Do You Have What it Takes to Start a Business?

If you want to know how to get somewhere, ask someone who has already arrived. In a USA Today article, Jim Hopkins asked “entrepreneurs, private investors and academics which experiences, traits and skills” could help a person succeed with their own business. Their answers are listed below:

• Childhood experience
• Entrepreneurial genes
• Family support
• Money doesn’t motivate
• Passion
• Pragmatism
• Risk-taking
• Strong ethics
• Tech ease
• Tenacity
• Resources

My favorite piece of advice was that money doesn’t motivate. Scott Laughlin, director of the University of Maryland’s tech entrepreneurship program summed it up with the following quote

“Entrepreneurs are much more interested in ‘wealth’ rather than ‘riches,’ Riches are piles of money, wealth is broader, encompassing less-tangible rewards such as respect and independence.”

It makes sense that if we can focus on what we want to create and who we want to become as a business owner, we’ll be motivated to succeed and the money will follow.

Ben Edwards, the founder of Money Smart Life, saved up enough to buy a Nintendo back when he was 12 years old. When he used the money to buy shares of Wal-Mart stock instead, he knew he wasn't like the other kids... His addiction to personal finance has paid off for his family and now he's helping you to afford the life that you want. Check him out on the web at Google Plus, Twitter and Facebook.

All posts by Ben Edwards