Considering Starting Your Own Business After Uni? Things To Consider

It’s the last few months before university finishes, and you are pondering the big question: where to go next? You’ve heard the success stories of Mark Zuckerberg and other young entrepreneurs, and you hope to follow in their footsteps. As I’m sure you are well aware of, starting a business is a huge and often difficult task. A lot of new small businesses are forced to shut down because of poor planning and loss of capital. On the other hand for some entrepreneurs, it is highly rewarding. If you are considering starting your own business here is some useful information on how to prepare.

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1. Come up with a business idea

The first thing you’ll need to do is come up with a brilliant business idea. It should be in an area in which you have a decent amount of knowledge. You will be living and breathing your business for a long time, so it is important that you are totally obsessed with your idea. If you are not set on an idea yet, use social media, magazines and watch the news for inspiration and to highlight areas where you could potentially fill a gap in the market. However, it is important not to force your creativity too much otherwise you will end up frustrated, and you might lose the enthusiasm to enter the business world. Sometimes the best ideas come to us when we least expect it. When you start brainstorming, bounce your ideas of fellow students, tutors and your family.

2. Take an entrepreneurial course

It is recommended that all budding businessmen and women take a short business course before starting your own business. Even if you think you know what to expect, the course is an important step to help prepare you for the practical side of starting a business. Find out whether your university offers evening or weekend courses on business skills. If not, another educational institute in your area may, or you could consider signing up for an online business training course.

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3. Get some experience

Before you launch yourself into your business, it is a really good idea to get some first-hand experience of how businesses operate. If you can, try and get an internship, work experience opportunity or a job with a business within the industry that you wish to work. This is an excellent way to find out more about the field and to suss out what your potential competitors are doing. If you can’t get experience with a relevant company, don’t worry. Work experience with any business, from a seating company to a restaurant, will teach you valuable skills. Take advantage of these opportunities to learn as much as you possibly can about operating a business.

4. Talk to entrepreneurs

Finding yourself a few mentors in the business world will really help you when you start out. Fellow entrepreneurs will be able to provide you with invaluable advice and guidance. Ask your university if they have any contacts, or communicate with them directly via their website or social media account. Remember, they were once in your position so they will, in most cases, be more than happy to help you out.