In one of our Comm101 classes, the discussion for the class was Alumni. Hearing different alumni talk about their experience in entrepreneurship was interesting and exciting. This is when I decided that starting my own business wouldn’t be such a bad idea. I already have the passion, what else would I really need?
That’s when I came accross Chad Brook’s blog on the traits of successful entrepreneurs. Chad talks about how passion isn’t the only important thing when striving to be a successful entrepreneur. Yes, it is important but theres more than that. One of the most important things is family. Family time helps you clear out your mind and gives you space to thing and re-energize.
Another key factor was managing finances. In my opinion this is very important because diving into a business with no idea of how to manage your finances and cashflow could be disastrous. One of the alumni from our class had 4 previous businesses before his current one. If I would in his position, I would have given up. But he spoke about how he found the motivation to learn from his mistakes, and Chad talks about the same thing in his blog. Failing once doesn’t mean you’re going to always fail, but rather we should take our failure as a lesson and improve on what we can.
From reading this article, I learnt that business is not only about making profit. It’s about learning from all the different aspects, whether it’s marketing, finance or accounting. Putting these into practise drives your business to being successful.
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