The Ultimate Guide for Business Grads Striving for Entrepreneurship

Not everyone has the patience to take up corporate work from 9 to 5. College and university graduates are now avoiding monotonous office jobs. More and more of these youngsters are opting for other options. For most people, the next best option is starting their own business. Besides, business graduates have always been more inclined toward the latter option. Well, they should be because only there can they find the proper application of their learning.

However, starting your own business is not as simple as it might seem. According to Embroker, the startup failure rate is unbelievingly 90%, with 10% failing within the very first year of operations. Don’t be scared; the figures are not to demotivate you. They are to make you understand how important planning is before initiating a business. Anyone who plans well can lie in the successful 10% too. All it takes is proper due diligence, thorough market research, and strong commitment.

However, starting your own business is not as simple as it might seem. According to Embroker, the startup failure rate is unbelievingly 90%, with 10% failing within the very first year of operations. Don’t be scared; the figures are not to demotivate you. They are to make you understand how important planning is before initiating a business. Anyone who plans well can lie in the successful 10% too. All it takes is proper due diligence, thorough market research, and strong commitment.

Specialized Education – Times have changed

The business arena has become tremendously systematic, and now you need a specialized skill set to tackle modern-day business problems. Your bachelor’s degree might not suffice to enable you to compete well in the contemporary business world.

Fortunately, online education provides excellent alternatives to the traditional on-campus education system. You can enroll in online MBA programs for working professionals while continuing your business along with it. Such programs will provide the latest knowledge on emerging business trends while also developing your business leadership acumen.

Specialized education provides a deeper understanding of the market dynamics and enables entrepreneurs to devise the right strategy. Making timely critical decisions is essential. Top-notch business education produces entrepreneurs who have optimal decision-making capabilities.

They observe, understand, assimilate, and respond to market trends in a better way. Business is all about developing resilience to external shocks, and business education instill the necessary training to create that resilience.

The Crazy Quilt – develop a synergy

There are several stakeholders in the business world. A savvy entrepreneur carefully chooses and integrates these stakeholders into the business.

 The aim is to create synergy by aligning different people. These people might have different views. Their aspirations might be unique. However, a business graduate must look at the bigger picture. It is just like knitting a crazy quilt pattern. Initially, none of the pieces make sense. They are all different and unique. Once brought together, they produce a synergy and provide a cohesive look.

Similarly, running a successful business is aligning different business stakeholders with varying orientations. Business is the machinery that creates synergy between them. It extracts the collective good out of all. Once the operations are streamlined, this quilt generates value for all the members. It creates profitable partnerships and accumulates funds for the operating expenses of the business.

Realize an Affordable Loss – don’t risk is all

Startups are very tricky. If done the right way, you can become a millionaire very soon. If done wrong, you won’t even exist in the market. You should never put all your apples in one basket. It is necessary to take risks in business, but it needs to be well calculated.

 You must carefully weigh all the market forces and then decide how much you can bear. Also, develop a clear understanding of the risk appetite of your business. If you exceed that, your business will undoubtedly collapse.

According to Business Insider, entrepreneurs submitted 25% more business applications in 2020 than in 2019. And that too, when existing businesses were facing severe challenges due to the COVID pandemic. Still, entrepreneurs were launching new ventures.

Therefore, taking the risk to become competitive is inevitable in the modern business environment. However, staying within calculated limits provides a safe route back to basics.