Before discussing the things you need to be a young entrepreneur, let’s talk about what you don’t need – you don’t need a college degree, you don’t need to have a huge bank account and you don’t really have to be at a particular place or country. You can be a successful small entrepreneur no matter where you’re from, even without having much financial support or even without a fancy college education. While there are a many academic programs that prepare students for entrepreneurship, remember, entrepreneurship cannot be taught – it has to come from within, and not everybody can succeed at a business entrepreneurship.
Now that we’ve got what you don’t need to be an entrepreneur out of the way, let’s discuss the qualities that young entrepreneurs must have. Let’s see if you can successfully answer all the 7 questions that we’re going to ask you. If you do, congratulations, business entrepreneurship is just the thing for you, and you’re going to be great at it!
Are you Passionate about your work?
Even without much financial support or help of any other kind, if you’ve great passion for what you do, that is 50% of what you need to be an entrepreneur. To be an entrepreneur isn’t easy, you’re likely to be under severe stress, have to work really hard and stay without a paycheck for a long time. There is just no way for you to withstand the rigors of business entrepreneurship if you’re not exactly in love with what you do. Passion – most important quality that the young entrepreneur needs.
Can you provide a value to your customers?
As an entrepreneur, you should ask yourself – are you serving a need? Are you providing value to your customers – solving a problem, making things easier for them, fulfilling a strong requirement or need – enough for your customer to happily part with their valuable money for your products or services? Your customers have certain problems. Can you solve some of those problems? Your success as an entrepreneur depends on that.
Are you prepared for any eventuality?
Do you have a well thought out strategy? Are you a strategist who plans methodically, does extensive research and knows exactly how to react to a certain situation? Many things happen in a business that catch a small entrepreneur by surprise. Your business partner may quit on you, your supplier may miss a delivery, a customer may not be satisfied with your product. The young entrepreneur should always expect the unexpected and have a plan to deal with it.
Are you a disciplined person?
Being an entrepreneur creates a considerable demand on your time and financial resources. There is no way for you to handle the great stress if you don’t have a proper time management and financial management in place. You must budget your work, always exercise great control. And always stick to a schedule, don’t wait till the last minute of a deadline to finish your work. Start early and finish well.
Do you have the requisite business knowledge?
While you don’t have to be an expert in your area of business – for instance, to be an Internet entrepreneur, you don’t have to know every Internet technology. But you should know enough so that you are aware of all the basics. Sure, you may always hire an expert to handle the details. But you should have a basic understanding of how things work in your business. This way, you won’t be blindsided by anyone.
Do you have reasonable marketing skills?
You cannot succeed at a small entrepreneurship without knowing how to market your products or services. Sure, there are many marketers who promise to do the same for you, but you should have an idea of marketing or advertising. Else, you could so easily be taken for a ride. It helps to know the essentials of internet marketing, search engine optimization and advertising, even if you hire an expert to take care of these things.
Do you have the determination to stick through for the long haul?
Nobody said it was easy to be an entrepreneur. But you realize just how hard it is, only once you’ve decided to take the plunge. You may have to go for months without a paycheck as it may take a long time for your business to show profits, you may have to work 18 hours a day, 7 days a week for months, even years, you may face problems with unreliable suppliers, have to reckon with business partner problems, face issues with your staff. Eventually, you may want to give up and go back to your old job in a big company. Can you stick through this hard initial period? Because of you do, the thrill of achievement that you’re likely to get when your business turns profitable is worth much more than any money can buy.
Well, those are the 7 questions that any wannabe small entrepreneur should ask himself or herself. It’s not easy to be an entrepreneur, but there is no job on the planet that is likely to give you greater job satisfaction. And remember, as an entrepreneur, you’re your own boss. The modern world has been made possible by entrepreneurs, not by politicians or those seeking the safety of a 9-to-5 job. So, prepare yourself for what it takes to succeed at business entrepreneurship and take the plunge!