10 Entrepreneurship Questions
Entrepreneurship is an ideal choice for those who want to set themselves apart from the common race. You give a lot to the field and in return receive the privilege and prestige desired by many. There is no doubt that entrepreneurship deals with the skill test and test of your patience as well but in the end, everything sets fantastic because of the favorable end results.
Entrepreneurship for Students
While you are a part of the academic circle, it can get very hard for you to give a specific time, space, and energy to the personal interests which are dear to you. This is because academic life has become too difficult for many that anything else seems extremely impossible. This is why many youngsters often give up the desired area of their interests and hence their respective skills are exposed to rusting under the time’ cruel tide.
The Recent Trend
However, in recent times, we have seen a considerable change in this attitude and now even students are getting nearer to this idea of getting their skills a chance to create a name of their own. Many high school buddies are spending their time thinking about the ventures that could earn them some good fortune. However, because of immaturity in the field and lack of sufficient knowledge they are often unable to settle down permanently in the entrepreneurial regime and prove their efficiency to the entire business world.
10 Most Asked Questions Coming from the Young Entrepreneurs
Students of academia still don’t want to give up because they are willing to take the chance in the practical field. However, they have certain questions about the very nature of entrepreneurship which they deem important to answer.
In this article, we have made a list of them and have presented them before you just the way you would be wanting and searching for the obvious answers.
What should be the nature of the setup about which I need to work?
A number of students have this question teasing them permanently that the market is wide and there are innumerable expressions of experiments. This naturally makes the game hard for them because they have to make a wise choice about the field regardless of the burning competitive sense. Therefore, they often pose this question.
It has a simple answer. You should never go out of the area of your expertise. This is because as young entrepreneurs you are not exposed to the challenges of the world in a way the experts in the field are. The best solution is to look for the area of your interest. You obviously can’t start a corporation within a single thing, so let it be. Keep your venture small at the beginning. Control the flow of information and make your ideas unique.
Once you are starting the basic setup with the bare minimum resources, your effort is the decisive power that can decide or deny your residence in this world. Even if you are starting from the very basic level i-e selling just a single product or service, do it powerfully with all your skills. Remember! Kylie Jennet first sold a single lipstick and now she is an entrepreneur.
Should I initiate the venture online or offline?
This question has also gained much eminence because of the growing influence of the internet. The choice to start your venture should depend on the resources you have in hand. If you think you can run the business online with great marketing strategies, go for it because your presentation is one thing that will earn you more customers with time.
However, if you are still an old-school chap and believe in in-person interaction, the best choice would be to go directly to your customers by starting small-level stores to endorse your product or service.
How can I keep my business idea to me only?
This question comes from the rivalry prevalent in the mainstream market. Inspired by the global norms, young entrepreneurs often attempt to secure their idea to themselves because they believe that this will keep the idea limited and the chance of its success would be doubled if it’s unique and stands alone as the extraordinary one.
This myth needs to be busted completely because today nothing is limited, not even the ideas. You might have hundreds of variable competitors you don’t know yet. The best thing to do is to introduce it in the market, observe the competition, and on the basis of that, it should be continuously evolved for the intention of innovation which can keep it alive in the long run.
How should I make a team of my own?
Students often find this as a continuously teasing problem that revolves around the team factor. As a learned entrepreneur, things are much easier for you because you don’t have to find the team by yourself but you are rather going to employ them. A student who is not that renowned in the field finds it difficult.
The best way to do this is through the assistance of the clubs. Various entrepreneurial clubs will allow you to look for the people who have the perfect kind of ideas as yours and can be a good source or good addition to your team making things easier for you. So, peer power is above everything else.
How should I pay my team?
As a student, the issue of capital also encounters you a lot. After a team is formed supporting a teenage venture, the payment of the salaries becomes the issue. With a limited allowance, it is technically not possible to pay everyone fully.
However, you can try working some extra shifts alongside assuring the team some fixed percentile of capital as the profit at the end. In my opinion, this works like magic on the team and the team starts filling up the venture with innovative ideas that can ensure the success of the venture.
How can I choose a name for my business that could also fulfill the domain obligations?
Is another piercing question making you wonder about the domain issue and the name issue both. The best way to sort it out is through going directly to the websites’ analysts and getting a report of the available domains.
Once you have the access to that very report, choose a name that is attracting customers of all ages. At this point generalize your business because if you are not gaining the attention of the widely spread lot, you are still mistaking somewhere in the end.
How can I attract customers to my venture?
Well, this seems a big problem because the student lot does not have those “strong connections” at the upper levels or the capital enough for some powerful display of the advertisement. What you can do instead is to use the school broadcasting services.
At high schools, individual ventures are most often welcomed. So, your venture can be the one among them. Rest, leave everything at the hands of the peers because the publicity power at the school level is the most violent one that always attracts a lot of attention.
Where should I train myself for all the entrepreneurial efforts?
This is a question rising in young minds when they encounter real-world situations. You can rightly put your trust in the entrepreneurial units which offer different courses throughout the year. Plus, it is also very important to you to stay in the practical field rather than the theoretical one. It is good to have all that theoretical knowledge about the process and mechanics of entrepreneurship.
But, depending on that entirely could turn out dangerous. You don’t want to lose the opportunity of dealing with real-world problems in the most realistic way rather than reinforcing them in a rehearsed classroom sort of environment. So, even if you don’t have the resources to enroll you in some entrepreneurial course at the moment, there is absolutely no harm in that as long as you are willing to perform best when it comes to the efforts for the venture.
Should I wait long enough for success?
You have to wait a lot because this is the very first venture. You need to realize that achieving perfection at the very beginning is more like an impossible task and you cannot ace it completely. There will be certain flaws or loopholes left unintentionally by you which are in one way or another going to delay the success timing for you.
All you need to do is to stay right there and keep on moderating your flaws as soon as you find them. Once you will be positive enough about the flawless nature of the venture, success will follow you by the course of a deliberate pattern. So, hang tight in the actual field and work till you finally get it.
Will this venture be the decisive one that determines my path in the business world?
Self-esteem always seems to be challenged whenever you are in the business market. At that moment, depression from recurrent failures takes hold of you and you are forced to think that this beginning itself is the end. The truth is exactly the opposite. Your first venture is always the first brick you have laid for establishing a solid foundation.
Once you learn from the failures and get enough experience in the field, you are more active than ever to beat the tide of the time against you. There are stories where entrepreneurs who were young and inexperienced were initially turned down again and again by the same market where they emerged as the ultimate masters after some years.
A Lesson to Remember
As student entrepreneurs, you need to know that it’s okay if you fail or the venture doesn’t turn out as best as you had wished it to become. This is because initially, you are entering this complex world. The most important thing at this point is that you must be able to learn a number of new things, the lessons of the practical field because eventually, these are the constituents making up the formula of success for you in the market.
The author is an M.Phil scholar conducting her thesis in Literature. As a sucker for literature, she swoons over Greek and South Asian fiction while reviewing books in her spare time. Her love for writing has made her expand her subject matter and now she pens her opinions frequently on business, finance, entrepreneurship, lifestyle, history, and literature. For a special connection with entrepreneurship, she opens up the details occasionally about it.