As a generation of students living in an era where technology is starting to develop, millennials and Generation Z should have more opportunities to start their own business more easily. As a millennial student, it is also possible to start a business. Here are the steps to starting a business that you can do.
You need to do some planning, set goals, and most importantly know yourself. What strengths do you have? What are your weaknesses? How will this affect day-to-day operations? You can do a SWOT analysis on yourself to find this out.
When you start a business, chances are it will take over your life, so don’t go beyond your skills and make sure what you do is both challenging and fun. You will be in it for a long time. Use what you learn from a SWOT analysis to think about not only what kind of business you want to be, but what your life will be like.
Some good questions to ask yourself include:
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Once you know why you want to start a business, you need to find and develop ideas. The odds made sense after self-evaluation. But if you need inspiration, you can check out our library of sample plans to explore different industries, or check out trending ideas for startups. Just thinking you have a great idea and moving on is no longer enough. You should check if this is necessary. You should also start a discussion about whether the idea is sustainable.
We’ll go over the specifics of how to explore the market and determine if your idea is a good fit in just a few moments. At this point, we recommend that you consider starting a Lean Plan to help make the rest of the process a lot easier.
A Lean Plan is a simple one-page document that helps you refine your idea. This ensures that you consider your mission and value proposition early on, while also providing structure for the more technical parts of your business. In fact, it will give you the perfect template to tackle the rest of these steps.
Once you’ve decided on a business that fits your goals and lifestyle, it’s time to evaluate your idea. Who will buy your product or service? Who are your competitors? This process will help you address your opportunity, value proposition, market size, and competitive part of your Lean Plan.
There are several ways to do this, including:
If you don’t have time to do your research or want a second opinion, there are people you can turn to for help, such as your local government department and SBDC.
Relying on the current market alone is not enough. You need to know which parts are eligible and actually possible. It’s a good idea to do a market analysis to see how attractive your market projections really are.
It will guide your research as you think about:
If you wish, you can go a step further and consider consumer needs that are currently not being met by the industry. This is a good time to look at potential competitors. And remember that having competitors is often a good sign! This means that there is already a market for your product or service, so you know there are potential customers willing to spend money on your product or service.