Georges Hanna : Must-Have Skills for Entrepreneurs in 2024

Georges Hanna is founder of Smart Income Lifestyle Inc. Today, they share their tips on the must-have skills for entrepreneurs in 2024.

Can you tell us a bit about yourself and what got you into entrepreneurship?

Entrepreneurship is the only way to real freedom. This realization got me into starting my first business in 2008 and learning how to work not only on my business but also on my skills to keep up with the everyday challenges and growth. With my roots in Lebanon and now based in Halifax, Canada, this helped me impact many entrepreneurs globally, helping them scale their businesses for success and freedom. As a real estate investment expert, I launched the Investors Magnet Challenge, aiding portfolio owners and real estate participants in capital growth and investor attraction. My entrepreneurial philosophy emphasizes owning one's future, viewing business as a science rather than a hobby. Your business is the best personal development journey you can go on. This belief has propelled me to mentor thousands across Canada, the USA and the Middle East, focusing on starting, sustaining and scaling businesses online. 

What are the top three skills you think are crucial for entrepreneurs today?

- Sales Mastery: The essence of sales is not merely solving problems but transforming perceptions. True communication is about elevating how people think and feel, leading to decisive action. Remember, when people invest in your ideas or products, they're investing in you. What, then, are you investing in yourself? Mastery in sales transcends problem-solving; it's about reshaping realities and unlocking potential.

- Accelerated Learning: The chasm between wealth and scarcity often lies in one's ability to rapidly acquire new skills. Knowledge becomes power only when applied. Challenge yourself to invest 100 hours annually in personal development; it's the escape from the mental confines that limit your potential. Wealth demands speed—embrace continuous learning as a daily ritual, mirroring the necessity of basic life activities. The speed from concept to execution defines your success; delay is the enemy.

- Asset Creation and Adaptability: Shift from consumption to investment. Investing in skills, properties, or meaningful relationships builds your asset base. Understand that control over finances equates to control over outcomes. Simultaneously, adaptability and digital literacy are non-negotiable. Dominate by pivoting with the times, leveraging technology to innovate, and engaging customers. Finally, emotional intelligence (EQ) is your cornerstone, enabling leadership with empathy and fostering a culture of innovation and collaboration. This blend of skills—sales, learning agility, investment acumen, adaptability, digital fluency, and EQ—charts the path for entrepreneurial success in today's ever-changing landscape.

How do you think the role of technology has impacted these skills in recent years?

In the digital era, ignorance is the true risk, not the technology itself. Mastery over evolving tools and platforms reduces risk, making adaptability an essential trait for survival. As artificial intelligence (AI), blockchain, and the Internet of Things (IoT) redefine possibilities, entrepreneurs are called to be agile, transforming challenges into opportunities. This acceleration demands quick learning and the readiness to embrace and integrate new technologies seamlessly into business strategies.

Meanwhile, the essence of human connection—conveying empathy and understanding through digital mediums—becomes increasingly crucial. In a world awash with data and digital interactions, maintaining emotional intelligence amid technological advancement is not just beneficial but necessary for leading effectively and fostering meaningful connections.

Could you share a story with us about how you used some of these skills to overcome a challenge in your journey?

My journey embodies the wisdom of F.M. Alexander who once said, “People do not decide their futures, they decide their habits and their habits decide their futures.” The greatest adversary I faced in my life was none other than myself: a version plagued by laziness and negative societal programming. I realized the biggest thing stopping me was actually me! I used to be a bit lazy and think in ways that weren't very helpful, all because of the kind of ideas and habits I picked up from around me. But then, I started learning new, positive ways to think and do things. I used to try businesses that didn't work out because I wasn't thinking about them in the right way. But as I learned more good habits, everything began to get better. Now, I have two businesses that are doing really well, and the best part? I'm happy, not worried about things, and I get to have a lot of fun times with my family, just the way we like it. It's like magic how changing what I do every day changed my whole life!

In your opinion, how important is it for entrepreneurs to adapt to changing trends and what do you see as the biggest trend in 2024?

This agility is crucial for staying relevant and capitalizing on emerging opportunities. Artificial Intelligence (AI) stands out as a transformative force, evolving to offer predictive insights, personalized experiences, and even human-like interactions. However, with great power comes great responsibility. The ethical deployment of AI, ensuring transparency and accountability in AI-driven decisions, will be pivotal. Entrepreneurs prepared to embrace AI's potential while addressing ethical dilemmas, privacy concerns, and the imperative for continuous learning and skill development will spearhead innovation and growth in the coming year.

What's one common mistake you often see new entrepreneurs make, and how can they avoid it?

A frequent misstep for new entrepreneurs is overlooking the critical role of market research and customer validation. The allure of innovation can sometimes blind them to the reality that not every product will resonate with their intended audience. This can lead to the launch of products that fail to address real needs, wasting both time and resources. To sidestep this pitfall, engage deeply in market research to truly understand your audience, validate your ideas through the development of a minimum viable product (MVP), and actively seek and listen to customer feedback. This approach not only mitigates risks but also ensures your product genuinely meets market demands. Remember, flexibility and the readiness to pivot based on real-world insights are your greatest allies in crafting solutions that resonate and succeed.

How do you keep learning and growing as an entrepreneur?

By incorporating an Eternal Student Mindset for Entrepreneurial Mastery. The key to sustained growth as an entrepreneur lies in never ceasing to be a student. Mastery in a specific domain can set you apart in a world of generalists. Wealthy individuals understand that learning is a lifelong journey, not just confined to formal education. To cultivate continuous growth, immerse yourself in the vast ocean of online resources, from online courses to webinars, that cover cutting-edge topics and foundational knowledge alike. Embrace the habit of reading extensively, not just to gather information but to spark inspiration and innovation. Networking and collaborating with a diverse group of individuals can unlock new perspectives and opportunities. Remember, experimentation and the acceptance of failure as a learning tool are crucial for refining your approach. Regular feedback and self-reflection are invaluable for personal and professional development. Keep your curiosity alive and your mind open to new ideas and invest in your personal development to enhance your leadership and emotional intelligence. This holistic approach to learning ensures you remain at the forefront of entrepreneurial success.

Finally, what advice would you give to someone just starting their entrepreneurial journey in 2024?

Forge your path with purpose and persistence. As you embark on your entrepreneurial journey in 2024, remember that true success transcends material—money, food, exercise, and travel are merely conduits, not destinations. Challenge the consumption-driven narrative instilled by traditional systems; it's your time to create, not just consume.

Recognize that the concept of competition fades in the presence of genuine value and sharing your unique expertise. Understand that overcoming procrastination and comfort zones demands persistence and the creation of new habits, not fleeting attempts at change.

Embrace your worth and values; let them guide your decisions and interactions. Your entrepreneurial venture is an extension of your identity and principles. If an opportunity aligns with your values and vision, seize it; if not, let it pass without regret.

Empower yourself to take full responsibility for your life, breaking free from mental constraints rapidly, not over years of struggle. Learn the languages that matter: money for the economy, food for health, happiness for mental well-being, and love for emotional richness.

As you step into the entrepreneurial arena, aim not just for financial success but for a legacy that mirrors your deepest values and aspirations. This journey is about more than building a business; it's about crafting a life of abundance, impact, and fulfillment.