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the venture’s cost. The European Commission offers several programmes and measures to
sustain small and medium-sized enterprises growth.

3. Personal development – key to success

Entrepreneurship is defined as “the activity of setting up a business or businesses, taking on
2
financial risks in the hope of profit” , therefore, depending on the type of business you want to
start, there are different types of skills that must be acquired in order to be a successful
entrepreneur. To increase your entrepreneurial success, there can be several essential skills sets
like technical skills, leadership, business management skills and creative thinking that need to be
developed. They can be basically divided into two types – hard skills and soft skills. Hard skills
are extremely important to managing a business and refer to technical and financial skills. They
can be measured and are developed through learning. Each profession comes with its own
requirements for hard skills. The successful development of an entrepreneur is also determined by
the development of good soft skills like communication and leadership. Soft skills are obtained
through personal development. They are not easy to measure, and their successful demonstration
is left to subjective opinion.

2 https://www.lexico.com/en/definition/entrepreneurship

Project 2019-1-BG01-KA204_062299
The content of this material does not necessary reflect the official position of the European Union.