Is entrepreneurship in your future? If so, it’s critical to do a self-assessment and determine whether you have what it takes to compete against countless others in the fast-paced digital age of commercial business.
What you won’t learn in school is that there are at least five off-the-record traits every prospective business owner must have to achieve long-term success.
Along with a unique idea, earning a college degree in a commerce-related subject helps immensely. But knowledge is not enough. You’ll also need, or be willing to develop, excellent work habits, authentic patience, and the ability to outsource when the need arises.
There is no universal formula for winning the entrepreneurship game, but the following five points can get anyone headed in the right direction.
1. Unique Ideas
It’s no surprise that the world’s most successful business owners started out with nothing more than a unique idea or concept. A few that made history include:
- Pizza delivery
- Gourmet coffee shops
- Drive-thru hamburger restaurants
- Fully automated car washes
You don’t need to rock the world or change history with your idea, but it should stand out from what your future competitors will be doing.
Earning a college degree in a business-related subject is the best way to begin an entrepreneurial career. Four years is a long time, but it passes quickly once you get into the coursework. Sooner than you think, graduation is around the corner. For most working adults and high school grads, the only way to pay for college is with a student loan. The benefits of education loans are numerous and include reasonable terms, competitive interest rates, and the chance to focus on studying instead of the next semester’s tuition. Many future entrepreneurs choose majors in subjects like marketing, digital business, economics, management, accounting, finance, and non-profit operations. Try to load your schedule with core courses and electives that can teach you how to run your own company.
Also Read: How To Understand the Interviewer’s Mind
3. The Ability to Delegate
Some find it impossible to let go of even the tiniest responsibilities. They want to do everything, micromanage and have their nose in all aspects of a growing business venture. Unfortunately, in today’s economic environment, that’s a losing strategy. Instead, be willing to delegate and outsource tasks that are best performed by others. Typical categories include accounting, legal research, screening new employees, IT chores of all kinds, and more. Having a solid work life balance means that you will have the energy and bandwidth necessary to be an entrepreneurial success.
4. Solid Work Habits
Hard work has never gone out of fashion, even in the digital age when physical labor is no longer the prime ingredient of a typical job. Keyboarding and online tax planning won’t burn calories or build muscles, but they are both tiring and demanding in their own way. If you want to build a company from the ground up and earn enough to make a full-time living, expect to spend at least eight hours per day on the job, more during the first year of operations.
Patience might be a virtue, but it’s also a foundational trait of people who create companies that work, turn a profit, and last longer than one year. If you aren’t a patient person, cultivate the trait with daily practice and by asking others for help.