how to start a business
As a student, you are young and inexperienced,
unlike the third age (50-65) whose start-ups tend to reflect their experiences
in particular industries, your idea will most likely be fresh and new that
can seem non-starter
to most people.
Do not let this situation make you feel less confident, enthusiastic or positive about your idea.
Just remember, 'having a good business idea is one thing, transforming it into a good business is another', unlike start-ups of the times when W.K. Kellogg and his brother John accidentally flaked wheat berry and created the delicious recipe for Kellogg's Corn Flakes or two men William Procterand James Gamble that met by chance through marriage started a bold new enterprise - P & G or John Pemberton, an Atlanta pharmacist, whom one afternoon, inspired by simple curiosity, he stirred up a fragrant, caramel-coloured liquid, carried it a few doors down to Jacobs Pharmacy, added some carbonated water, get it sampled by customers who all agreed this new drink was something special, put it on sale for five cents (about 3p) a glass, his bookkeeper, Frank Robinson, named the mixture Coca-Cola and wrote it out in his distinctive script, where a new business used to move through distinct stages of growth namely local, national and international; today, thanks to communications and information revolution, a 21st century start-up can easily leapfrog these stages and go global more or less right away - facing a whole new set of complex problems and challenges that comes with running a business across different cultures and ways of doing it respectively.
That said, you do not need a Masters of Business Administration (MBA) degree to solve or overcome them; a solid grasp of the basics of business will do just fine.
To acquire the aforementioned basics, read the eBook Mastering ABC of Business and complement what you have learned with business information and you will be able to see clearly how your idea will work in practice, will have the confidence to sell it effectively to your doubters and when you eventually start a better chance of survival and success.
Once you are confident to go ahead simply use the information below to do the usual steps namely, market research, business plan, fund/financing, choose business location, name, logo, legal structure, registration for government tax, licenses, permits application, insurance, business bank account and so forth.
Boffins at many universities have conducted countless research to determine whether entrepreneurs are born or made, do not ever bother try to find out whether you have what it takes to become an entrepreneur as the fact is; It is the forces of either opportunity or necessity that corners people into becoming entrepreneurs.
Stage I: Market research your idea
Before you commit your resources of time and money, thoroughly market research your start up concept/idea to see if is viable, use market reports as a secondary research guide or alternatively you can do your own primary research using free market research questionnaire templates to guide you through and if money is not an issue outsource this service. Never rely entirely on assumptions and intuition.
Stage II: Starting up Matters of the Law
Regardless of age, as a business owner, understanding
all matters of the law is more important than anything else as ignorance
of the law is no excuse in Latin 'ignorantia juris non excusat',
learn a lesson on how costly ignorance of the law can be from the late 1990s
start-up that shook the record
To be on the right side of the law onset; Get all the information you need about taxation, business premises and rates, intellectual property and so forth through this link set up a business.
Stage III: Business PlanGenerally speaking, written business plan is not a must, the only exception is when you want to open a business account, raise equity from investors or borrow capital. Still, it is a good idea to have a written business plan so you can keep track of what is happening.
Use the links below to guide you through business plan writing:
Further support for young entrepreneursIf you are still at university or college, you can approach the admistration and ask! Most of them do run enterprise programmes or provide start-up support to their students, if not there is plenty of support for young business owners from the age of 18 to 30 from various sources in different shapes and forms, from grants, business loans, mentoring and so forth.
The two sources on the list below have many years of experience is supporting young entrepreneurs.
Depending on your business idea, you might come across the old school folks that just don't get it, is best therefore to have someone that understand your idea as a mentor!