5 TIPS FOR AN MBA STUDENT PLANNING TO LAUNCH THEIR OWN BUSINESS AFTER GRADUATION
While doing Master of administration the student is benefited in many ways by acquiring different skills. So, the entrepreneurial skill is one of the skills that make the graduate ready himself to start his own business. By doing MBA you will get the benefit of acquiring certain things relating to entrepreneurship, some of them are
You have to be resilient while running a business because the business world is changing rapidly and you need the flexibility to adjust to the changes happens.
By doing an MBA definitely, you will face many challenges and train yourself to be resilient enough in facing all the constraints. So once you start your business if you face any challenging situation too at that time you can apply the resilience you have gained from an MBA.
An MBA graduate is starting a new business which is called as Start-ups. So, for a new venture, the support from others is required and this happens only if you have good relationships with successful peoples in the same filed. So, for that, you have to make networking.
The MBA degree trains you on how to maintain the networking. Networking plays an important role in the success of start-ups. So, this entrepreneurship skills will develop in you after completing the MBA course.
CALCULATED RISK TAKING
Its also mean the decision-making capacity that you have. In the MBA course, decision making is an important factor. Students will be given a tough and challenging situation and asked to take effective and efficient decisions. So, the MBA itself trains you to be efficient in taking effective decisions for your business.
An entrepreneur has to welcome some risk and avoid certain risks. Its because all risk won’t be up to our capacity so we have to choose it accordingly.
Higher the risk higher will be the return but if you choose the wrong risk beyond your level it will bring bad impact to your business. So, to be a successful entrepreneur you should make good decisions and MBA degree will mould you a good decision-maker who will be efficient in deciding which is right and wrong.
So, make use of the right opportunity and avoid the wrong ones even it demands more return, check whether it is suitable for you or not.
It’s one of the soft skills that MBA degree mainly focusing on. It is given equal importance along with the technical skills in the present era.
If you think something new and unique will be highly demanded by others. So, to be a successful entrepreneur you have gain creative thinking ability and MBA course offers you that with great importance. While you are doing your course, you will be asked to find out some new solution or ideas which are unique. This is all part of the training.
COMPLEX PROBLEM SOLVING
There will be a number of problems an entrepreneur should face and the success resides how you solve that one. It’s called problem-solving skill. It’s one of the important skills that can be highlighted in your resume which has great value.
After completing your course, you will be trained enough on how to solve complex problems and hence that will help you to run your new venture successfully by facing all the constraints in front of you.
So, compared to the earlier times the MBA graduates love to start their own new venture. Many are dreaming to be an entrepreneur. It’s very evident in the present time that the number of start-ups is increasing day by day.
All its because the students are changing the concept of working for someone, now they are motivating others to be an entrepreneur. So, by staring a new venture one can implement their new and unique ideas which may pave way for a new successful entrepreneur and organisation.
5 TIPS FOR AN MBA STUDENT PLANNING TO LAUNCH THEIR OWN BUSINESS AFTER GRADUATION
For those who are looking forward to setting up their own business here is 5 effective tips that you can make use. They are:
- WALK BEFORE YOU RUN
- DEAL WITH POTENTIAL CUSTOMERS
- SET LONG TERM AND SHORT-TERM GOALS
- ASK FOR HELP
- LEVERAGE YOUR STRENGTHS
WALK BEFORE YOU RUN
It means don’t rush towards starting a new venture without having any proper idea and homework. So, you have to do a deep study of all possibilities and constraints so that you can plan accordingly to make your dream true to be a successful entrepreneur.
Instead of taking any business try something unique that makes you special. Also, you have to decide who are your customers, who you are targeting etc. find a problem that your targeted customer is facing presently. There are many products in the market that won’t make the customer satisfied for example if you are plan to launch soap, in the market there exist lots of product and have tight competition. So instead of launching an ordinary product add some features that make your soap unique and attractive. So, for all this, you have to make a deep market study and go on.
If you start a business without any idea that won’t work. You should need a definite plan for each and every step of your business. So first choose your targeted customers then check on the present demand for certain products your customer has and choose the one which they demand mostly. After selecting the product make a deep study on the market, competitors, and plan to make your product unique and according to your customer desire. Also, plan brilliant ideas to market your product in order to reach to a large audience.
