Is it a good idea to create a startup right after your graduation? Before you ask that question to a mentor or entrepreneur, you need to be aware of some things. First, keep in mind that no matter your position in the market, starting a business is a very difficult task.
According to an article from Harvard Business Review, 9 out of 10 new businesses fail in their first five years of activity. A newly graduated person probably does not have a lot of experience, wich would make it even harder. However, the report indicates four steps that may help you.
1) Ask Yourself: What Motivates You to Take Up the Challenge
The only way to make your own business succeed, is getting ready to solve a problem, need or desire of a customer in a better way than your competitors. If your motivation is based on the premise of getting rich quickly, or because you do not want to work for other people, think again. No company will grow, unless the person in charge is willing to work really hard, and for a long time.
2) Ask Yourself: Do You Love the Idea that Forms the Core of the Business?
As difficult as it may seem, a new entrepreneur can achieve success. However, this will only happen if he really believes in the idea that forms the core of the business. If you love that activity and is good at it, then you have already given the first step towards success.
3) Ask Yourself: How Do You Plan to Handle the Finances?
Some people have great difficulty to find investors, due to theirs lack of experience. Working with virtual business can be a good alternative. Another option is having a part-time job at the beginning of your company activities.
4) Ask Yourself: Can You Be a Jack of All Trades and Master Them Too?
You will not succeed if you are not able to handle the different responsibilities that come with your own business. Unless you have a large investment, you will not be able to build a great team right away, then it is most likely that you will have to perform several different functions.
Runrun.it can help you to have an effective strategic management. Through the system you can organize and prioritize your tasks, and control the workflow of your business. By doing so, you can make people reach their real potential, working on what really matters.
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