Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

Consumer Archive

Consumer

Entrepreneurial skills key to future business success

 Permanent link
McLEAN, Va. (9/4/12)--With high student loan debt and a poor job outlook, many young adults are taking the entrepreneurial route to help make ends meet. From snack delivery services to packing and moving assistance, young hustlers are taking advantage of doing for others what others are too lazy to do.

For example, one Georgetown University student's messy room in Washington, D.C., prompted him and a friend to start a dorm room cleaning service that charges a minimum of $39 for each cleaning (USAToday.com, Aug. 28).

Entrepreneurial skills not only can help you pay your way through college or make ends meet until you find a higher paying job, they also could lead you to future small-business success. If you've got the instinct to work for yourself but your business skills need fine-tuning, Myfuture, an Australian career information and exploration service, suggests:

  • Be a better communicator. Ask teachers and counselors for help developing and enhancing communication skills. Attend a communications course--this can be a great first step and a smart way to meet others who share your goals. Good communication skills require good listening skills. If you're hiring employees, good communication will help ensure you hire the right people and help them understand what the job involves.
  • Get more creative. Convergent thinking and divergent thinking are two types of creative thinking: Convergent thinking involves evaluating, analyzing and selecting the best idea. Divergent thinking means coming up with new, diverse and complex ideas. To help amplify these skills, take on new challenges and set goals. Look for new ideas by participating in different activities: Watch a movie that's not your typical style, listen to a different music genre, try exotic foods. Keeping a journal can help your creativity by allowing you to review your ideas, problems, and thoughts each day.
  • Become more resourceful. Resourceful people use their skills and knowledge to find solutions. To beef up your resources, join a professional association and online forums, and subscribe to professional publications. Most important, work in teams to use members' different skills and abilities.
For more information about running a successful small business, watch the new video "Separating Business Records From Personal Records" in the Home & Family Finance Resource Center.