So, all this means that make a correct plan before launching your new venture. Make only planned moves. If you make a rush without a proper plan that won’t help you to be a successful entrepreneur. If you fail in the first step it will be very hard to come back so don’t waste all your effort and skills you gained from MBA without having a good plan for the future.
DEAL WITH POTENTIAL CUSTOMERS
To know what is the desired product that customers looking for you have to make deal with your potential customer. By talking to your potential customers, it will help you know what they are looking for and is your idea is good or bad.
By talking with your potential customer, you will definitely get the market demand and what changes they are looking for. So, by identifying the correct demand and need of your customers you will be near to your success.
For all business that customers are the god of business, so without the customer support its very hard for any business to run. By getting the right pulse of your customer it will so easy to make them satisfied with your business and that will automatically pave the way to the success of your new venture.
SET LONG TERM AND SHORT-TERM GOALS
To be a successful entrepreneur you should have to set both long term and short-term goals. So, by setting the goals for your life that will help you to be more determined and give you a clear idea of what things you have to achieve in order to achieve your life dream.
Long term goal has to be very specific and it wants to be something that’s you aim mostly in your life which you give more importance. The long-term goal has life value of yours because according to the long-term goal you are setting your short-term goal, so if you set any goal without any plan that won’t help you out.
Keep your dream that you aimed and for what you have worked so hard. After defining your long term goal you have to set your one or two short term goals. All your short-term goals should have a direct link with your long-term goal. Short term goals play a very important role as they are the stepping stone towards your long-term goal. So, to reach the long-term goal you have to fulfil your short-term goal definitely.
By achieving your short term goal one by one you will reach your final one that is your long-term goal. Which will make you a successful entrepreneur.
ASK FOR HELP
It’s all about seeking help and suggestion from the right persons. By getting feedback from experienced and experts in the area where you are looking to, open your new business.
As you have no previous experience in the business field it will be very hard for you to withstand all the constraints that you have.
By surrounding yourself with people that won’t make you any evil, it will be a positive presence for your new journey. So, find people who can be trusted and getting feedback from experienced peoples will help you a lot to sort among what is good and bad for you. So, by getting the right advice you can move safely and make the right plan that will help you in your business.
By getting adequate information and advice on your new ideas will help you get out of the confusions you have in entering the business field. As a beginner, everyone will be having a lot of confusions and other problems. But the success depends upon how you manage it brilliantly. So, it’s not wrong to ask for help, but you have to ask it at the right time. Think about the fact that if you ask help before committing a mistake or asking help after committing a mistake which will help you more. It has only one answer before committing a mistake you have to ask for help.
So ask for help to experts and the right people and make your move towards success.
LEVERAGE YOUR STRENGTHS
From business, you will definitely gain the skills of how to administer and manage a business efficiently. it’s not possible to become an expert in all the fields. So, some may be skilled enough in some particular area while others are in another area.
To leverage your strength means you have to concentrate more on your strengths and keep it stronger and stronger. First, you have to distinguish in between what all are your strength and weakness. Then concentrate on your strengths and think upon how you can make use of these strengths reasonably in your business.
If you are focusing on your weakness it will require too much time to improve and it will be too much of risk to apply on your new business. Instead, if you are focussing on strengthening your present skills it won’t require much time and you will be confident enough in applying it.
It all means instead of wasting time in your weakness make use of your strengths and keep on improving it which will help you definitely and save your time.
MARIAN INTERNATIONAL INSTITUTE OF MANAGEMENT, KUTTIKKKANAM
Marian International Institute of Management, Kerala only NBA accredited college under Mahatma Gandhi University. MIIM is situated in Kuttikanam which have great fame for its natural beauty and climate. The college ensures 100% placement along with quality training of faculties. All the faculties in MIIM are experts and experienced enough in their area. The quality of MIIM MBA teaching is very famous. It has good infrastructural facilities.
The college ensures good training to students regarding academics and non-academics. College gives much importance in entrepreneurial skills. The college has its own entrepreneurial club which is meant for those who like to be entrepreneurs in their future. Also, a new idea on developing more entrepreneurs for the future that is MIIM is helping their students to start their own start-ups.
So, if you are aiming to be a successful entrepreneur and searching for a good college that gives you good training and in gaining entrepreneurial skills MIIM will definitely help you in whatever way you wish. We hope our 5 tips for an MBA student planning to launch their own business after graduation was useful for you.