Indeed, college is a 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 an 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 in Indian economy by providing best talent to all type of Industries and by also creating jobs 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 eco system where student from Mechanical Engineering, Computer Engineering, IT and from other branches to create a platform where Navi Mumbai can produce maximum Entrepreneurs in India.
What is 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, will help, as well as the pitfalls that you need to avoid. Think you can be your own boss and blaze your own 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 may be your business platform. You need to analyse your assets and 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, if you’re awful at time management, learn to create schedules and follow them.
2. Come up with a good idea
One of the main reasons 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?
- Is there a similar product/service available on the market?
- What’s a reasonable sales forecast?
Your idea doesn’t have to be absolutely new. Let’s say you’re thinking about opening a small café. There’s nothing innovative about that. But if you add something that differentiates your product from competitors’, 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 blog with insightful infographics, or flexible discount system.
3. Research Your Market
You should also research 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? Can the local customers afford to visit at high-end workshops, or would they prefer a more-moderate place to get their cars? Do they even like Advance workshops? Finding the answers to these questions, and more, will be essential to your long-term success.
Size up your business opportunities. Research an industry in which you intend to sell the product or service. It is much the same as a research you do for college writing assignments. It involves 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 write. You’ll need to do some research to find out how to develop it. The only common thing between these types of writing is accuracy. Pay special attention to it.
When potential investors read a mistakes-free document, they know that the author is intelligent. So, if necessary, refer 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 customer’s emotional experiences. It’s so strong that the perception or image 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 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.
A website is a must for every business today. Customers, investors, and potential business partners expect to find all the information about your company in one place.
Do another research on what social nets your customers use. Create an account there and advertise your products or services.
7. Get registered!
It is a crucial step in starting a business. Legalise it in order 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 to work on your writing assignments, test preparation, make presentations and other study obligations.
Work with those who can fill in the missing knowledge or skills. For example, if you have no idea about creating a marketing strategy, find a person who has.
9. Seek out a helpful mentor
Running a business while still in college is a challenging staff. Fortunately, professors always have a good piece of advice for a student entrepreneur. And experienced businesspeople are willing to share some tips with a beginner rather than with an established competitor. All you need is to prepare concrete questions like what to mention in a letter to an investor or how to settle a budget properly.
10. Raise funds
While starting a small business doesn’t require a large sum of money, 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 number in mind, choose the way to finance your business:
- Small business grants
- Small business loans
- Angel investors
After making 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. 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 a successful Entrepreneurs. Every industry, and every business, faces constant change, and you will need to keep changing if you want sustained success.