Here are my advice for starting a business.
Every year, thousands of bright-eyed, ambitious graduates will walk out of the hallowed halls of institutions of higher learning and into the larger world. Among these graduates will be the next generation of innovators, founders, entrepreneurs and small business owners. These adventurers, some armed with well-defined business plans and others with nothing but dreams and moxie, are determined to follow the road less traveled and carve out their own unique career paths.
Follow your passion
As an entrepreneur, the importance of doing work that brings you joy and fulfillment cannot be overstated. In fact, a founder’s passion is key to ensuring that a business thrive. You have to do what you love to have a fulfilling career .”You need to find a job or career path within a field that you are passionate about, then get in there quickly, dig in, learn and add value.” Doing work that has meaning to you will provide the motivation needed to get through the rough patches and tumultuous times that are an inevitable part of building any new venture.
Do the research
The only way to know if what seemed like a great idea in your dorm room can become a viable business is to do the research. Take the time to thoroughly study all the elements that go into establishing your new business. “Market research is … heavily overlooked by first time entrepreneurs and I’ve seen countless people fail, including myself in previous projects, because the market really wasn’t there for the idea to be scalable,””Understand the operations and finance of the business. Too many new grads want to jump to strategy and innovation ,”But spend[ing] time … developing depth of experience will pay off many times over.”
Finding experienced and trusted advisers who can offer guidance and support will help a new entrepreneur navigate the pitfalls of business development and ownership.”Nothing shortens a learning curve more than someone with been-there-done-that experience,””Graduates should find a stable of mentors and build mutually beneficial relationships.”
Mentors are important on so many levels,They can refer you to a job, connect you with a potential client, provide honest and unbiased advice and offer support during challenging times.”You can talk to them about topics that seem very daunting, ask questions that feel amateurish, discuss pricing candidly, and share your wildest dreams for your business,”
A strong professional network often makes the difference between success and failure for your business. One way to build this network is to make connections as often as possible and with as many people as you can,While building your network, don’t ignore the potential power of your existing relationships. According to researchers , the biggest mistake new graduates can make in their enthusiasm to get a venture off the ground is to overlook the web of classmates, family, neighbors, past employers and community leaders that has shaped their lives.
“Your existing network is the one that most wants you to succeed,” said researchers. “Realize they not only will help you, but can provide solid advice, valuable introductions, ongoing support and real guidance.”In addition to using a variety of social networking tools to expand your circle of contacts, aspiring entrepreneurs also should seek out strategic volunteer opportunities
Drive results with facebook Ad objectives
If you want to use Facebook advertising to grow your business, you need to have clear objectives. There are several different options that can help you drive performance, depending on your company’s needs,Your Facebook campaigns can also make a greater impact if you can tailor your website to those specific visitors. If you’re interested in setting up landing pages for your Facebook ad campaigns, check out this GetResponse post by Robert Katai.
Use your technolodge know-how
Recent college grads who are digital natives are especially equipped to harness technology’s power to establish, promote and grow their businesses. Purchasing your brand’s domain name and building a website is a basic first step, , but there are plenty of other things you can do to leverage tech tools. Network marketers recommends growing interest in your business by building up an Instagram following, writing for popular blogs and online magazines, and launching products on Etsy or Amazon.
Figure out finances
All entrepreneurs need to prepare for every aspect of running a business, and this includes developing a sound understanding and ability to manage the financial aspects of their company, including financial analysis, taxes and budgeting. Director of the Ron Rubin School for the Entrepreneur at Culver Academies, said early-stage entrepreneurs should seek out online courses in finance and study various startup business models. “It will most likely be a while before your company is at a place financially where you can hire a full-time controller, so the more comfortable you are with numbers, the better,”
Understand that failure is part of the process
About 50 percent of small businesses fail by their fifth year, . This sobering fact may be enough to dissuade those with a low tolerance for risk from ever starting a business. However, young entrepreneurs shouldn’t fear failure, but instead recognize that it can teach them valuable lessons about their business and the path their careers should take. CEO of The Goddard School, recognizes that failure is often stigmatized in society. But recent grads who want to build a business must push past these confining notions of what it means to be successful.
Develop great communication skills
Communication is a fundamental skill in life and in business. A founder of Rush Bowls, recognizes that interpersonal communication can be challenging for many college graduates because they’ve grown up in a world where so much is shared via social media, texting or direct messaging.Online communication can often be misinterpreted or misunderstood,” “Nothing gets a deal done faster than meeting in person. If that isn’t possible, call, especially if reaching out to someone of an older generation.”
Another component of good communication is finding a way to tell your company’s origin story passionately, clearly and succinctly.”Sometimes entrepreneurs, especially technologists, can be introverts, but you have to get out of that and build both your willingness and skills to communicate,”said CEO of Incedo.
Those who struggle with verbal communication can practice different approaches to strengthen this ability to express their vision for their business. Upcoming with planned responses to some of the most common questions asked about your business, and then testing out your answers on friends, colleagues and family members who have varying degrees of knowledge about your business and industry.
Ultimately, however, it comes down to trusting that you’ll figure things out as you go along.
“You don’t need to know how the entire journey will play out; you just need to start,” said Lee.