Three requirements for want-to-be entrepreneurs

Rose-Marie Almond, Toronto, ON, CYBF volunteer

In my opinion, there are three interlinked requirements for any want-to-be entrepreneur:

Goals. This is your desired outcome. The path to entrepreneurship is just like taking a road trip, where the goals represent your desired destination. Without defined goals you have no way of judging whether you are on the right road or heading down the wrong path.

Passion for what you are trying to achieve. Even if you know where you are heading and how to get there, a lack of enthusiasm or passion could mean that when the going gets tough you’ll just turn around and head straight home without achieving anything but a slight sunburn.

Business basics. You don’t need an MBA, just basic knowledge of how to manage the day-to-day business functions that keep the business afloat. These skills are like the map, keeping track of where you are and what direction to go to reach your destination. Without the basics you’ll be driving round in circles with no idea how to reach your endpoint.