When you are in college, starting your business might seem the toughest job to undertake but it is the best time in history to do so. When you are studying, you have two things at your disposal, time and research facilities. Any task when it begins it seems daunting at first, but you can be assured that you won’t regret it years from now.
1. Your Idea Might be out there, but you can make into millions: Most companies enter an existing market and learn from their competitor's mistakes and validate the market. They end up building better save two valuable resources: Time and Money
2. Map your Idea for the Business in a viable way:After assessing your competitors and finding out the delta of things, then it is time to map the market and a viable way of entering it. You end up realising that there are various hurdles you will be facing on the way. Prioritise them accordingly, capital, knowledge, support, or execution plans. You end up catering to your weaknesses first and start stronger.
3. Mapping a timeline: Once you have made in place a very basic business plan, you need to map the timeline of things.
4. Scoping out funding options: As mentioned earlier, this is the best time in history to be an entrepreneur. As there are various opportunities for entrepreneurs to sign up for funding events and pitch you ideas and plan. As people are listening and are open about it. From events by angle investors to the government, everyone is there to fund your idea if it’s valuable.
5. Choosing a partner or whether to go solo: there are pros and cons for both the ways. When you are solo you run things and scale better, but as a team the risk is shared and decisions earn better validation. Map out, chalk out and debate out how you want to go ahead. Whether solo or in a team, the sync and spark matters the most.
Starting a business in the university might not seem easy, but it does provide the best building blocks required. You end up learning the art of time keeping early, for your responsibilities elsewhere are at the most minimal level. Also, the independence that you have now, gets very hard to find from yours to come. Also the exposure to great mentors, from professors to speakers at seminars, everyone listens to students. So buckle up seek that ' pitch& win’ competitions are prepared for the entrepreneurial journey.From By Abhimanyu BoseRead More