So, you want to be an entrepreneur? Here are the skills new grads need to build the next big thing

Article by Shane Schick from The Globe and Mail. Full article is available here.

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When Jesse Rodgers recently listened to a student describe how they are customizing ChatGPT to help complete their assignments, he didn’t see someone trying to cheat the system. He saw a potential entrepreneur.

“These folks are entering the work force with so much more horsepower at their fingertips,” he says, referring to recent postsecondary graduates. “They have toolsets to build the kind of companies that take over the world.”

If entrepreneurship sounds more appealing than jumping through HR hoops to land a traditional job, Mr. Rodgers is among those ready to help.

He is the founder of Builders Club in Kitchener, Ont., which offers a membership-based program that includes meetups and project feedback at a space called StartupBarn. The idea is to support early-stage entrepreneurs in getting their ideas off the ground.

The importance of resiliency

While many people dream of starting their own business, Mr. Rodgers says only a few tend to make those dreams a reality.

“You can’t spot winners early on,” he says. “Everyone has the same energy, the same excitement. They all want to figure things out and solve problems. I think the only thing that indicates they’ve got a better chance of success in the long term is their resilience – that ability to tackle what’s in front of them and keep going.”

Jeff Larsen, assistant vice-president of innovation and entrepreneurship at Dalhousie University, agrees. He says creativity, risk management and financial literacy are all essential attributes for potential founders, but resiliency is particularly critical.

Mr. Larsen is helping develop a national network of programs called Lab2Market, which provides training in innovation, commercialization and entrepreneurship to students as well as postdoctoral and faculty researchers. While Mr. Larsen says Lab2Market does a good job teaching the technical competencies of entrepreneurship, such as validating a product concept and building a business plan, the pressure that comes with launching, building and expanding a company can take its toll.

“Entrepreneurship is really, really hard,” he says, adding that Dalhousie has brought in sports psychology professors who have worked with Canadian Olympic Team members to develop the mindset necessary to confront and overcome some of the common challenges.

Combine self-assessment with expert advice

One way to assess your readiness for an entrepreneurial journey is to tap into the expertise of mentors and trusted advisers, suggests Karen Greve Young, chief executive officer of Toronto-based Futurpreneur, a non-profit that supports aspiring business owners aged 18 to 39. She encourages would-be founders to ask themselves how long they’re willing to wait for success, and how well they can roll with the punches.

“Sometimes people stop after plan A or plan B, and it’s probably a good idea to almost think of it as a tree,” she says. “There can be all these little branching plans based on the way that you might have to pivot as you go.”

Getting started as an entrepreneur

The question is, how do you land on that million-dollar idea? Mr. Rodgers advises recent grads to draw upon any work experiences they’ve had to date as they try to identify potential startup ideas. Don’t be limited to starting companies that only serve consumers, either: there is a huge market for business-to-business (B2B) products and services, from software to office supplies and more.

Once you think you’ve found a niche, go all in on research. Mr. Larsen suggests trying to interview 100 potential customers to see if your business idea could pan out. And it’s okay if becoming the next Elon Musk isn’t your primary goal. Plenty of great entrepreneurs are primarily motivated by the impact they feel they can make, Mr. Larsen says.

Although seeking funding and making those first sales involves a lot of rejection and failure, Ms. Greve Young says founders should remember all entrepreneurs tend to face similar challenges. Those who succeed also tend to cultivate a healthy sense of self-confidence that helps them persevere.

“They have to trust that at their core, they’re the one with the idea. They’re the one putting it all on the line,” she says. “And there’s a lot of strength and a lot of amazing positive energy that can come from that faith in yourself.”