Entering the World of Entrepreneurship

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You’ve made up your mind that you want to start a company. Congrats and welcome to the world of entrepreneurship! Do an external analysis, such as Porter’s Five Forces to analyze your current competitive position in the market, so you can determine how to position the company strategically.

Skills Required: Determination, Oral Communication, Written Communication, Organizational, Visionary, Teamwork, Leadership, Strategic Thinking, Innovative, Persuasive

Team: Do you have the manpower to run your business? What about volunteers? If you haven’t already hired people, how will you break down the hierarchy of your business structure and what roles will you establish?

Consulting: Have you consulted others in your field for guidance and advice on what their opinions of your business are?

Financing: Do you have the adequate financing available to start your business? Is there someone to take care of your finances for your business in the company or will you hire externally for this? Have you thought of crowdfunding on websites such as KickStarter.com for more help?

Assets: What assets do you bring to the company, such as previous acquisitions or important skill sets? Do you have enough equipment such as computers for your employees?

Marketing: How will you go about promoting your product and getting your target audience to hear about it? Social media is free and you may know how to use it, however do you know how to use other tools such as Google or Facebook Analytics?

Try taking a few entrepreneurship courses in school – in DEM there is a course named Technological Entrepreneurship (MGD421) that teaches students how to start their own fictional businesses. It’s a good mix of hands-on experiences in class along with learning how to create financial reports and strategies for your company. Ask anyone you know that owns or works in a start-up firm; ask questions on their daily routine and some insight on how it is to create their own business.