It’s well known that Mark Zuckerberg of Facebook, Larry Page of Google launched startup companies while still in college has inspired lots of students who plans to establish their own startup right after graduation. Now a days Indian students also started to think like this way and started turning their dreams of entrepreneurship into reality right after their graduation. But for this, the students need to deal with certain challenges and hurdles at each level of their journey.
Today we want to share some important tips and things to be taken care of with all such graduates who are potential and aspiring entrepreneurs of tomorrow, which will certainly help them take better decisions and make their journey a successful and fruitful one.
1. Carefully choose your founding mates, your new professional family.
It has been always advisable to choose a team – your friends, mate having similar goals and passions to you rather going all alone. There are certain direct advantages to startup if you have your team. Like – it will reduce load from every single head and more personnel can apply more ways to introduce new things, new ideas in order to sustain startup. The main reason is everyone is very passionate about achieving growth and trying to shape himself/herself as a successful entrepreneur. It’s a notable psychological advantage which may raise the moral of whole team.
With team, you will live and breathe your dream, hustle, laugh, cry and experience all possible emotions together, like a family. So make sure you find the right people when you start up. There’s a reason why most successful companies were started by brothers or close friends, because you need understanding, compassion and mutual respect for each other to handle the ups and downs of building a business from scratch.
2. Carefully plan your startup finance.
This is one of the most important factor for any startup. You or your team may have very little savings but that is not enough at all. In most of case, slowly and steadily startups start running out of funds, because lack of proper planning on how much money needed to support the ventures including rents, staffing, row materials, etc. and for how long. Raising funds when needed may not really in your control. What if your startup run out of cash and are unable to raise funds? Startup may soon on oxygen in such situation.
So secure your startup’s and personal finances well in advance. Make a detailed plan of your business timeline — product development, launch, initial users, revenue generation, raising funds etc. At this level you should avoid huge staffing and costly campaigning.
3. Your startup is not your job.
Get clear that you are not doing any job. It’s your own venture – a way to achieve your dreams, your goals. It can drive your passion – your growth. Make it your lifestyle. The more you get yourself involved into it, the more returns you will get out of it.
4. Startup doesn’t mean you’re a corporate giant. Be realistic, be hardworking.
Do not behave like you are a proven businessman. You have to limit your expenses and and lifestyle. Track your each and every expense. You should not use your startup funds in satisfying your personal needs. Avoid unnecessary staffing, avoid recruiting expert at initial stage. Involve yourself actively. There cant be anything good than hard work.
5. Consider to have a web as well as social presence
Now a days each and every business venture must have website and social media presence. Because before dealing, every customer prefers to have at least a look on a website. Moreover you can always attract people to your website via social accounts. you can read our previous article describing benefits of having website for a business 5 Benefits of Having a Website for Your Business