With the second largest university population in the country and more affordable business costs than other East Coast cities, Philadelphia was recently ranked by Forbes as one of the top 10 rising places for startups. This comes as no surprise at Drexel —a pioneer in the study and practice of entrepreneurship, that established the Close School of Entrepreneurship in 2013 to encourage startup ventures across all disciplines. In addition, the Baiada Institute, a university incubator in the Close School that is home to at least 17 student startups, holds an annual competition that awards cash prizes and incubator space to burgeoning entrepreneurs. So what makes a startup successful?
A lot goes into planning and launching your own business, but experts at the Close School shared the following tips that every entrepreneur should keep in mind.
Find a mentor
Although “learning by doing” is often a great method, there is a high value in gaining knowledge from someone who has previously been in a similar situation.
Do not be afraid to fail
The definition of resilience is one’s quickness to recover; however, in order to succeed, an entrepreneur must learn from each failure.
Associate with positive people
Grow with, learn from and surround yourself with people who not only support your pursuits, but have passions and goals of their own.
Keep an open mind
Preparedness and an openness to pivot are two of an entrepreneur’s greatest tools.
Fear can be an indication that you are on the right track.
The best way to begin your journey is to simply start – speak with your peers, utilize your resources and become the entrepreneur of your own life.