Young African Leaders Initiative

Global Entrepreneurship Week is a collection of interconnected startup communities across the world, devoted to the notion that all boats rise on an incoming tide. That’s according to Jonathan Ortmans, the founder and president of the annual enterprise, which unfolds in 140 countries. Ortmans, who started his own company at the age of 19, offers these guidelines for the up-and-coming businessperson.

Is it a good time to start a business?

• Startup communities are stronger than ever. They provide entrepreneurs with resources, inspiration, peer support, networking events and more.
• Entrepreneurs can access many online free education tools, such as the Kauffman Founders School, the Khan Academy entrepreneurship series and EdX.
• Entrepreneurs can implement business ideas with less initial capital today, using new technology and platforms.
• Business creation is no longer a matter of pedigree, family or elite education. Entrepreneurship is open to all.
• Customers are more open to new solutions. Many early adopters are willing to provide entrepreneurs with the feedback to fine-tune products or services.

What are four qualities required to be a successful entrepreneur?

1. Entrepreneurs are sustained by their passion in the pursuit of success, even when the odds are against them.
2. Successful entrepreneurs know how to effectively collaborate and communicate with others, which are crucial skills for marketing ideas, building teams, seeking financial backing and other critical startup activities.
3. Successful entrepreneurs understand the value of a support system in their community and aren’t afraid to utilize it.
4. Successful entrepreneurs have previous experience in the sector they are entering.

What are three pieces of advice for new entrepreneurs?

1. Wait to seek outside capital. You’ll build a nimble business by standing it up on your own and finding advice from mentors rather than investors. Evaluate why and when to raise money, as well as the consequences of accepting outside funding.
2. Build the right team. Each member of a startup team should bring new, complementary skills to the table while sharing the passion for the idea.
3. Test the vision continuously. Validate your idea, keeping your startup lean, improving your concept, measuring success, learning and … doing it all again.

Interested in taking the next step with your business? Check out our #YALIEntrepreneurs page.

Learn more about Global Entrepreneurship Week.

This article is condensed from the original version appearing in The Europtimist.eu.