Entrepreneurship is suddenly the ‘in’ thing in today’s India. Or as Generation Z will put it, “Entrepreneurship is cool”!!! Leaving the jargon aside, it is true that starting-up is the buzzword in many colleges and institutes today.
Be it the dream of the under-grads or the ‘grown-ups’ who have gone back to books in order to hone their management skills, going the entrepreneurial way has never been so socially acceptable in India.
You could be teeming with ideas while still at college. But what if you do not have your family money/business empire to fall back upon? What if nobody in your family has ever been in the field of business? Hope, will you then get your ideas to fruition? We help you with these following pointers:
• Incubation Center in College:
Check with your college/institute if there is a “Business Incubation Center” in your college. Business schools will most certainly have it. In case you are from any other field of study, speak to your professors or dean to understand if the college can help you any resource or infrastructure.
• Check Your State Of Preparedness:
The decision to branch out on your own can be daunting. Ask yourself a few basic questions to assess how serious you are about your idea before you take the plunge. Some of these questions, which originally appeared in a Wall Street Journal guide for small businesses, will help you figure out if you are ready for the journey.
• Market Research:
Embark on your market research. This entails starting from the basics – understanding the demand-supply situation, demarcating the market you want to target, finalizing how to make/procure your products, and how to sell them.
• Create A Plan:
A plan is vital to any form of business that you might want to start up. It clearly defines the goals that you set for the business and also streamlines the methods for achieving them. Every business needs one and its best to start writing one as early as possible.
• Arrange for Funds: You may choose any of all of the options below: –
Bootstrap: Start saving money so that you can bootstrap your way into your business idea. The minimum you take loans, whether from friends or family, the lesser your risk exposure. –
Borrow From Friends/Family: This is a common form of funding at the starting phase for it entails ‘trust’ money that is not possible to get from banks or outside lenders. However, make sure you are fully aware of the advantages and disadvantages of such borrowings.
• Need More Confidence? Join a B-School to sharpen your managerial skills and technical knowledge. This will stand you in good stead in the long run. All of the above will just about give you the push to get started. Once you have made up your mind, comes the stage of starting work to give shape to your ideas/dreams. This will mean setting up a firm/company/proprietorship, getting the necessary registrations in place, creating the website before you can conduct business. We will take these up in a separate blog.