinion.

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  1. Start a business

“You don’t learn to walk by following rules. You learn by doing, and by falling over.” — Richard Branson.

There is nothing like real-world experience. Whether you run a business on the side or full-time, you get the opportunity to grow your skills such as business planning, negotiation, sales and marketing.

I started my first business when I was 16 years old, and learned more through making mistakes than I could through reading any business book. My mobile car detailing business was successful only because I was able to learn and make changes quickly.

  1. Stick with challenges

“It’s not that I’m so smart, it’s just that I stay with problems longer.” — Albert Einstein.

Every successful entrepreneur has learned to develop their perseverance and tenacity muscles. The life of an entrepreneur is never smooth sailing, and it takes guts to keep going when people doubt your abilities.

To build perseverance, create a goal or challenge that is meaningful and don’t give yourself the to quit. Alternatively, give yourself a deadline to aim towards. For example, if you want to create a better blog, make a commitment to write 1,000 words every day for a year.

  1. Delay gratification

Elon Musk, the founder of Tesla, Solar City and SpaceX set himself a challenge to live on only $1 a day to see if he had what it took to lead life as an entrepreneur.

Entrepreneurs have to get used to countless failures and almost zero rewards until they finally hit the jackpot. To train yourself to be able to delay gratification, start small. Say “no” to the extra donut. Keep your old car instead of going into debt to buy a new one. Wake up at 5 a.m. on the weekends to work on your business idea instead of staying in bed.

  1. Manage your own finances

Understanding basic finance is essential in running your own company. You don’t have to be an accountant, but you should at least be able to understand the basics around cash flow, assets, and profit and loss.

Start by learning how to do your own taxes and manage your own budget and investments.

  1. Volunteer to lead

The ability to lead a team and stay organized is important when you become an entrepreneur. You can start by looking for volunteer and leadership opportunities around you. Volunteer to lead a Meetup group, start a fundraising project for your favorite non-profit organization or get involved with your local community board. Alternatively, coach a local children’s sports team or just plan your mother’s birthday party.

By getting involved in bigger roles, even if unpaid, you get to practice your time management, organization, leadership and teamwork skills.

  1. Practice communication skills

The best entrepreneurs have learned how to communicate their passion and dreams in an engaging way, both online and offline. To learn how to speak publicly, join a Toastmasters group, offer to speak at workplace parties, or even emcee at your friend’s wedding.

To improve your online communication skills, stay active on your social media accounts, blog, set up an online Facebook group or create a newsletter on your favorite hobby or topic.

The more often you put yourself out there, the faster your communication skills will grow.

  1. Learn from a mentor

The value of a mentor is priceless when it comes to building your entrepreneurial skills. Rather than make all the mistakes yourself, why not learn from someone else who has already made them?

Mentors are not only great sounding boards for your ideas but they also can be fantastic cheerleaders when the going gets tough. If you are lucky, you may find a mentor wiling to train you for free because they believe in you and want to give back. Some mentors will be happy to teach you in exchange for you helping them out in their own business. Others offer a paid service.

If you are young enough or at the start of your career, try to apply for internships as those are great opportunities to wet your feet in the real business world.

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South Africa Rand stables against embattled pound

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The rand was relatively stable on Friday morning, and headed for its best week against the beleaguered pound in about nine weeks.



The fallout from the failure of the UK’s Brexit plan is on traders’ radars, overshadowing the controversial and divisive land reform debate, which has previously hurt the rand.

“May has seen her plans for ‘Shmexit’ torn apart: that is what one could dub a Brexit that is literally leaving the EU, but which in no way regains sovereignty in key areas, and which might be impossible to ever change further unilaterally,” UK-based Rabobank International analyst Michael Every said in a note.

“Indeed, we have seen a swathe of key ministerial resignations, and suggestions there are enough MPs’ votes in hand to trigger a leadership election as soon as next week.”

The pound tanked against a host of currencies on the news, but has since stabilised at lower levels as markets await further developments.

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The rand has benefited from the ensuing market volatility, settling a hefty 3% stronger against the pound on Thursday night. Local bonds have benefited, too.

The local currency has fared better against the dollar so far this week, strengthening the case for a big cut in fuel prices in December.

According to AA, the petrol price is likely to be cut by R1.54 a litre, diesel by 92c and illuminating paraffin 85c.

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The expected drop in fuel prices comes as oil prices fall: Brent crude is about 10% lower in November, according to Iress data.

At 10.12am, the rand was 0.2% softer against the dollar at R14.2075, 0.32% weaker against the euro at R16.12 and 0.36% softer against the pound at R18.1858. The euro was 0.14% stronger to $1.1346.

The yield on the benchmark R186 bond slipped to 9.145% in early trade, from 9.17% at its last settlement.

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Uganda Shilling Fares Well than past week.

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The Uganda Shilling was relatively stable, trading within range of 3747/57 as market demand was evenly matched by the inflows.




In the interbank money market, overnight funds traded at 6.50% while one week traded at 10%, a report by Alpha Capital Markets indicates.

The Shilling closed the week at around 3,744.88/3,754.88 to the US Dollar, up from 3,748/58 last week buying and selling.

In the fixed income market, a treasury bill auction with sh195bn on offer was held. Yields marginally declined across all the tenors and came out at 10.800%, 12.400% and 13.501%, for the 91, 182 and 364 days. The auction was hugely oversubscribed.

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In the regional currency markets, the report further indicates that the Kenya Shilling was quickly coming under pressure due to increased demand from importers of oil and other commodities as they close out payments for orders ahead of the festive season.

The Kenya and Tanzanian currencies traded at 36.77/36.87 and 1.63/1.64 buying and selling respectively.

Stephen Kaboyo the Alpha Capital Markets CEO, said that in international markets, the US Dollar gained against other major currencies as the Federal Reserve kept interest rates steady but reaffirmed its monetary tightening, setting the stage for a rate hike in December.

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On the other hand, Kaboyo added that the US midterm elections outcome that markets interpreted as a gridlock on Capitol Hill, came in support of the greenback with expectation that chances of further fiscal stimulus and tax cuts will be minimal.

“Outlook for the shilling indicate a range bound unit as mid-month market dynamics set in. It is likely that demand will remain at a low ebb,” he said.

Dealers attributed the performance of the Shilling to liquidity squeeze in the money markets.

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-NewVision

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