Updated: Dec 3, 2019
Entrepreneurship is flourishing in recent years because of the growing Government support and policies. People are more inclined towards starting a business and becoming an entrepreneur. Starting a new business can be more challenging than one has even imagined. If you have an amazing business idea and planning to launch then you should clearly work on it without being impulsive as a startup is found with lots of energy and time. An entrepreneur should have knowledge in all departments from finance, marketing, HR, operations, purchase and many more. It is possible to gain knowledge in all these departments only when you work with a start-up. Should one do a job before business or directly do business?
The answer is simple but not easy as it is not easy to quit a corporate job and jump into business and if you are eager to do business and feel that you can dedicate your time and money then better go for business else you will regret not doing it. Many people think of doing business but they don’t understand when and how to start a business. If you want to start your business and are confused about the type of business which will fetch you profits, then click on the below- given link to get a basic business idea
To run a business successfully you have to understand that industry. It is easier to understand a new industry like Social Media marketing as it is comparatively new and easy to understand. But to understand core industries like retail, manufacturing or service industry takes time. Most of the people will have a brilliant idea but you need a proper plan to put your thoughts into action If you are open to learn and work hard to understand quickly and implement, then the below steps help you in providing a solution.
Follow the below basic steps before starting your business
1. Choose 2-3 industries you want to work for your passion and not for money
There are many people who just want to start a business as they want quick money or want to be their own boss, but this should not be your reason to start a business and you may end up in losses. There are many options that you can pick out for starting a business but you should choose a field of your passion. You will be able to understand your passion in 2 simple ways one is if you forget time by doing a particular job or you never feel tired by working for long hours for the same task. You should broadly know which field you want to go by following your passion.You can start any business like a restaurant, construction, marketing or even fashion industry. To start a new venture you should have a broad plan as it is difficult to start without knowledge and you may land into problems. Choose the work which you feel like doing for your satisfaction and aren’t doing that work just for money. If you are not able to choose one idea or plan then choose more options and try working on them and gain command on those industries or sectors.
2. Do an internship in a start-up of that industry
Once you are clear of your passion, then you should start working on fulfilling your dreams. If you are in your graduation, find a 2-3 hours internship in a start-up but not in a big company because big companies may not take your ideas seriously and your learning might be limited only to 2 or 3 departments. But as an entrepreneur, you should think in all areas like finance, marketing, HR, etc. Start-up needs good,young and hardworking people who work for free as they can’t afford to pay more for experienced and you can also learn more from a smart young entrepreneur of a start-up rather than from an experienced VP of a big company because VP has an employee mindset and not an entrepreneur mindset. You can gain knowledge if you learn from people who have an entrepreneur mindset. You can understand the attitude and challenges of an entrepreneur if you work with a start-up. If you have chosen 3 industries then you have to do 3 internships or around 4-6 months each as it takes little time to understand each industry. You will be able to improve your networking as well as communication skills by joining as an intern.
By the end of your graduation, you would have been gained knowledge of industry through your internship and even completed your graduation. You should be having to graduate certificate and internship certificate by the end of your studies.
If you want to know about the pros and cons of working with a start-up, then click on the below link which gives a better idea of challenges in a start-up
3. Do the job in the industry which you liked the most
Now that you have worked on your passion and completed internships, it would be easy for you to choose the most favorable industry of your choice. Find the Job in the industry which you like the most from your internships. Even the job should be from a start-up. Don’t rush in big companies as they won’t give you the exposure and will make you work only in single departments like sales, data analysis, finance but you should have an overview of all the departments if you want to flourish as an entrepreneur. In a start-up, you might not get enough money but you can get an opportunity to work almost in all departments and you are paid to find your core strength and talent. You can also implement your thoughts or ideas in a start-up and check on the outcome. Generally, people working in big MNC’s will understand their core strength only when they reach 40 or 45 years and they might not be able to quit as they would have got huge responsibilities and end up with a good package.They can’t even imagine of doing business or to shift to other departments.Business is not only about passion but you should also consider customer needs and requirements to prosper in any business. There are many other aspects that are to be considered before starting business. Click on the below link to understand eight important points that you should never miss
4. Do an MBA from a top college or start your start-up from the money you saved
After 2-3 years of experience you can do an MBA from a top college, if you don’t get top college please don’t do it. While doing MBA you will realize what was right or wrong of that startup and easily relate the theory with the job that you did in your internship. MBA gives a better understanding and application of theory and practical knowledge. You will be able to develop management skills from this course. It is always advisable to do MBA from a reputed college as they provide great networking scope and exposure. To have an idea of reputed colleges that offer MBA are listed in the below link
Now you are ready to start up. The funding for your start-up will come from your salary and save your 20% salary to fund your start-up.
5. After MBA, choose Job or start-up
You would have learned many case studies in your MBA and would have a clear idea of business. The Placement season at the end of the MBA where everyone wants the best jobs. If you have followed the above four steps nothing can stop you from getting the best offers. After the MBA, there are thriving job opportunities with a good pay package and now it depends on your eagerness to do business. If you want to settle down with Job or still eager to kick start your start-up. If you don’t want business, you have great job offers in your hands.
If you want to plan towards business make a rough business model by doing a market survey. Marketing strategy is very important as business success is possible by understanding the needs of the customers. If you want a practical case study of how a well-planned marketing strategy helped in the favorable outcome of the business, go through the below-given link
Before starting a business you should be clear of the reality that every business cant be a success and entrepreneurs face obstacles at each and every turn If you want to be a good entrepreneur then you should be a leader with great vision. During tough times you should be able to deal with the immediate needs of the company keeping long-term requirements.Young entrepreneurs should always compete with established brands and manage well within the limited budget. You should also stick to your goals and make your staff aligned with the company’s vision. It will be easy to execute your goal if you follow the points mentioned in this blog.There is a separate website developed by the Ministry of Commerce and Industry to promote start-up and to make India a Job giver.Click on the below link to know more about schemes,policies,program, and training offered