What skills do successful eCommerce entrepreneurs possess? What tricks are needed to make an eCommerce business a success? To begin with, insight into the industry, knowledge of your niche, and a plan are absolutely indispensable.
While intangible skills such as leadership, emotional intelligence, and strategic planning are necessary, what really matters at every stage of your business’ life cycle are some core practical management skills. Qualitative skills such as great interpersonal communication may be innate, but practical management skills can be learned and sharpened by anyone. Being passionate and ambitious are strong driving forces but what skills are required to rise above everybody else and shine?
Here’s a starter list of some must-have skills that an eCommerce entrepreneur needs to build a dream eCommerce empire.
eCommerce entrepreneurs understand web fundamentals
You don’t have to be a top-notch programmer to build a successful online store. However, you will need to learn some core web fundamentals to successfully run it – after all, your store is online. Paying programmers and developers for every minute change may cause major cash burn, so it is essential that you learn enough to undertake minute site changes
Key skills-to-learn include hosting fundamentals such as domain registration, setting up nameservers, using FTP (File Transfer Protocol), deep linking, and URL redirection. Additionally, learning HTML & CSS will go a long way in helping you make changes to your eCommerce website, to add elements, and to find broken pieces of code.
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eCommerce entrepreneurs know the value of content
You needn’t be a poet but to be a successful eCommerce entrepreneur but you need to be able to create content. The ability to write is the ability to communicate your idea online. To convey an idea, using proper sentence formation, correct grammar and concise information are very important.
You’ll need to learn to pen catchy taglines, create product copy that sells, social media posts, and product/service descriptions. You will also need to learn long-form content creation for blog posts, press releases, and email marketing.
eCommerce entrepreneurs are well versed with business law
This is a skill that is often overlooked. Creating a flawless business plan and acquiring funds and investors is always the top priority for an entrepreneur. As an eCommerce entrepreneur, learning the basic commerce laws of the country/state where your business is established in will make your processes simpler
The following are a key set of laws that you need to keep a tab on:
- Tax Regulations
- Company Registration
- Intellectual Property Law
- Labour Laws
- Product Liability Law
eCommerce entrepreneurs are great at project management
To create a successful and sustainable eCommerce platform, project management is an utterly important and indispensable skill. Taking care of multiple channels such as inventory, marketing, logistics, finance, and more requires sound project management skills.
eCommerce entrepreneurs are good with number crunching
This is a clever skill that requires understanding data, being target driven, and having a solid foresight that predicts trends and patterns. You don’t need to be an Excel whizz to calculate your break-even costs and financial projections. You only need to be able to quickly calculate revenue predictions, track sales, manage inventory, vendor and employee payments, and manage credit cycles.
For an eCommerce entrepreneur, this skill is supremely important to establish a sustainable online business and stay afloat. More importantly, number crunching is a skill that an entrepreneur must continuously develop as the business grows. This is where you will come across both opportunities to grow and deficits to cover up.
eCommerce entrepreneurs have the ability To learn
Being an eCommerce entrepreneur is all about constantly evolving. You cannot attain business sustainability and success if you stop exploring new avenues to grow and expand. Your ability to learn and implement new skills will play a crucial role in the success and the expansion of your eCommerce store.
Always being open to receiving advice from experts and new business concepts will help you achieve sustainable eCommerce growth for your business. Always keep an open mind and remain flexible to new work processes, interesting marketing platforms, and promising growth hacks.