For most people, getting a degree is simply a way of getting into the job marketplace. For others, their goal is to get the set of skills needed to become entrepreneurs. You also have students who catch the entrepreneurial bug during their studies and start to contemplate the idea of starting their own business. For them, it’s often a matter of weighing risk vs reward. Others might still be tempted by the security a job offers. In this article, we’re going to give you a few questions you should ask yourself before deciding to start a business after graduating.
Do I Actually Have What It Takes to be an Entrepreneur?
It takes much more than a good idea to become a great business owner, and there are tons of great ideas that never materialised because of a lack of crucial entrepreneurial skills. For instance, an entrepreneur who has poor interpersonal and negotiation skills may end up constantly getting the bad end of the deal, or burning bridges with possible partners, clients, or suppliers.
An entrepreneur who’s naturally introverted and lacks communication skills will have difficulty communicating and selling ideas and will have difficulty directing a team. Someone who lacks strategic thinking might overlook risks, or crash down as their business expands. So, you have to make sure that you at least have the basic soft skills most successful entrepreneurs possess if you want to have a chance.
How Can I Turn My Knowledge into a Business?
For people who are already in a business/finance related major, this question is rather easy. However, there are many other fields that could allow you to start a business, even if you may not see it at first glance.
For instance, if you’re in a field like biochemistry or nutrition, there are tons of ways that you can spin that into a business. You could get into the supplement business, for example. The supplement business is huge and can function as both a B2B and B2C solution.
You could buy capsule filling equipment and sell directly to consumers. You could also become a manufacturer or offer private label solutions. So, make sure that you think outside the box, and try to see how your unique set of skills could set you apart in certain industries. You can then fill the gaps in your education to develop your entrepreneurial side.
Can You Do Both?
Also know that you don’t necessarily have to dive in head first if you want to start a business. There’s always the possibility of working on your business part-time if it allows for it. Not only that but getting a job in a related company will allow you to get valuable information that you’ll be able to apply to your business.
Can I Benefit from Getting a Mentor?
Another thing you could do if you want a more thorough understanding of the inner workings of business is to find a mentor. And now is the best time to do so. Most schools will have some sort of mentorship program that you can enrol in. You could also ask one of your teachers if they’d be interested in becoming your mentor. Also, make sure that you attend alumni and networking events as much as you can to see if you can connect with one this way.
These are some of the main things you’ll need to consider if you were thinking about starting a business after you graduate. Make sure that you take advantage of all the resources at your disposal before you make your final decision, and don’t be afraid to explore alternative options.