Entrepreneurs: The Business of Growing Ideas

Entrepreneurs are commonly viewed as innovators - people who build new businesses or create new industries simply from an idea. While countless articles have been written about the attitudes, traits and characteristics of successful entrepreneurs, why not just answer the questions below to see if there’s an entrepreneur in you!

• Are you comfortable with taking risks and changing your agenda based on your environment?
• Do you like challenges? 
• Are you good at dealing with people?
• Are you persistent in reaching your goals?
• Are you self-disciplined?
• Are you a good planner?
• Are you comfortable working in uncertain environment without any rules or guidelines, able to think outside the box?

If you answered “yes” to most of these questions, you definitely should consider starting up your own business. Mind you, it won’t be easy. But, that’s what separates the successful people versus other people in that they act quickly and decisively. Ideas are everywhere, but it’s the ones who act despite uncertainty who increases their chances of success. 

Channel your own beliefs to chart your own path to success. We’ve outlined some key tips to inspire the entrepreneur in you!

To build a successful business, it is useful for you to have some knowledge from a wide variety of fields. Once you start your business, you will soon realize just how important and handy it is to have an arsenal of skills that you’ll need to apply to not only manage the business, but also your team, clients, customers and stakeholders. That’s why, it’s crucial that you start learning these skills during your university years. Here are some key areas that will be useful:

#1 Know your numbers

Look for opportunities whether in university clubs or associations to gain new knowledge and skills in the area of finance and accounting. This will help you immensely at the start when you’re drafting your business plan and doing up forecasts for the company, as well as prove to be useful as you take stock of your company’s finances, while assessing risks and opportunities. You’d definitely want to learn as much as you can investments and fundraising strategies that you can learn by possibly being a Treasury for a university club. 

#2 Make a bulletproof plan

Running a business is challenging enough; imagine running one without a plan. You must always start with the end in mind, and then work backwards and place all the necessary steps you feel will lead you there. Even though the vision may evolve, having a compass pointing you to your desired destination will ensure that you stay on track towards achieving your vision. The clearer and more thorough your plan - to include setting goals for marketing, finance, production, sales, human resource - the better your chances of success. 

#3 Talk #likeaboss

Whether it’s selling your vision to potential investors, attracting great talent, rallying a team or managing clients, you’ll need great communication skills in order to articulate your vision to get buy-in from all stakeholders. Never underestimate the power of communication not only involves being able to convince people, but also being a good listener and being aware of your body language. 

#4 Lead by example

When you run your business, all eyes are on you - your team, customers, clients, and shareholders. It’s critical that you embody the traits, attitudes, personality and character that you seek from your team. It’s very obvious when there’s an infectious positive energy that stems from a strong leader sending its waves to its team. Be the change you seek, and remember to always stay grounded and have open communication with your team members. 

Your university years are the best time to explore new ideas and seek out opportunities. Use it as a time to also network and make friends as you never know how far and deep some of these friendships may take you. Forgo that mamak session or game time at the cybercafe and use this golden time when you’re in university to learn and soak up as much useful and valuable skills and experiences that you can carry with you for the rest of your life.