Things for your students to ponder that may want to become Entrepeneur’s

I recently saw a blog from Melanie Nelson of MRN Consulting where she outlined her experience of leaving a job in the Corporate world to go out on her own as an Entrepeneur. I thought she had some good points that might be worth pointing out to your students that have an interest in starting or running their own business. I’ve personally been self employed since 2001 so I know the positives and negatives of running your own business.

She outlines 4 key questions that your students should ask themselves if they are considering going down the Entrepeneurial path:

  1. What is my tolerance for risk?

Look at both the practical side (finances required to launch and run the business) and the emotional side (how will the stress of launching the business effect you?)

2. How well do I self-direct?

Do you know how to define priorities and set meaningful and useful goals that will advance those priorities? Can you make a plan to achieve those goals and then execute it? How will you behave with no external accountability other than your bank account? Again, force yourself to be honest as you consider these questions. Melanie Nelson recommends finding a business mentor that can help and guide you.

3. How do I feel about marketing and self-promotion?

You MUST market both yourself and your business to succeed. If you see Marketing and Sales as distasteful and something you hate and don’t want to do, being an Entrepeneur might not be the right career path for your students.

4. How will I balance my company with the rest of my life?

As I write this blog on a Saturday afternoon after spending the last hour doing Quickbooks work I will be the first to tell you that being an Entrepeneur can be time consuming. It is important to also have a life balance where you have other likes and interests. Mine are spending time with my wife and family and taking several nice vacations each year to recharge. Your students should keep in mind that owning their own business may seem glamourous but that there will be times when a critical deadline is approaching and will need to be met. As a company employee, the stress level may be lower in some cases but the freedom and satisfaction of being their boss can’t be understated.

Want more? Here is a link to Melanie’s blog: