You Too Can Plan Your Start-up From College Days
Gone are the days when the student had two options after graduation either the job or the family business. But now the growing trend is of the start-up which is nothing but a newly emerged business venture that aims to develop a viable business model to meet the marketplace need. It is started by the individual founder to search for a scalable business model. Start-up business is planned and tend to grow on a large scale and have employees in the future.
They concern the possibilities of starting ventures, and that’s the reason it is a design science. Some students have big plans for their future, and some of them dream to own a business. Dedicating the time and energy on the business venture is a job in its own. It takes a great risk and the strong willpower to start the business at any age. There have been few success rates and famous personalities who got the business idea during their college and campus, and it resulted in huge success.
When you dream big, you can start planning as soon as possible; the earlier, the better. We bring a few tips for those such students who dream to have the start-up in the future:-
1. Prioritize – The first challenge is to identify the short term and the long-term goals of your life. Then you need to start prioritizing things and your school to fit in your goals. You should ask yourself a few questions to gain the clarity of the mind and goals. Questions can be like Why are you starting a business after graduation? Or Why do you value staying in school? Or Can your schoolwork help build your business? Do you see your future career with your business after graduation? You should clearly define your reasons when answering these questions.
2. Choose the right Courses – The most crucial thing is to choose the courses that will benefit in your business model. This makes or breaks the decision for your career, and you need to choose the right course that is suitable for your start-ups. You would need to meet the expert professors and other like-minded people who can guide you for your start-up. It will save time and will allow you more of the practices required for your business venture. You should take the course related to your business and focus your research on the business-related works only.
3. Plan your finances – Always remember that dreams do have the costs and this requires the careful planning of finances. You should bridge the gap between personal finances and business finances. You should start saving from the early days of college or your internship or freelancing work as it would be required when you begin your business. It requires a large amount of investment, and you should be prepared for it. It will be the biggest mistake of your life if you think that you can raise funds at any given point in time. Therefore, secure your finances as soon as you have thought of a start-up.
4. Founding team – There is nothing more important than connecting with like-minded people to found your team. Your team should be your new family as you would need people to start and grow your business. The team should be built with similar people of soft skills and the hard work required for the business. The founding team will be the strongest support system in your business is filled with the right set of people. The most successful companies were either started by brothers or close friends. Your start-up requires the same energy and enthusiasm to hustle your way through the initial days.
5. University resources – If you are planning for the start-up, then you should remember the golden rule of business which is the maximum utilization of the available resources. So, you need to take the advantages of the resources available in your universities like copy and print services, online resources, library materials, college magazines, and much more. If your college has the writing journals by the students, then you can utilize them for the promotion of your business. You can take advantages of conference rooms or auditorium rooms for planning and meeting your founding team to discuss the action plan for your business.
6. Resolve your queries – When you plan the start-up, then many queries might pop up in your mind. You should ask the queries in the classroom or the session related to the business ideas to your professor. It would be required as you would need to test everything carefully to produce a high-quality business product. You will have to work extremely hard so that you have the strategy to know how much to devote to the studies and how much to devote to your start-up. There is a thin line of difference between the course related questions and business-related questions. You may ask some of the hypothetical questions during the relevant lessons to clear their doubts or to find the right way to success.
7. Find a mentor – The business cannot be handled by a single person and that too just after the graduation. University is the best place to build up your network and meet experts and seasonal professors. You should build the strong bound with one of the senior and experienced professor who can correctly guide you through your business ideas. There will many who will be ready to help the students with a great business idea, but you need to choose the one as your mentor to perfectly guide you on the right path. The mentors would be needed for the sage advice, opportunities and to connect with the right people at the right time.
It is not an impossible task to start the business or think of the start-up post your graduation. The only thing that you need to remember is to focus on your business ideas, belief in yourself, planning and the hard work for implementation of your thought. Nothing is impossible in this competitive world.
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