If you want to start a new business after you get your degree, you probably already know that finding investors is a huge hurdle that you must overcome. Yes, there are some businesses that can simply be started in a garage and built from the ground up, expanding their reach once they start to make money, but this is not common. Most companies need a fair amount of money just to get off of the ground, so outside investors who believe in the idea have to come in. This has gotten to be so popular that there are even TV shows about people making their pitches.
If you’re worried about this, you’ll be glad to know that it is likely going to be one of the things covered in your degree program. Maybe you are thinking of pursuing an MBA such as the WSU’s online executive MBA instead of starting a new business right after college. They are not simply going to tell you what you need to do to run the business, but they are also going to address how to make this happen from a monetary perspective. The best ideas in the world, and the most innovative new products, are not going to find the market unless the money is there to create them.
You may look at successful pitches that other people have made in the past; you may also look at some that have failed. Often, you’re going to learn more from the ones that have failed because they can show you what not to do. Studying both sides will show you how to craft a compelling proposal, how to get all of the most important information into your pitch and how to present it in a way that gets people excited about it and makes them believe that you can be successful.
One of the best things that you can do is to make up a product you intend to build, draft a simple pitch and show it to your professor. It is easy to identify key mistakes when looking at someone else’s pitch, but it is harder to remember them all when doing one of your own. Your professor can then tell you where you could improve things and what you missed. When you finish the degree and draft a real pitch, it is less likely that you’ll make these same errors.
Starting a new business right after college may seem like a big challenge, but once you have all the resources, tools and knowledge required to run the kind of business you want to do, it may not seem all that difficult. It’s also crucial to assess your passion and commitments and fully understand what it takes to start a new business.
You need to be fully convinced about entrepreneurship as a career path and make choice based on genuine motivation to solve a problem and not just make quick financial gains. There are no certainties in starting a new business, be mindful of all your risks and take calculated steps to get closer to your dreams. The most important thing is to get started. Go ahead and fulfil your dreams, don’t wait for a great idea (just start) if you are convinced starting a business is the best career choice for you.