Starting your own business can be incredibly rewarding, and turning that initial idea into a successful business provides a real sense of accomplishment. But starting and growing your own business after university requires intense levels of commitment and responsibility, and that shouldn’t be underestimated.
As a graduate, you should already possess many skills which are going to make starting a business that much easier. If you have recently graduated or will be doing so soon, this article should help you to think about whether starting a business may be an option for you and how to go about turning that business into a successful and profitable one.
The success of a business can depend on a variety of things, including politics, the economy, demand and most importantly, the founder. Your skills, knowledge and financial capabilities are the key factors in making your business work. There are loads of ways in which your degree should help you in starting and growing your business, including self-confidence, determination, organisation, drive, initiative and good judgement. Completing a degree takes commitment and determination, and those are some of the most important qualities for creating a business.
Unfortunately, four out of five business start-ups fail, but the chance of your business succeeding improves the more preparations are made.
Before considering starting your own business you need to ask yourself some difficult questions about whether you are cut out to be your own boss. Are you persistent and determined? Can you set objectives and follow a business plan until they are achieved? If you're a bit on the lazy side, a serial procrastinator, or someone who gives up easily, starting your own business probably isn't a great idea – at least not at this stage in your life.
Remaining positive and persevering with your business, even during periods of uncertainty is incredibly important, especially in the early stages of a business start-up. Were you the type of undergraduate who switched courses in the first term, or is committing to a business plan something you think you could do?
If you turned into a monster while you were writing your dissertation, stressed and unable to be calm, then starting your own business is probably not a great idea. Well-mannered, affable people do well in business; do you think you can remain sociable and business-like with colleagues, clients and partners even when business is bad?
Another key consideration is whether you can actually work hard enough to make your business work. On average, new business owners can work around 60 hours a week. If you found it hard to get on with work at university it's unlikely to be any easier to commit that time and effort to a business.
Drive is important, as there will be no tutors, lecturers or bosses to motivate you. Are you able to be self-disciplined and crack on with work even when the sun is shining?
If you don’t like the feeling of your student debts looming over you, then starting a business isn't going to make you any more comfortable.. As a new business owner you need to accept that you'll probably start off in debt to creditors such as the bank or even your parents. The business needs to carry on operating as normal, and the debt shouldn’t stress you or make you feel uncomfortable.
Beyond the academic attainment and social integration, having attended university means that some avenues for funding, such as the Prince's Trust, are open to you as a graduate. Localities, particularly those viewed as impoverished, are likely to have young business initiatives providing both funding and tutoring for those who are interested in starting their own business.
Still feel like starting a business could be for you? Take a look at our business essentials and business skills articles and good luck!
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