4 New Rules for Modern Entrepreneurs

The path to successful entrepreneurship is changing rapidly. Today’s startup and small business owners do best when they have relevant industry experience, a college degree, work alongside a mentor for at least a year, and develop an extensive professional network before venturing out on their own. Consider the following rules as you consider your future as an entrepreneur. Pay special attention to the ones you haven’t yet achieved or focused on.

Get & Finance a College Degree

There was a time when entrepreneurs didn’t need to hold diplomas from accredited institutions. Nowadays, getting a degree in business, liberal arts, or an IT-related field is the most efficient way to build a successful career as an entrepreneurial leader. It’s possible to earn a degree in any field, like engineering, the hard sciences, economics, or foreign language, but a more generalist approach is often the better route to the top. 

In the 2020s, it’s easier than ever to seek out, find, and apply for multiple kinds of scholarships. Then, use the money to finance a portion of a degree or, with a little bit of luck, the whole cost of a four-year education. For doing a thorough scholarship search, the internet is an ideal tool because nearly every opportunity is published on the sponsoring institution’s website. The good news is that there are a few excellent search services that can help applicants get started, seek out as many scholarships as possible, and apply via a streamlined process.

Work with a Mentor

Finding the right mentor can drive change within your career in so many ways. But getting the most out of a mentor is a two-part task. The first is locating the right person, and the second is knowing how to develop the relationship correctly. Use one of the no-cost online tools to find someone who is willing to serve as a mentor. If you’re lucky enough to personally know a person who can fill the role, consider asking them. Otherwise, use a web-based platform and fill out the necessary data so you can be matched with volunteers who are suited to your career path. Then, remember to follow the etiquette that goes with the territory. In general, that means not imposing your scheduling needs on the mentor’s time constraints or if their life revolves around your needs.

Network Like You Mean It

Don’t procrastinate about building a professional network for yourself. Start now by listing every name you can think of who might be able to further your career trajectory. Include instructors, employers, supervisors, coworkers, fellow students, friends, neighbors, family acquaintances, and people you know through social media. Decide whether to include a name on the list based on whether that person can enhance your career prospects now or in the future.

Acquire Relevant Experience

Try to get at least one year of direct experience in the industry you intend to enter as an owner. View the experience, whether it’s entry-level or not, as an educational process. Learn as much as you can about the industry and keep an open mind about possible changes of direction. There’s no need to set all your plans in stone during the early years of career exploration.