What even is entrepreneurship? For many people, it is a foreign idea that is unachievable because they can’t even begin to comprehend what this seemingly large, complex word means. However, let us breakdown the word for you and tell you it is an extremely simple term that has a clear and simple meaning and is just like any other profession in life. It means to set up or start a business individually or with a team and can even mean making big management and financial decisions in the terms of profit and loss in your regular profession. While you may have heard the words start-up; you may not have realized how closely it is linked to entrepreneurship. They are basically one and the same thing. Start-up with a term used for a business that has just started, hence the name. While entrepreneurship is more the process of applying various business tactics, and management processes to a newfound business for the purpose of making the business grow and earn a profit.
Usually, business and management students don’t realize how far they can go with their degree and stick to regular jobs, but if you are a student who is passionate about business and being an entrepreneur then let us tell you, it is through a few steps then you can actually start your own business right after school or college. In this article, we mention a few steps that you must keep in mind if you are thinking about going down the entrepreneurship road.
While it is possible to start a business right after your 12th standards, it is not advisable since you are still very young and have little to no knowledge about business, management, finance, and much more. Therefore, it is always advisable to gain some proper insight and education that will help you in your future business endeavors. Make sure your knowledge in subjects like business and management is up top class and that you graduate or get a degree or a diploma from a respectable university or institute while also learning practical knowledge.
There are plenty of ways to start a business and plenty of more ideas that can lead to a business. However, whatever your plan is make sure you evaluate yourself first and think and do proper research on what you want your business to become its main goals and at the end of the day, what it is that you want to achieve from this business, who is your target audience, how will you implement your business, various business strategies, if your idea of a business has been implemented before, if it has, where? if it hasn’t is it really required? There are many other questions that you must ask yourself before you decide then you want to become an entrepreneur.
Mentors do not necessarily mean only your teachers from school or college; they can be many other people you happen to know who run successful businesses. You don’t have to look for big companies worldwide, a successful business in your locality can be enough guidance and by getting in touch with local businessmen and women there is a lot you can learn because they speak not only from knowledge but also from experience.
You must be thinking why there is a need for a job when you are going to start your business anyway? Business and acquires a lot from a person and one of the biggest aspects of good business is good communication with clients and customers. A regular job will help you achieve this so long as you interact with other people, be it colleagues our clients. Good communication, persuasion, negotiation skills will always come in handy and you can only learn this through experience.
Yes, it is possible to start a business on your own and even run it on your own but it is highly likely that you are not able to perform all tasks to the best of your abilities and may even struggle to get everything done on time and keep your clients and customers happy and satisfied. It is therefore important for you to slowly build a team for overlooking various operations in your startup business. A team does not mean groups of 10 to 15 people, when you start out you may not have enough capital to hire a large number of employees, therefore, you should hire employees on the basis of their skill and if they are qualified and skilled enough, just two to three more extra employees can get the job done.
The most exciting thing about business is the thrill you get because of its uncertainty. Failures and criticism are common incidents when you start a business, but if you are truly passionate about something then you must go for it no matter what the odds are. Failures are the stepping stone to success.
Many think that when you want to pursue something in the commerce field, subjects like mathematics can be ignored, but that is not the case. Good mathematical and financial skills will help you not only in your business but also in your life. So, do not neglect classes that you think may not be relevant to a business, because everything is.