5 tips for management students to start their own business

[BIBS]

The spirit of entrepreneurship allures most management students. In the first year of college, there’s always a buzz – “Let’s do a stratup”. So, in clusters there are discussions in college corridors, canteens and common rooms on new business ideas. But, getting on to the actual decision making takes time. Even if the idea is fixed, the biggest hurdle is complacency. Most of us are not ready to accept failures. We always want to hear a “Yes”.
We start with a vision to be Bil Gates, Steve Jobs, or the Ambanis and the Mittals. We know them by their achievements, but how many of us know of the failures they encountered before accomplishing their success stories. Almost all new things come from failures, so it’s important to experience failures to start something new in life. It’s a good idea to join a start-up before starting one’s own. It helps to understand the business strategies, the advertising concepts and the financials involved in taking the plunge all by oneself.
Being one’s own boss means assessing one’s performance. Keep a watch on your track record. It’s better to divide one’s growth plans into phases. The learning phase, for instance, cannot be too long as the execution phase, in that case, will never see daylight. It’s not easy to decide, if “now is the time”. So, fix deadlines for yourself.
Most people shelf their business plans due to lack of money. If a steady income is a must for you then do not quit your day’s job till the time your business is ready to take off. Once the momentum is gained, leave your steady job and dedicate your full time to the business. Accumulating funds for a business is a challenge, so always start small. A number of work-from-home options and online business options do not require a huge fund.
Fund raising becomes easy if you have good networking. Remain active on professional networks. Leverage your professional and corporate connections to raise money for business. Those with experience can use references form ex-colleagues or clients. A business idea which has the fire will definitely attract attention from men of business.
Whatever might be the nature of your business, it’s crucial to know your consumers closely. A loyal customer base is created from being able to meet customer satisfaction levels. Building up customer loyalty can also initiate business promotions as satisfied customers are more likely to share their experiences with many other prospective customers. It’s wise to invest in meeting customer satisfaction because that opens up avenues for business in future.

[RushyDarvin]

Hi,
Due to lack of money,I can't now start own business,but as soon as,I manage some money I will start a new job ,I think your 5 tips for management students to start their own business may be helpful for me.Now I 'm investing some money in trading,so that I earn much money for future to start my own business.

[BIBS]

Originally Posted by RushyDarvin

Hi,
Due to lack of money,I can't now start own business,but as soon as,I manage some money I will start a new job ,I think your 5 tips for management students to start their own business may be helpful for me.Now I 'm investing some money in trading,so that I earn much money for future to start my own business.

Dear Rushy I appreciate you in your entrepreneurship
Please follow this Suggestions from BIBS

Do not save what is left after spending, but spend what is left after saving" and if you are following this quote then you can never become bankrupt or in debt throughout your life for sure.

Do not put all your eggs in one basket " , So diversification in stock investment is must for minimising risks.

[goutam.sharma]

I feel at the current scenario the graph of entrepreneurship in Indian is going down, people are avoiding risk, reason may be anything low confidence, improper marketing research, recession etc . Whatever be the reason its harming the Indian employment but the major problem is that we can't blame any one even not to govt because they have so many entrepreneurship program but we are lacking in motivated youngsters who have the will power to start from the scratch.

[Riddle]

A successful businessman is the one who always implies on effective planning and scheduling of work. It gives the outline of the time and effort to be put so that the work is completed within the specified timeline and budget.

[Amitk6663]

Originally Posted by BIBS

The spirit of entrepreneurship allures most management students. In the first year of college, there’s always a buzz – “Let’s do a stratup”. So, in clusters there are discussions in college corridors, canteens and common rooms on new business ideas. But, getting on to the actual decision making takes time. Even if the idea is fixed, the biggest hurdle is complacency. Most of us are not ready to accept failures. We always want to hear a “Yes”.

Wow... that's quite an extensive read...thanks for sharing! I have a friend who wants to get an MBA degree before setting shop so I did some online research. I came across an article on the Small Business India Intuit website on colleges offering management courses in entrepreneurship.

[samsheene]

Planning and forecasting is the basic thing that you need to do in your business on constant basis. From next time plz mention them in points,its always easy to read in points.

[aruna972]

Originally Posted by BIBS

The spirit of entrepreneurship allures most management students. In the first year of college, there’s always a buzz – “Let’s do a stratup”. So, in clusters there are discussions in college corridors, canteens and common rooms on new business ideas. But, getting on to the actual decision making takes time. Even if the idea is fixed, the biggest hurdle is complacency. Most of us are not ready to accept failures. We always want to hear a “Yes”.
We start with a vision to be Bil Gates, Steve Jobs, or the Ambanis and the Mittals. We know them by their achievements, but how many of us know of the failures they encountered before accomplishing their success stories. Almost all new things come from failures, so it’s important to experience failures to start something new in life. It’s a good idea to join a start-up before starting one’s own. It helps to understand the business strategies, the advertising concepts and the financials involved in taking the plunge all by oneself.
Being one’s own boss means assessing one’s performance. Keep a watch on your track record. It’s better to divide one’s growth plans into phases. The learning phase, for instance, cannot be too long as the execution phase, in that case, will never see daylight. It’s not easy to decide, if “now is the time”. So, fix deadlines for yourself.
Most people shelf their business plans due to lack of money. If a steady income is a must for you then do not quit your day’s job till the time your business is ready to take off. Once the momentum is gained, leave your steady job and dedicate your full time to the business. Accumulating funds for a business is a challenge, so always start small. A number of work-from-home options and online business options do not require a huge fund.
Fund raising becomes easy if you have good networking. Remain active on professional networks. Leverage your professional and corporate connections to raise money for business. Those with experience can use references form ex-colleagues or clients. A business idea which has the fire will definitely attract attention from men of business.
Whatever might be the nature of your business, it’s crucial to know your consumers closely. A loyal customer base is created from being able to meet customer satisfaction levels. Building up customer loyalty can also initiate business promotions as satisfied customers are more likely to share their experiences with many other prospective customers. It’s wise to invest in meeting customer satisfaction because that opens up avenues for business in future.

Thank you for sharing this information. Really helpful! A friend of mine is about to set shop online and is doing extensive research. I will share this with him and also share this for my friends on a new social networking site that I have been frequenting called Cafe4tune.

[Filaming]

The main reason its injuring the Indian native employment even so the major difficulty is we can't blame any one even never to govt given that they have countless entrepreneurship method.

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[z5d5fwffw]

Hi,
Due to lack of money,I can't now start own business,but as soon as,I manage some money I will start a new job ,I think your 5 tips for management students to start their own business may be helpful for me.Now I 'm investing some money in trading,so that I earn much money for future to start my own business.