Is it a good idea to create a business startup right after college?
Before you ask this question to an entrepreneur or your mentor, you need to find certain answers yourself. Becoming self-employed is a tough task, wherever you are in life.
It is even more difficult to stay afloat once you start. Statistics say that 9 out of 10 new businesses fail within the first 5 years. Not an encouraging figure, but it is not impossible either. You need to possess the right mindset. Let’s take a look at what you need to ask yourself before you start a business after college.
Determine If It’s Possible to Create a Business Startup
Ask Yourself: What Motivates You to Take Up the Challenge?
If the prospect of self-employment allures you because you think you just need to work for a few hours from a stunning beach sipping on a martini, you are better off being employed by someone else. Let’s take this one step at a time.
Are you motivated by the easy way to get rich premise? If yes, you are in for serious disappointment. The majority of new businesses fail to recover any money invested within a year, let alone make profits. You can only succeed with years of hard work and patience.
Are you motivated by the idea that you need not work for endless hours at an office? Well, a new entrepreneur often needs to put in as much as 10 hours of work every day. True, you can work as per your schedule, but that does not take away the effort you need to put in.
The only way to succeed as a self-employed individual is to make sure that you are willing to solve a problem, need or want of a customer, and do it in a way that beats your competitors. To do this, you need to put in hours of hard work and take care of numerous responsibilities.
Ask Yourself: Do You Love the Idea that Forms the Core of the Business?
A new entrepreneur can attain success; but only when the driving force behind it is love and passion for the business. If you are enthused and excited about the central idea, the chances of your success increase.
Does this mean that anyone who loves haute couture can start off as a fashion designer? It is not that simple. Think about something – have you designed anything for anyone? How well was it received by them? Did it find appreciation among others?
You need to find the ONE thing that fills you with fervor and zeal. Only that idea can work as the core of your new endeavor. It is much easier to start a new business when you can identify your unique selling point.
Ask Yourself: How Do You Plan to Handle the Finances?
Many first-timers start off with the funds they manage to pool in from family and friends. The lack of real experience makes it difficult for them to impress the big investors who find interest only in ‘real’ businesses.
Don’t be disheartened; the Internet gives you the best option to start up a new business right after college and that too at a negligible cost. It just needs to be a service-oriented online business, for the time being.
Another advantage of starting early is that you need not bother about things such as paying off a mortgage or supporting a family. If you are still living with your parents, you can save even more money to invest in the start-up.
If possible, continue to work part-time for someone else while you set up your business. This way you can rely on the amount you earn until your business begins to earn profits. A great thing to do is to work in the same niche in which you have your business.
Ask Yourself: Can You Be a Jack of All Trades and Master Them Too?
There is no secret to success for a new business. If you think that you can earn big and get rich without any effort, you are WRONG. It is possible to succeed only if you are capable of handling the numerous responsibilities that come with your own business.
Remember, it is YOUR business; you will have to be the manager, the marketer, the advertiser, the accountant, the vendor and every other thing, at least initially. There is no way to avoid these responsibilities.
You cannot take on employees, unless you have a huge budget, in a startup. The overhead would be too much for the fledgling endeavor. However, once you start off, you can outsource certain tasks to professionals.
Getting advice and assistance from others can help you focus on the things that matter.
You can create a business startup, not only after college, but wherever you are in life at present. Look at the brothers Shravan (12 years) and Sanjay Kumaran (10 years), the brothers who created mobile phone applications for their company Go Dimensions.
The tech-savvy brothers from India are not yet out of school and they are already making their mark on the business world. At the end, it is the zest and passion you have for the idea and the effort you put in to transform it into reality that matters.