Starting a business after your higher education
Every year thousands of graduates walk out of government and private higher education institutes into the bigger world hoping to become innovators, founders and entrepreneurs which is rather easy to be said than done.
Among these graduates, some are determined to follow the road less travelled, by creating their own career path. But with all the completion and challenges, it will be an advantage to test whether you have what it takes to start up a business.
PASSION
For a business to thrive, it is important to have the passion to work and the work should bring you fulfilment. A founder’s dedication guide to dig in, learn and add value for a business and it helps to get through the rough patches which are an inevitable part in any kind of new venture.
What is important is that it provides a unique view that others often do not see. Steve Jobs had the vision of creating a phone with one button in the front and Jeff Bezos, the creator of Amazon had a vision for a store that sold everything. Both these leading entrepreneurs had a passion of their own which drive them forward.
DOING RESEARCH
Even it seems to be time-consuming to study every element, doing research could help the business to be visible. Many globally recognised business icons encourage young entrepreneurs to conduct market-based research for it is the map of demand and changing customer needs. Exhaustive market research also enables a business to make necessary corrections to specific products or services before putting it into the market.
EXPERIENCE THROUGH LEARNING
Despite the type of industry you want to engage in, theoretical knowledge and experience can always add value to your business, especially if it is from professionals. This is why many school leavers and graduates seek part-time or full-time jobs in reputed companies or under experienced professionals before starting something of their own.
Some of these job-related functions are hard to learn with books mostly because business is a live subject and gaining experience in several work environments can help to refine your own ideas and what you want to
accomplish.
Apart from the knowledge and experience, this can help to build numerous contacts pick up best practices. FINDING MENTORS
Experienced and trusted advisors can help you with the best guidance and support which you will need to navigate your business during the times of its development and ownership. Building healthy mutual relationships with mentors is beneficial not only because of their advice but because they can connect you with potential clients and can offer their support during challenging times. CREATING NETWORK CONSISTENCY
Network consistency of a business could be the deciding factor of success and failure for your business. In order to build a strong business network, it is important to create good connections with social communities, networks, supporters and advisers not only from the similar field but from other sectors representing different ideas and opinions.
While building outside relationships it is also important to identify the potentials of your existing relationships including the company employers, family and other. USING TECHNOLOGY
Development of technology has made it easy to get in touch with the national and international community more than ever. Building a website and using the proper modes of advertising could help you promote your products and services among a broader network. COMMUNICATION SKILLS
This is a fundamental skill which is necessary for a business. Even though it could be challenging for some, good communications skills help to reach out and attract high-end customers. It even helps to your vision and will also help with promotions opening bigger and better career developments.
FINANCIAL ASPECTS
Among other things, a person who’s running a business should have a profound knowledge about handling financial issues. This includes the financial analysis, taxes and budgeting.
Entrepreneurs can take online courses and study various startup business models because the more you are comfortable the numbers it gives a better chance of handling the business well.
HARD WORK, FAILURE AND CHALLENGES
Starting up a business is not an easy task and roughly half of the small businesses tend to fail within a few years. It needs lots of hard work, dedication and self- motivation. Commitment is necessary to build a successful enterprise, especially during the first few stages.
Challengers are inevitable in the field mostly because it is highly competitive, and it is important to trust yourself to learn through experience. Young entrepreneurs should not fear failure because they can be valuable lessons about their business and the path their careers should take.
- Thishana M. Rajanayake