6 steps on building a startup and being a successful entrepreneur.
Despite the rush in every academic institution to offer more courses on entrepreneurship, I still haven’t found it to be something you can learn in school. Of course, you can pick up the basic principles this way, but the problem is that the practical rules for success are changing so fast that no academic can keep up. The best thing you can learn in school is how to learn.
The successful entrepreneurs I have met and worked with over the years all seem to share that passion for learning, and they see rapid market change not as a problem, but as an opportunity for them to move ahead of the crowd in changing the world. Making big money is usually the last thing on their mind, and most are happy living on Ramen noodles in a sparse apartment.
From a practical standpoint, there are many ways to learn about business change, and the opportunities that may spring up at any moment. Here are six steps that every aspiring entrepreneur should take full advantage of:
1. Communicate with peers who have “been there and done that.”
The common term for this is networking, but I find that many aspiring entrepreneurs like to do all the talking about their latest new idea and fail to listen. You don’t learn anything while talking. Successful entrepreneurs love to share, but they respond better to pull rather than push.
2. Research current success stories and role models.
The Internet is better than the Library of Congress or any university, since it changes daily to keep up with reality and is interactive. Reserve some time each day for your favorite blogs and influencers, follow up with social networking and expand your personal contacts offline.
3. Find a business mentor, as well as a friend.
A mentor is someone who will tell you what you need to hear, while a friend might tell you what you want to hear. Actually, you need both, and the ability to tell the difference. I find that all entrepreneurs benefit from bouncing their ideas off someone else, and unique perspectives can add real value.
4. Don’t skip new “learning how to learn opportunities.”
These include the classes in school that focus on case studies and team exercises, but extend beyond the academic world to professional and industry seminars. Focus on the opportunities that match your needs for today, since you never know too far ahead what you need to know next.
5. Volunteer to help organizations related to your interest.
There is no better way to broaden your perspective and understand realities than to work in an environment where motivations are positive. You can get real leadership experience and real learning without long-term commitments and financial pressures.
6. Start your own small business.
The cost of entry for an entrepreneur is at an all-time low, with very low incorporation fees in most states, website creation tools for free and the ability to create and offer smartphone apps for a few thousand dollars. Learn from the challenges of a startup with a low-risk idea before you bet it all on the big dream.
I fully recognize that self-initiated learning is not for everyone. If you are one of those people who likes structured classes and counts on spending a couple of week in the classroom every year to catch up, I don’t recommend the entrepreneur and startup lifestyle. Starting a new and innovative business is not a highly structured process, and finding time for structured learning is unlikely.
Finally, it is always helpful to check your motivation to be an entrepreneur. If you see it as the path to easy money or as an escape from an existing job or family pressures, it’s time to recognize that learning doesn’t come easily if your heart isn’t in it.
There is no substitute for doing what you love, and loving what you do. Once you learn to love learning, you too can be a successful entrepreneur.