As the job market has shriveled up, more people have become “unplanned entrepreneurs.” You may be one of them. I think this is a good thing. And also a bad thing.

The good thing is that people aren’t waiting around for our governments to provide solutions to problems that are multifactorial and complex in nature. Personally, I’m counting on the entrepreneurs of the world, not our governments, to see us through and beyond our current circumstances of financial, social, and political chaos.

The bad thing is that most entrepreneurs, planned or not, don’t really understand what they are getting into. They think to themselves, “I’ve got an idea for a product or service that’s going to change the face of the planet; let’s start a business!”

The other night, I was speaking with a couple of students from my alma mater, Brown University. They are part of the Brown University Entrepreneurs Program. With the preceding observations in mind, we discussed ideas on how to better support students who are either interested in learning about entrepreneurship or already have an idea that they want to bring to market.

A number of support programs for entrepreneurs have sprung up across the United States.

I took a look at the course descriptions and curricula for some of the programs offered at Brown. And while the material is interesting, my overriding concern was that a great deal of the material wasn’t immediately practical. This reminded of being in medical school again: One of my professors was either arrogant or ignorant enough to say “We know that half of what we’re teaching you is totally irrelevant information; we just don’t know which half that is.” I mean, come on, does knowing the total cross-sectional area of capillaries in the human body make me a better surgeon? I guarantee it doesn’t. But it was on one of my exams that I passed.

So here’s my gripe: I figure if you’re going to invest time, money, and energy in learning, wouldn’t you want to invest wisely? Wouldn’t you want to invest in gaining practical knowledge that you can apply to produce results?

If you’re a “yes” to these two questions, I’ve put together a short list of fundamental, yet critical skills that any successful entrepreneur needs to develop, acquire, or hire for (listed in no particular order):

1. Time and Productivity Management
2. Storytelling
3. Marketing
4. Selling
5. Interpreting Financial Statements
6. Verbal Presentation Skills
7. Written Presentation Skills
8. Visual Presentations Skills
9. Lifelong Learning and Application Skills
10. Team-Building, Collaboration, and Network Development Skills

This week, I’ll address the first four skills; next week, I’ll address some more.

Time and Productivity Management
I don’t make any claims to being a master of time and productivity management. But I have have studied this area extensively and have a lot to say about it. I’ve studied the bestseller by David Allen, “Getting Things Done” and “18 Minutes” by Peter Bregman. I’ve even hired various personal organizers to physically descend on my office space. I’ve tried Stephen Covey’s time management software. And I’ve read lots of different books specifically on getting organized. But all the reading in the world hasn’t made a single bit of difference for me. And it won’t for you, either.

The problem most entrepreneurs have is that they don’t have a system, a true repeatable process, for identifying what to focus on what matters most and how to process and organize “stuff” that comes at you every day.

Personally, I’ve developed a workflow that I’ve synthesized from a variety of different resources. Perhaps one day, I’ll create a comprehensive training on this, but in the meantime, here’s are some resources from my friend and colleague, Elizabeth Hagen, that I’ve found extremely useful and practical: http://elizabethhagen.com/home-office-organization-products (men, just ignore all the pink in her material)

Storytelling
No I’m not talking about “Mary Had a Little Lamb” stories. I’m taking about story frameworks. Storytelling predates the written language by thousands of years. So the human mind has been wired to tune into stories. Effective storytelling has the power to influence people and shape the world. Think Martin Luther King, Jr. (I Have a Dream speech) and John F. Kennedy (Man on the Moon address). Story Proof: The Science Behind the Startling Power of Story

Marketing & Selling
Marketing and selling are two distinct skill sets that use different parts of your brain. Marketing is simply educating others, promoting your platform, your beliefs, your vision. The goal of good marketing is to attract potential buyers who are looking for what you have to offer and are ready to buy now. Now there are a ton of resources on marketing. You just need one to get you organized and pointed in the right direction. If you’re in the service-based business, I recommend The Fast Track Marketing Club for Independent Professionals http://actionplan.com/fasttrack

Created by my good friend and colleague, Robert Middleton, this program gives you a comprehensive, yet practical approach to marketing. This is the very content that helped me to overcome my own allergy to marketing and selling, years ago.

In contrast, selling is simply helping your potential buyer clarify their needs, wants, and desires and then guiding them through the decision-making process to arrive at solid plan of action. Of all the resources out there, I highly recommend SNAP Selling, written by my friend and colleague, Jill Konrath. SNAP Selling: Speed Up Sales and Win More Business with Today’s Frazzled Customers

I’ve attempted to give you a primer on some of the key skills I believe are important to your entrepreneurial success. No doubt, there are lots of other skills to develop. Next week, in Practical Entrepreneurship, Part 2, I’ll address the following skills:

• Interpreting Financial Statements
• Verbal Presentation Skills
• Written Presentation Skills
• Visual Presentations Skills

And I’d love to see your comments on other entrepreneurial skills that you think are important.