Entrepreneurship can be exciting and rewarding. And while many embark on such an adventure, those with certain qualities or traits tend to find more success, according to Forbes.
Business coach Brian Tracy thinks self-discipline, persistence, decisiveness, integrity and a clear sense of direction are some of the qualities entrepreneurs can learn, according to an article in Entrepreneur magazine. Entrepreneurs also need to be able to delegate, manage their time effectively, communicate well, and enlist the help of other people when they need it, Jonathan Long writes.
In addition to developing or bolstering these traits, anyone going into business for themselves can benefit from a strong foundation in business principles. A business education, whether pursued in a classroom or online, can be an effective platform for long-term success, providing entrepreneurs with the fundamental knowledge and know-how to avoid pitfalls, capitalize on opportunities, and build better relationships.
Four courses may provide future entrepreneurs with skills that can help them hit the ground running.
- Writing. Written communication has grown increasingly more important as email and text have taken the place of conversations. If you can’t write well, you won’t be able to communicate effectively. Writing courses go beyond teaching the basics of grammar and punctuation, giving students the opportunity to develop their critical and analytical thinking skills as well.
- Economics. You need to understand the forces driving market demand so you can set prices and make forecasts. Courses in micro- and macroeconomics give future entrepreneurs an understanding of the tools and concepts of economic analysis, and evaluate anything from business cycles and inflation to production, pricing, and the distribution of goods and services.
- Marketing. A business can’t take off if no one knows it exists! Marketing courses teach the fundamentals of developing and implementing effective marketing strategies, crafting messages that speak to target consumers, and using best practices in print, online and in-person. A marketing course will teach you the four Ps of marketing: how to create compelling products, promote them effectively, develop a pricing strategy and place (distribute) them.
- Finance and accounting. You may not be a numbers person, but every entrepreneur needs to know how to record transactions, manage assets and liabilities, and handle investments. Even if you hire someone to do this for you, you will still need to know enough to evaluate financial reports and make informed decisions.