Entrepreneur. A word many use to describe themselves, but not everyone understands what it really means. In short, it is someone who runs their own business. In recent years, it generally refers to technology start-ups, but the word is an umbrella term for any business owner.
Starting a business is a risky move. Many have tried, and most have failed.
Finance blogs, such as journeytobillions, are a great place to gather information before starting your journey toward business ownership.
Do Entrepreneurial Credentials Matter?
The importance of the proper entrepreneurial credentials is a hotly debated topic among entrepreneurs. Most new business ventures require funding or investments from outside parties.
Such investors may be more likely to invest if the aspiring business owner has years of schooling or certain degrees under their belt. However, many well-known, successful entrepreneurs don’t hold degrees in their field, or at all.
Bill Gates (Microsoft,) Mark Zuckerberg (Facebook,) Steve Jobs (Apple,) just to name a few examples.
When considering degrees or certificates, one thing to consider is your industry of choice. If your preferred industry is oversaturated with new businesses, a degree or other credentials can give you a let up over your competition.
6 Skills Necessary For Entrepreneurship
Degrees and certificates may be optional, but certain skills are not. Honing these six skills can help your business stand out from the rest.
- Confidence in yourself. If you don’t believe in yourself, no one else will either. However, you also have to be open to criticism. Confident, but not cocky.
- Work ethic to stay focused on the end goal. Owning a business involves long hours, which takes dedication. An owner must be a leader and set a good example for others.
- Honesty and integrity are paramount to a good business. Businesses, especially start-ups, rely on word-of-mouth to get new customers.
- Good communication skills are essential. You’ll need to pitch your ideas, communicate with vendors and the general public.
- Initiative to get the ball rolling. If you’re not a self-starter, your business will never get off the ground. While owning a business requires relying on others, you should always rely on yourself the most.
- Commitment to your business and employees. Starting a business is tough. It can be demoralizing, but it’s important to stay committed. Not just for your benefit, but for any employees you may have.
Experience Trumps Credentials Most of the Time
The general consensus among entrepreneurs is that skills are essential, and everything else is optional. A degree in business management or other business courses can be applied to a wide variety of entrepreneurial ventures.
However, degrees come with a large amount of debt from student loans. As a potential business owner, you have to weigh the cost of the degree with how your business could use that money instead.
The best way to get your foot into the door is to get your boots on the ground. Depending on the industry, many entrepreneurs learn on the job instead of in the classroom.