April 4, 2022

Success Tips for Young and Aspiring Entrepreneurs

In the last few years, startups and unicorns have become buzzwords in India with new recognised startups increasing to over 14,000 in 2021-22 from only 733 in 2016-17. If you plan to become an entrepreneur, pursuing a BBA is a good idea. BBA courses are designed to help students develop skill sets that they will need to start and manage their businesses. Our B.B.A. Entrepreneurship and Innovation is specially designed to prepare future entrepreneurs with the knowledge to start and manage their own businesses.   Here are a few success tips for young and aspiring entrepreneurs:   1. Make a plan: Planning is one of the fundamental aspects of the business. The success of a business is not just restricted to a product or service, it needs a good market strategy. Having a plan will help your business in: Analysing required things about target demographic and competitors. Analysing any possible thing that can go wrong with your plan and then preparing a solution of the same. Keeping track of strengths and weaknesses. 2. Pursue BBA Entrepreneurship and Innovation course: To become a successful entrepreneur, students need knowledge of various subjects in business, finance and management. Our B.B.A. Entrepreneurship and Innovation helps students develop expertise in evaluating opportunities and successful business models, creating business plans and attracting venture capital. Students who pursue this course acquire expertise in the legalities of business start-ups and obtain management, organisational, and strategic planning skills for the launch of new business ideas. Students can also pursue B.B.A. Finance course and B.B.A. Marketing before launching their own business. Many aspiring entrepreneurs often work in the corporate world after completing their BBA. This gives them the experience of how businesses are run. 3. Find a good mentor: There is a famous quote by Eleanor Roosevelt — ‘Learn from the mistakes of others. You can’t live long enough to make them all yourself.’ This is one of the reasons why young and aspiring entrepreneurs should find a mentor. An experienced mentor can help young entrepreneurs learn dos and don’ts of the industry and how the market works. A mentor could be a close friend or business associate who has more experience. 4. Build a strong network : Networking is the most important aspect of starting a business. The right networking skills can help you establish a new business and find investors, customers, staff, suppliers and business partners. Sites such as LinkedIn and Facebook can help young entrepreneurs find like-minded people. They can also consider attending industry events, conferences and social events where they can meet and use networking for the benefit of their business. 5. Get your finances right: Before getting your idea off the ground, it is advisable that you spend time and effort in financial planning. Create a monthly, quarterly and annual list of anticipated expenses related to labour, supplies and overheads. Also, prepare an anticipated profit and loss) statement. Make sure you take all scenarios into account. Doing this exercise will help young entrepreneurs determine their financing needs and approach bankers and investors accordingly. 6. Conduct case studies: Before a company becomes a brand, they try a lot of things. The right permutation and combination lead them to success. Young entrepreneurs must spend time studying case studies of successful companies. Doing this will help young entrepreneurs develop SOPs and drive an organisational culture that is focussed on efficiency.