Thanks to technology and social media, entrepreneurship has become more accessible than ever. But, it’s important to understand that being an entrepreneur takes more than just having a good idea — it also requires skillful execution.

Here are five skills I feel are needed to be a successful entrepreneur in 2023:

1. Adaptability

The business world will be ever-changing, and entrepreneurs will need to adapt to the changes continually. Adaptability is essential in entrepreneurship as it enables entrepreneurs to make necessary changes in their business strategies, which is crucial to success. Entrepreneurs who can change direction or plan occasionally will have a more dynamic approach to business and stay ahead of their competitors. I feel it is essential for leaders to survive and thrive in an ever-changing business world.

2. Emotional intelligence
Emotional intelligence is a growing trend in business today, and it will gain much more importance in the coming years. It is the capacity to be aware of, control and express one’s emotions and handle interpersonal relationships effectively. In entrepreneurship, emotional intelligence plays a significant role as it affects entrepreneurs’ decision-making, communication and leadership skills. Entrepreneurs with high emotional intelligence will be able to handle complex situations and thrive in a team environment. Our teams need to be heard and appreciated to remain consistent and active. Our only way to achieve this is by using emotional intelligence.

Starting and leading a business or a project can be stressful and overwhelming at times. In my experience, entrepreneurs with high emotional intelligence successfully manage their own emotions and avoid burnout, supporting their employees during stressful times and with empathy. Understanding the needs and desires of others is key to creating products and services that meet customer demands. Humans with high emotional intelligence can put themselves in others’ shoes and develop products and marketing strategies that resonate with their target audience.

3. Technological literacy
In 2023, a business that is not technologically advanced will be left behind. Entrepreneurs who are not tech-savvy will be at a disadvantage. It is vital for entrepreneurs to be aware of technological trends and to have a basic understanding of technological tools. Technological literacy will enable entrepreneurs to automate their business processes, analyze data, and work productively while keeping up with technological advancements.

4. Resilience
Entrepreneurship is a bumpy ride. Entrepreneurs are expected to face numerous rejections, setbacks and failures. Resilience is the ability to get back up when knocked down. A resilient entrepreneur will be willing to take risks and persists in the face of adversity. Resilient entrepreneurs embody the spirit of entrepreneurship and are more likely to succeed in their ventures. With a changing economy (pandemics, politics, etc.), entrepreneurs must remain strong and true to the company DNA, values and the whys. The more we understand what we do, why we do it and the problems we fix, the more resilient we will be.

5. Creativity
Entrepreneurship is all about creating something new or making something better. Creativity is essential in entrepreneurship as it enables entrepreneurs to generate new ideas, differentiate themselves from their competitors and solve real-world problems with innovative solutions. In 2023, creativity will be a prized asset that entrepreneurs will require. Entrepreneurs with creative ideas will be able to generate value and stay ahead in the competition.