Entrepreneurship has become the new buzzword in the business community. Whether it’s through classes, seminars or events, everyone wants to know the “magic formula” for becoming a successful entrepreneur. Unfortunately there is no magic; however, there are a few key components that every entrepreneur should have in their toolbox. These are:
Knowledge: This includes specific knowledge about your industry as well as general business best practices. Here at Start Smart enabling entrepreneurs to access knowledge is key, and this has led us to create our own comprehensive approach to training. In addition to accessing knowledge through education, it also important to seek opportunities to build relevant experience and engage with those who have it.
Network: The saying “it’s all about who you know” also rings true in the world of entrepreneurship. Your network can help you gain access to your next customer, supplier, funder or evangelist.
Funding: While having the right idea and network are important, money is ultimately what will determine how long it takes to bring your idea to fruition. Ironically it takes money to make money, so it’s important to identify ways in which you can access the appropriate level of funding whether it’s through donations, grants, personal savings or investments.
When combined with dedication and passion for your chosen pursuit, these three components can go a long way towards paving the way for entrepreneurial success. Have you come across resources that have helped you become a better entrepreneur? Share them today!
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