Most entrepreneurs think that the only thing that matters in businesses and start-ups is capital. What they do not know is that aside from the financial aspect, there are 3 more key factors to consider in the industry.
In this fast-paced world wherein everything changes in just a blink of an eye, the ability to cope with the trend is one thing to consider. Weber (2019) noted that the businesses that survive and thrive have one thing in common: the ability to be nimble. According to Accenture, enterprise agility delivers significant financial benefits. Truly agile firms are more than twice as likely as the average organization to achieve top-quartile financial performance (55 percent versus 25 percent). Nowadays, compatibility with technology becomes a must everywhere and anytime. The Human Resource Certification Institute said that 85 percent of the jobs that today’s students will do in 2030 haven’t been invented yet. That is why if you are planning to venture in the field of business that is future ready, you should prepare to equip yourself with various technical skills – artificial intelligence (AI), cloud computing, web and application development, interface
design, robotics, and such.
While intelligence and skills are essentials towards achieving a successful goal, one should not neglect knowing what you really love – a burning passion. Angela Duckworth argues that an individual’s grit is a better predictor of long-term success, more than talent or IQ. Obstacles will really occur no matter how much you’ve prepared yourself for this venture. However, most people stop in the middle of these obstacles. Successful businessmen never stop; they possess resiliency that comes from their passion, perseverance, and purpose to save their idea – and that is grit. As J.K. Rowling said, “Anything is possible if you’ve got enough nerve.”
An entrepreneur is expected to be a jack of all trades – an innovator, a risk taker, a developer, a critical thinker, a communicator, and a lot more. According to Stanford University’s economist Lazear, “entrepreneurs need to be good at many different things, that is, they are generalists rather than specialists.” With this being said, it is vital to be equipped with the right skill sets to be able to translate your ideation. Therefore, agility and grit combined with the correct entrepreneurial skills will surely make you lucrative.
If you think that you want yourself to be equipped with the right mindset, heartset, and skillset for your next entrepreneurial journey, then SAGE’s Spark and Adopt Program is what you are looking for. This will equip students like you with the right entrepreneurial learning – an opportunity for them for personal development, join our business ideation workshop, and have a demo day. It is beneficial and best suited for universities or institutions aiming to incubate their own students’ startups.
By: Jean Arrietta
Find out more about SAGE and its programs at: www.sageedutech.com