It is entirely possible to start your career as a business owner. The only issue with being an entrepreneur is that it means you need to be financially responsible for your learning curve. Every mistake you make will cost your business and you if you are not careful. That is why it is almost always better to start a business after you have sufficient business management knowledge and ideally are also very familiar with the industry in which you work.
There are exceptions, of course. If you have a great product or tech idea, you can often find a partner to start your business with and have it take off. The key here, however, is that you need to find someone with that expertise. If you have a good product, you can often convince talented people to take a chance on you, but this won’t always be the case.
It is better for your business and for you personally to have the skill set necessary to lead your business on your own, so follow this guide to upskilling in order to start your own business:
An MBA
You don’t need to have an MBA to start a business, but if you don’t have years of experience at executive level in a business, then it can and will be very hard to succeed. An MBA can be specialized to suit your goals, allowing you to get the most out of it. For those looking to start a new business, Business Intelligence is a great specialization to get involved in.
You will learn how to use data and analytics to manage a business better, to gain more customers, to grow, and, of course, to make better decisions based on your data. For an entrepreneur, these are all skills you need to truly take a grassroots idea and turn it into an international success.
You don’t have to put your life on pause while you acquire this MBA, either. Universities like Suffolk University Online allow you to work and study through their 100% online format. This way, you can build the framework of your business while learning the best business practices and strategies from some of the top minds in the industry.
A Great Business Idea
The best part of online business degrees is that you can use what you learn to build a better business idea and plan. Use the practical information you learn to build a strong business concept that sells and thrives from day one.
The main areas that you will want to have decided on before you launch include:
- The Idea
- The Business Plan
- The Business Model
- The Supply Chain
- Financing
- Marketing
The plans you set out now won’t be set in stone, but they will give you a smart jumping-off point that will hopefully allow you to launch with a bang. As soon as you do launch, remember to collect the data created by your business and customers so that you can tweak and improve your strategy.
Financing
All the hard work you have put into planning will pay off when it comes to financing. You will either need to take out a business loan from a bank, apply through the Small Business Association, take out a personal loan, use personal finances, get a loan from friends and family, or crowdfund. If all this seems like too much of a hassle, you can always invest in a franchise instead. It’s possible to operate a franchise that is both simple and successful. For example, if you’re passionate about dogs, you can invest in an affordable franchise in the pet industry that doesn’t require purchasing office space, maintaining a large inventory, or managing full-time staff. So, as you can see, running a business doesn’t have to be expensive and complicated.
Thankfully, there is nothing stopping you from using a variety of options to reach your financial goal. There are plenty of resources available to help you as well, so if you are having trouble getting the financing you need through official channels, seek out help from them.
The Right People
While you might be able to start a business by yourself, you won’t be able to run it successfully on your own for long.
When hiring, you need to do a few things.
1. Stick to Your Values
The best way to hire people is to find those who have the same values and goals for themselves as you do for your business. If community outreach is a big value that you have, then find those who have the same passions. Further down the line, you can then start building apprenticeship schemes or job training opportunities to help others in your community, even if you don’t need a new hire.
2. Make Clear Job Descriptions
When hiring, it is important to be clear about the job description. This way, there won’t be any confusion and people will feel more confident in applying to your place of business.
3. Build a Healthy Working Environment
If you want great employees, you need a reason for the best people to stay. You may not be able to pay top dollar, and that is okay. Working environment is more important than an inflated salary for many people.
4. Rethink the Hiring Process
The traditional hiring process involves getting resumés and cover letters, going through an interview process, and then, finally, hiring a candidate. The issue with this is that it doesn’t really help you see who the candidate is or how well they work with your team.
Though you can still go through the interview process, it is recommended that you add an additional step, which is a training day. Pay them for their time, especially if they need to take a day off from their current job to come work with you and see how they act in a real-world setting.
You will be able to pick the candidate that works best with your current employees and who produces the best work. All of these steps should allow you to build a strong team that trusts and believes in each other and improve your employee retention as a result.
Invest in Ongoing Analytics
One key thing you will learn during your MBA is how to use your data to make better business decisions. This applies to every aspect of your company, from your employees to your supply chains. Don’t stop. Invest in the right systems so that you can automatically collect and even sort the data. Make better decisions every day based on this data, and you will build a thriving business.
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