Success Bug | BOOST Your Net Worth

Join Today!

Jack Of All Trades: What Entrepreneurs Need To Know

The phrase “jack of all trades” is somewhat old-fashioned; regardless, it does hold some value. When building a business, you need to familiarize yourself with a wide variety of skills to get your company off the ground. 

Meriam defines a jack of all trades as someone who is “passable” at a wide variety of tasks. That term is inaccurate. Being passable implies that you are doing enough to just get by, not excelling. 

So, in the modern business age, you cannot just be “passable” at a wide variety of skills. A modern jack of all trades needs to be strong in several areas. Here are a few techniques and skills that a modern jack of all trades should have.

Learn Technology To Grow Traffic

A jack of all trades is up with modern technology.

New devices are being made every day, and the internet is an essential part of every business. So, having knowledge of basic technology is crucial to building a successful company and becoming a modern jack of all trades.

Do the research and find out what you need to make your business work. Using artificial intelligence can help you reach out to your consumers and revolutionize your website. A simple online chat feature on your website can help you engage with your consumers and build customer loyalty.

By far, social media is the most important technological avenue to drive your business through. They allow you to connect with your users directly and showcase how innovative your brand can be. Think about this: 89% of consumers say they will buy from a brand that they follow on social media.

Of course, take the time to find the appropriate social media avenue for your business before starting a social media campaign. And do the same with technology. Giving in to this sector can help you grow your business and master an important skill. 

Time Management & Staying Organized

You need to be able to manage what little time you have to build your business if you want to see your company grow. Of course, time management is a more difficult skill to master than the phrase implies. Regardless, a modern jack of all trades needs to budget their time if they want to learn a myriad of skills. 

There are several ways you can improve in this area. You can start by making a plan with quantifiable goals. Maybe, reaching out to this many VCs by the end of the month, or to meet with this many peers and/or clients this week. That way, you can put yourself on a more regular schedule to meet your goals and move forward with a plan.

Circling back to technology, use your phone when you can to help you plan. Your calendar app is a lifesaver in terms of giving you updates to finish tasks and remind yourself of deadlines. Whatever method you choose, lock down your time management skills.

Master Your Finances

A modern jack of all trades is skilled working with finances.

Money talks. You need to have a strong understanding of finance to keep your business afloat. 

When looking for financial support, take a look at your company and know what type of financing you need for your company. Do you need venture capital? Do you need to take out a business loan? If so, how long will it take your business to pay back the loan? It is imperative to know your financial statements when taking on external financing.

Going forward, keep up with your books, and be aware of your company’s profit. Take time when starting your business to create a budget so you can see how much your company is spending versus how much you are making. Monday has created a helpful post if you want to look at a financial statement example.

Become A Master Communicator

Another basic yet essential skill. Good business-minded people communicate with others efficiently and effectively. 

To grow in this regard, start by being as clear as possible with your directions, or “over-communicate.” In some respects, act like you are explaining your plans to someone outside of your field. A clearer dialogue helps make your message easier to digest. 

In addition, in order to communicate, you need to be able to listen. Hear what your partners or customers are saying about your company so that you have a better understanding of where you are going and how you should be framing your upcoming messages. 

Most importantly, do not overdo yourself. Our attention span has decreased significantly over the past two decades with the rise in the information and stimuli available to us. Focus on making everything you present in a concise and palatable manner to keep your audience as engrossed as possible. 

Learn The Skill of Team Building

A jack of all trades can collaborate with others to help foster their skills.

You should always try to learn as many skills as you can. That being said, teamwork is essential to building a strong company. 

Collaboration is key to growing your business. So, putting time and effort into finding good partners and co-workers will enhance your skills in every facet. For example, they can bounce ideas off of you and communicate their thoughts and beliefs. They challenge you and make you a better thinker and problem solver. 

A jack of all trades in the modern era does not have to work alone. Find a strong internal support system to help foster your skills. 

Key Takeaways

Being specialized in one area is not an effective means of becoming a great entrepreneur. You need to build yourself as a modern jack of all trades and become engrossed in as many productive skills as you can. Some basic areas to look into are technology, finances, and communication skills.

Join 4000+ Individuals Growing Their Net Worth With The Success Bug

  • Get started with stocks, crypto, and real estate
  • Boost your credit and destroy your debt
  • Join our Net Worth Community
"I finally feel on top of my financial situation. Never would I think I'd look forward to checking my accounts."
Ozei Evans

Success Bug Member


Leave a Comment