Youth Incorporated Magazine

How many of us have been told that only MBA graduates can become ‘businessmen’ or ‘businesswomen’? In recent times, people and students, in particular, have squashed the notion that only a degree will guarantee success. Look at bloggers and YouTubers for example. They’ve created a new league of careers with the help of the internet, and are entrepreneurs in their own right. Most even have an entire team to themselves. And the best part is that not all of them have degrees in general, let alone an ‘MBA’.

There are a lot of business owners these days who don’t have specific degrees, so this isn’t a foreign concept. However, knowing how to get started is a challenge in itself. But a good idea and a couple of good decisions will always win you success –

Know your craft well

If you want to start your own venture, it’s important to be good at what you do. Additionally, you also need to add value to your marketplace. What is it that you do, that’s different from anything else available in the market? If it’s food-related, what kind of food or cuisine or style of cooking can you bring to the table that is different from others? Find your niche within your own industry and go all out. You will also need to be an expert in your field. An ‘expert’ always gets more attention. A larger number of people will reach out to you, and hence give your brand/business a lot more exposure.

Have a business plan

An important step in building a business is to have a ‘layout’ of your current and future plans for your business. Identify what your business aims to achieve in a monthly or yearly period. Draw up a couple of strategies to expand your reach over a period of time. Have a vision for the future – do you want to have your own office space or open up stores? If yes, plan to hire more manpower and set aside funds for the same. Also, have certain guidelines in place – if it is a food business, specify the minimum number of days to order, payment route, operational hours, delivery, etc.

Identify your target audience

If your business designs and sells clothes for babies, a large chunk of your audience will come from new and experienced parents. If you’re business specializes in interior designing, your target audience becomes people who are buying new homes or looking for a revamp. Whatever your business may be, it is important to know the kind and the size of the audience it will attract. At the same time, you must have a clear idea of the kind of people you want to cater to.

Gather experience

Before diving into entrepreneurship, it is advisable to work under and gain some experience from seniors that have a number of years to their resume. This way, you’ll be able to see firsthand the in and out of running a business in your field, while at the same time gaining additional expertise. Don’t be afraid to ask questions and have any doubts solved. Remember, the biggest lessons are learned outside the classroom.

Don’t expect too much

Don’t expect overnight success. Even if you’re bringing something new to the market, you won’t get busy right away. At the same time, don’t be bogged down if your business does not take off in the initial months as well. It will take a fair amount of time before word gets out, or even for people to trust in your brand. If your business is product-driven, have internet influencers or celebrities try it out initially, as they will be able to get the word going faster. They have already built an audience that trusts in them, and if they like your product, they won’t shy away from saying so. Above all, have patience. All good things happen in time.