1. Embrace Failure.
Ask any fortune 500 executive and they will agree that failure is just a part of success. There is nothing wrong with failure because through experience we learn to make more wiser business decisions. An entrepreneur must accept failure and face it head on. Almost all successful entrepreneurs have failed at one point in their career. Learning from ones failure is the best reward.
2. Raise Capital.
Raising capital for a novel idea is imperative for an entrepreneurs success. A innovator cannot simply knock on a V.C's door asking for thousands of dollars. Investors and banks expect a well thought out business plan detailing the product, how it will make money, and your plan of action.
3. Budget Management.
Coming straight out of college, it is usually safe to assume you have never monitored large sums of money. Part time jobs and student loans definitely will not cover a companies start-up costs. The ability to comprehend a balance sheet is mandatory.
4. Pivot When Needed.
In college you started out as a literature major, changed to Anthropology, and graduated as a Environment Engineering. It is actually quite common for college students to change their majors during their education. This is one skill that will become useful in the business world. Markets constantly change. A business leader must be able to feel the change in the tide and adjust his efforts accordingly.
5. Never Think Inside of the box.
In school, everything is structured into right and wrong answers. In the innovative environment of silicon valley all rules are thrown out the window. You must be able to explore ideas that are outside of the status quo. Novel and abstract thinkers are the ones who change the world. The people who follow societies rules are forced to into submission.
6. Construct the Perfect Team.
Interacting with colleagues in college is not the same as engaging professionals in the real world. No matter how close you are to your friends, the beer bong champion of your fraternity will provide little assistance when trying to get a starup up off the ground.
When running a startup you must be willing to step out of your comfort zone and reach out to the right people. With the right team anything is possible.
7. Master the art of Sales.
In order for your organize to succeed, you must become a master salesman. Where ever you go you must be prepared to market the company's product to colleagues, venture capitalists and customers. If you never took a marketing/sales course in school than this can all be difficult. Sales and public relations is not something many colleges teach correctly. It is a skill that must be developed through experience. You must be able to read people and determine what needs to be said in order to get them hooked on your company's mission.
8. Monitor your health.
In college many students stay up late, party, take road trips, and explore exciting activities at the drop of a dime. Being a part of a startup, you and your colleagues will put forth a lot of effort and hard work. You will not be able to miss meeting due to a hangover or a last minute trip to the beach.
9. Become a People Manager.
Some people are born with the charisma and confidence it takes to be a leader. Others become leaders through life developmental experiences. Being a people manager, actually managing individual contributors, is something new in nature.
Great people managers may also be great leaders, but not all leaders can be great people managers. People managers are able to guide, inspire and make tough decisions. You will not study these skills in class.
10. Time Management.
In a starup you must be able to organize your time down to every 30 minutes. There is no free time. Free time does not exist in the start up world. When your friends are out drinking, you'll be working. When your partner goes out with his/her friends, you will be working. You will be working the majority of your time during the first years of development. You have to be comfortable with this.