Choosing a career path is one of the most important decisions in each person’s life. When you study at school, college or university and live with parents or in a dorm, the future looks serene. However, it may become tough and challenging suddenly. Of course, after graduation, you’ll have a profession and, most likely, a job with a stable income.
. Nowadays millions of people in the USA only are unemployed…
There are a few ways to mitigate job-related risks. You may become a worthwhile specialist or ensure to have a passive income, but there’s one difficult yet interesting and potentially profitable method – to start your own business, i.e. startup. For graduates, it’s a nice choice because they often have a lot of energy and time, possess key knowledge in target industries, and are ready to change the world.
Sounds like you? Then let’s talk about startups a bit more.
Before you ever think about launching a business, it’s crucial to remember one key fact: entrepreneurship isn’t for everyone. It requires various personal and professional qualities, enough spare time, and a unique mindset. For example, if you don’t feel like a manager who can control employees, you’d better think about more traditional jobs. The same is true if you like standard working schemes, e.g. 8 hours per day/5 days per week.
Running a business can be devastating for your personality and budget, especially at the beginning. Thus, review this checklist for a novice entrepreneur:
- Money management.
- Risk management.
If at least 50% of points are true for you, try this sphere. You will be able to develop some skills and features over time. But don’t forget that startups require almost everything you have at first stages so be ready for challenges.
5 Steps to Your Own Business
Well, it’s all right with your soft skills and you already have an idea or even a working plan. That’s time to follow five simple steps on the way to a fresh business. In addition, you can find more hints, create more detailed algorithms, find other examples, and so on. But these five points are obligatory.
1. Get a Mentor and Partners
Usually, it’s way simpler to start a business when you have people to consult with. Professionals of the chosen industry, your friends who have experience in business, university teachers – don’t hesitate to ask them for help. For example, you can contact the university’s career center and try to get in touch with graduates who work in your sphere. Alternatively, it’s possible to visit target conferences or meetings.
2. Prepare Plans
A startup requires great planning skills. It’s impossible to attract investments without a comprehensive roadmap. Customers will not care about your product if they won’t see its perspectives and benefits. Business competitors with plans for everything easily outpace fresh companies that don’t have backup algorithms and development schemes. Here, the help of mentors is priceless as they already walked this way.
3. Apply for a Loan
Loans are viable alternatives to traditional venture investments or any other financing options. If you want to grow your business quickly, you will require extra capital in addition to your personal funds. Business loans for fresh firms are available at various government bodies plus large banks. We wouldn’t suggest working with street lenders even if they have better conditions. Don’t put your property at risk.
4. Test before Release
It doesn’t matter what type of product/service you plan to deliver. From iOS video games to cat food, from catering to copywriting, all the industries require proper testing. Your main task is to offer the best value. Thus, you should ensure that your product or service is polished perfectly, doesn’t have significant flaws, and will be demanded by clients. Additionally, test audiences, markets, and reactions to understand where to move further.
5. Never Stop Development
Phew! The game is growing in the App Store charts, cat food is on shelves, the catering agency is blooming, and copywriters work hard with the best clients. That’s a success. Yes? No. It’s pretty difficult to say when a startup becomes successful because each entrepreneur defines the conditions independently. But constant progress is required because of the market competition. You don’t want to be destroyed by another graduate’s project, do you?
Universal Rules for Graduates
Apart from business goals, a fresh graduate should think about a few basic things essential for adult life. Take a look at the next suggestions. They will help you in different aspects regardless of your startup fate. Smart minds call them soft skills meaning that they aren’t related to specific industries/professions directly. They matter:
- Build relations with your team and other professionals.
- Don’t be afraid of new things and risky approaches.
- Get feedback from mentors, clients, partners, and other market players.
- Learn managerial skills: money, time, risk, and more.
- Remember about self-development to move forward.
So, do you want a success secret? Combine all the tips from our guide, add extreme commitment, and be ready for different outcomes. A bit of luck would be cool, too. But your own hard work will be definitive. Good luck!
Want to make your startup journey smooth? YS Education brings a comprehensive Funding Course, where you also get a chance to pitch your business plan to top investors. Click here to know more.