Hail the rise of young entrepreneurs and strengthening of the economy!
Powered with technology, fast access to knowledge and financial sustenance provided by the parents; it is easier for the young college going Millennials to plan on skipping college to get on the entrepreneurial track fast.
But before you plan on skipping college or continuing with the entrepreneurship plans part-time, perform a smart evaluation on what must be your next steps.
Here are some virtues that can define success for you:
Skills first
Not only technical skills but entrepreneurial skills must be honed to ensure you know what you are getting into. One of the best ways to accelerate on this plan is to take on entrepreneurship classes at your college or those offering nearby. You’ll get first hand information from the professors who have mentored many in real-business.
Set Practical Expectations
Our success is dependent on our expectations – of ourselves and the results. Be practical and flexible on your expectations. The old saying is still true, aim for the stars you’ll get to the moon at least. Have high expectations but keep them in check with the retargets and time frame you set for your project.
Focus on the Value
Many young entrepreneurs are excited and influenced by the money they would possibly make by being an entrepreneur. Do not make that your driving force, you could be terribly disappointed because it might not get you anywhere. Focus on the value you offer through your service or product. What value are you providing your customer? What problem are you solving for them? If you don’ have an answer, the time to think about is now, not later. Don’t begin unless you are clear on this vision.
Patience, my friend
This is one virtue which perhaps you do not have right now. Build and cultivate on it, you’ll need it in plenty on the path to entrepreneurship. Hustle you must, but with patience. Having patience does not mean growing slow or working at a slow pace; it means bearing up with the situations and results. The real world does not work like mom did for you – instant breakfast, food, laundry and pocket money! For the entrepreneur the road is often tougher than you might anticipate. Those who have been there have been through a long trail of struggle, though it may not seem so at first glance. Failures are an integral part of learning for the entrepreneur and having the patience to go through it all will help you emerge as a winner at the end.
Good luck! Oh, yes you’ll need plenty of that as well!
Now with a good idea and a brilliant mind, you might not really make it as an entrepreneur unless you get funded or supported by a VC (though not a must). Also, there might be a better chance to get this funding if you go on to complete your degree. Here’s an interesting infographic on which universities graduate the most entrepreneurs and how much funding these alumni get from investors and venture capitalists:
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