Student to Entrepreneur
–A Journey into the Unknown
“Never tell yourself that you need to be the biggest brand in the whole world. Start by working on what you need at the present moment and then what you need to do tomorrow. So, set yourself manageable targets.”Jas Bagniewski, Co-Founder of Eve Sleep
The runway from a student to an entrepreneur is all about hushed achievements and clamorous failures. Hardships start from generating an idea, financial assistance, man force, etc. Through all this, we put forward to you the steps to start as an entrepreneur.
Introspect: The very first step before you step up is to introspect your business skills, strengths, weaknesses, interest areas. This analysis helps in quick and efficient decision making. Knowing oneself better will help the one cross the bridge when you come to it.
Generate business idea: From greatest battles in history to the successful enterprises in the modern era, everything has started with an idea. An idea should always be definite and not proposed in the market. One of the key aspects to consider before finalizing your idea is the market demand for your product or service.
Are people willing to pay for your product?
Target population: Due to inadequate investment, a startup cannot be set up in numerous cities at a time. So it is always advisable to select a target audience.
“Who needs the product the most?”
This helps the business to survive in the market.
Know the competitors: This is an overlooked aspect by the new entrants. Knowing your competitors will help you distinguish your business and reach your target audience efficiently. This will further help you to know the external environment of the business so you can navigate challenges outside the organization. Just the way Ballaladeva is stronger than Bahubali, so is your competitor to you.
The P factor: Here, P stands for planning. Plan the execution of your business. Planning helps to get a clear picture of your idea. Sometimes you may end up framing a thoughtful initiative. Planning should include the background and structure of the business, internal management and coordination, strategies to form client/customer base, analyzing the possible risk, and financial requirement of the business.
Need for Mentor: Every stage of life demands a mentor. Finding the right mentor is equally important. A skilled and experienced mentor is necessary to ensure continuity of the business. To seek motivation every time to fall apart and to see up to as an inspiration.
Persistence and Motivation: Entrepreneurship is an everyday battle, to stand erect, to distinguish, to counteract, and to survive. All it takes is your patience and passion for your idea. And patience obliges motivation and we take you there.