So You Want to Be an Entrepreneur

In this week’s lesson we learned about what specific skills are needed in order to become a successful entrepreneur. In the article, “So You Want to Be an Entrepreneur” by the Acton Foundation, it suggests that there are three different areas of knowledge that one must gain in order to start a successful business. They are:

1.     In-depth knowledge of the competitive structure of an industry and a network of contacts within that industry;

2.     The skills to run the daily operations of a small, rapidly growing company; and

3.     The ability to raise money.

These three areas of knowledge are what successful entrepreneurs become masters of. The most valuable of the three areas is to have an in-depth knowledge of the industry in which your company operates. When you have a wide knowledge of how the industry is structured, the competitors within the industry, and your target customer, you can more easily identify unique opportunities for your business to pursue.

In the article it states, “…millions of people who have never seen the inside of a business school are running successful companies.” You don’t have to get your MBA in order to be a successful entrepreneur. As long as individuals can develop a mastery of industry knowledge, the day-to-day operations of the company, and how to raise money, anyone can become an entrepreneur, even me!