College is usually the perfect time to test your entrepreneurial skills. There’re plenty of resources around that can help to develop an overview of the chosen industry and start entrepreneurship on the right track. Here’re 10 key steps needed to launch a business from your dorm room successfully.
We, Saraswati College of Engineering one of the leading Engineering college in Navi Mumbai always aims to contribute to the Indian economy by providing the best talent to all types of Industries and by also creating employment and pushing our students to achieve their dream of Entrepreneurship.
Saraswati College of Engineering always aims to collaborate with other Engineering colleges in Navi Mumbai to create an ecosystem where a student from Mechanical Engineering, Computer Engineering, IT and other branches for creating a platform, where Navi Mumbai can produce maximum Entrepreneurs in India.
What are the skill sets required to be a successful Entrepreneur? Our Principal Mrs. Manjusha Deshmukh always says “Before you can start becoming an entrepreneur, however, you need to understand what an entrepreneur is, what it isn’t, and what it takes to become an entrepreneur. You should also understand what education, including entrepreneur degrees, that will help you while avoiding pitfalls that you need to avoid. Think you can be your boss and blaze your trail as an entrepreneur? Then let’s explore the exciting and unpredictable world of entrepreneurship…”
1.Self-Realisation by Evaluating business skills and knowledge
To run a company, you need to know your strong points which might show you the road to success. For example, you’re good at time management, Assignment, Presentation or Coding, Anchoring, modelling or knowledgeable in a particular field and skilled in something that maybe your business platform. You need to analyse the unique assets that will help you determine what exactly you’ll use to succeed.
Define your weak points before launching your start-up. Thus, you’ll have time to work on them. For example, don’t be awful at time management, learn to create schedules and follow them.
2. Come up with a good idea
The main reasons why new businesses fail is that their founders don’t hit on the solid concept. Perhaps, you’ve already decided what you want to do. Examine it:
- Is there a need for your product/service?
- Who needs it?
- What are the other similar products/service available on the market?
- What’s a reasonable sales forecast?
Your idea doesn’t have to be new. Let’s say you’re thinking about opening a small café. There’s nothing innovative about that. But if you want to differentiate your product from competitors’ then add something different, it could be a valuable business idea. If you are thinking about launching help by easy service online, offer your clients the qualitative product and think of other winning tricks. This could be a blog with insightful infographics or a flexible discount system.
3. Research Your Market
Research must be taken first in the available market, analysing the area for demand and need.
Maybe, you want to open a workshop in your hometown. Are the other workshops succeeding? Is there another workshop in your area? Are the local customers afford visiting the high-end workshops, or if they would prefer a more-moderate place to get their cars? Do they even like Advance workshops? Gather Answers to these questions, and more will be essential to your long-term success.
Size up your business opportunities. Research only on an industry in which you intend to sell your service or product. It is much the same as the research you do for college writing assignments. It includes gathering data about the subject in question.
4. Create a business plan
A business plan is a roadmap that outlines your business goals and describes in detail how you’re going to achieve them. It is nothing like the academic papers you are used to writing. You’ll need to do some research to find out how to develop it. The only thing in common is the type of writing is accuracy. Pay special attention to it.
Especially when potential investors read a mistakes-free document, they understand that the author is intelligent. So, if necessary, refer to an online essay writing company that offers editing and proofreading.
5. Create a brand
Branding is the creation of powerful perception and image based on the customer’s emotional experiences. It’s so powerful that the image or perception that becomes a belief that has lasting value for the customers.
Come up with your business’s name. It should sound good, work well online, and convey the image of your company.
A brand’s visual component reinforces the image you’ve settled on. The right choices of colour, graphics, and typeface complete the picture of your company’s personality. It can be fun, eccentric, reliable, loyal, or anything else. It depends all on the philosophy your business stands by and the reputation you want to have.
6. Decide on the location and platform
Depending on the type of business, you will need a website and/or a location. A street food trailer or a hairstyling salon needs a place where your target market can easily find you. If you want to write essays or resumes, do web design, or sell your DIY online, you won’t need to rent rooms. But in both cases, you’ll benefit from the web presence.
Every business must have a website today. Customers, investors, and potential business partners expect to find all the information about your company by themselves in one place.
Do another research on what makes your social nets to be used by your customers. Create an account there and advertise your products or services.
7. Get registered!
It’s a critical step in starting a business. Legalise it to avoid problems with the law. You’ll need to pay taxes!
Every type of business requires a list of business licenses and permits. It can vary depending on your location. Find out what they are and register your company.
8. Get a team
Support is vital for young entrepreneurs. You’ll be more productive if you delegate the work between the members of your team or partners. It will free up time for you to work on your writing assignments, presentations, test preparation, and other study obligations.
Work with those people who can fill in the missing gap of knowledge or skills. For example, if you don’t have an idea of how to creating a marketing strategy, find a person who has.
9. Seek out a helpful mentor
Running out a business while you’re still in college is challenging stuff. Fortunately, professors always give a good piece of advice for a student entrepreneur. And experienced business people are willing to share some tips with a beginner rather than with an established competitor. All you need to do is to prepare concrete questions like what you want to mention in a letter to an investor or how to settle a budget properly.
10. Raise funds
Starting a small business doesn’t require a large sum of money but it involves an initial investment to cover ongoing expenses before getting a profit. Find out how much start-up money you need. Then calculate how much it will take to run your business at least for a year.
With a rough estimate in mind, choose the way to finance your business:
- Small business grants
- Small business loans
- Angel investors
After taking these steps, you’ll eventually be able to launch your small start-up. Starting your own business is never easy. There’ll be a lot of ups and downs. But becoming a successful young entrepreneur means learning how to rise after falling with having a lot of new opportunities. Be ready to face challenges if you want to create a prosperous company.
Being a leading Engineering college from Navi Mumbai, we have has taken many appropriate steps and created an environment where students are ready to face day-to-day challenges and to be successful Entrepreneurs. Every industry and every business face constant change and you need to keep changing for that to achieve sustained success.