4 Important Steps TO DO When Building Business Right After Graduation

There are many young generations who own small businesses today. In fact, CGK reported that 30 percent of millennials have already started their own small business and 49 percent others have plans to start a business within 3 years. 

Businesses owned by young generation, however, are likely to not stay longer than businesses built by middle-aged individuals. The most common reasons why younger generations often fail is due to a lack of confidence. According to Financial Times report, millennials do suffer from a lack of confidence, thus, making it no easy for building a business. This also explains why overcoming fear of failure tops the list of young-generation-founder-to-be. 

Other reasons for the failures are, said Jason Albanese, young generations often have no financial resources or don’t know how to get the funding. 42 percent of them cited that lack of money as the primary obstacle to starting their own startup. Lack of experience is also top of the list that contributes to business failure in young generations. 

See also: 3 Valuable Things TO DO When You are Unemployed That Can Make Your Life Better

If you are among those young individuals who are keen to start a business right after graduation but facing above hurdles, make sure to read these useful tips.   

Step #1 Know what business you are building 

There are various types of entrepreneurship and business. The most common types of business are as follows: 

  • service – it focuses on providing services to customers than giving tangible products.  
  • merchandising – it is a buy and sell business. For example, you buy products at wholesale price then sell them as is at retail price. 
  • manufacturing - a business that focuses on turning raw materials to final products, then you sell them. 
  • hybrid - business like restaurants and hospitality fall into this category. 

Meanwhile, there are 9 common types of entrepreneurship, including: 

  • big business entrepreneur aims to make profitable and new revenue every day. 
  • social entrepreneur with the ultimate goal to improve the environment and to make the world a better place to stay. 
  • buyable business entrepreneur aims to create products or something new with the aim to sell the business to a bigger tech company. 
  • scalable startup entrepreneur is also called tech startups as your goal is to establish a company that obtains financing from inventors.  
  • SME entrepreneur is the idea of gaining revenue by gathering potential people to join the startup. 
  • joint entrepreneur is when you own a profit from private and government businesses.
  • private entrepreneur is an individual who sets up a business enterprise alone. 
  • state entrepreneur means building a business in government of the public sector for public welfare. 
  • lifestyle entrepreneur is hobbyists who work on their real passion and generate money from in. 

Each type focus on different things. You might able to pursue all of them but the rate of failure is higher as you might not be able to focus on scaling one business. Therefore, it is advisable to focus on one type first, then, make is scalable and profitable. When you have succeeded in one business, you can consider running other businesses. But always remember that the more you own a business, the riskier it is for you. 

Step #2 Launching your business 

After you know your true business niche, it is time for you to go get some funding. Before that, you should launch your business to prove and showcase to investors that your business is promising. In launching your business you should have due diligence and strong motivation. Often times, entrepreneurs are associated with lonely feeling because they should leave everything behind to pursue their career. While this can be true, you can have some tricks to make the loneliness fun, such as making a documentary video, gathering with like-minded people, and getting in touch with nature. 

Launching your business also need plan and ideas to make the business works, thus, create your plan based on the business niche you are building. Recruit a friend or family to help you if you need to. You might also need to use your current finance to back-up your business before getting in touch with investors. Join a competition to know the market value about your business. Once you are able to showcase how valuable your business is, you can start presenting it to investors to get a fund to scale your business. 

Step #3 Focus on clients 

Project Manager advised that customer development is more than essential to your business plan – without loyal customers, your business might no longer run. So, of course, after you get the step 1 and 2 done, make sure to focus on your clients, especially in your early business. The manual to successful customer developments are, as follows: 

  • There are no facts inside the building, so go outside – speak to real people and prospective customers. 
  • Pair customer development with agile development 
  • Failure is an integral part of the search 
  • Make continuous iterations and pivots 
  • No business plan survives first contact with customers, so use a business model canvas to ease your job
  • Design experiments and test to validate your hypothesis 
  • Agree on market type, it changes everything. 
  • Startup metrics differ from those in existing companies 
  • Ensure fast decision-making, cycle time, speed and tempo. Customer’s today demand more speed and transparency. 
  • Preserve all cash until needed, then spend
  • Communicate and share learning 
  • Customer development success begins with buy-in
  • Have passion, it is all about passion. 

Step #4 Don’t forget your network 

Last but not least, you should always remember what you learn and implement what you are learning. No knowledge can go into waste. You can also target all those friends you have back in college to be your first customer. All the connection you have is valuable in your approach to success. 

Read also: Blogging Checklist: Things You Need to Know for Creating a Successful Business Blog

pexels-photo-1174136

If you talk to a man in a language he understands, that goes to his head. If you talk to him in his language, that goes to his heart.’ – Nelson Mandela

People will understand more when we communicate with them using language they understand, and the same thing goes in terms of business matter. In today’s vast learning world where people are always eager to seek for new knowledge, English remains the first choice in language learning. As English is universally-used in diplomacy, business, and popular culture and spoken by billions of speakers, it becomes “the language of the world”.

However, not only English, there are some other languages you should learn if you want to reach the top of business market. Training Journal mentioned that “speaking more than one language can improve a person’s job prospects, potentially opening up opportunities for roles in global business.” Moreover, being a bi- or multilingual can help you make better decision-making, improve perception, have stronger relationship with others, as well as master the art of multitasking.

Here are 7 top languages that will help you face future workforce.

  • Mandarin Chinese

Mandarin Chinese is the most widely-spoken language in the world with over one billion native speakers. In business, people who speak Mandarin will have huge advantage when you plan to tap into Chinese market. Thus, it will be much easier to develop all-important relationship if you speak Mandarin. As a leading country, China’s importance on diplomacy and trade has also grown exponentially. So, if you are planning to work in Asia, mastering Mandarin Chinese will add an invaluable string to your bow and open up a huge opportunity in career advancement as Mandarin is a language of a business future. Mandarin Chinese might be challenging and difficult language to learn, but it has no verb conjunction of distinction between number or gender. It also has a simple grammatical structures so you do not have to memorise much.

  • French

French is widely spoken as first language in European Union and is official language for 29 countries worldwide. French is among five largest industrial economies in the world, it has strong economy in agriculture to engineering and commerce. Thus, as French is spoken throughout the world and giving big influence in the industry, it becomes obvious that French language has become an integral ingredient of corporate success on an international scale.

  • Spanish

Spanish is the official language of the UN, EU, World Trade Organization, and North American Free Trade Agreement. It also is the third most used language on Internet due to the continuous growth in young and middle aged Spanish-speaking user base. Instituto Cervantes estimated that in 2050, United States will rank at the top, in terms of Spanish speakers, reaching up to 30 percent of its population.  It means learning Spanish is very useful in fields of mass-media and management to communicate especially if you are planning to work or leveraging your business in international scale.

  • Japanese

According to IFR, Japan is the world’s predominant industrial robot manufacturer. Japan is also the third largest national economy in the world after United States and China. Becoming the third largest in economy culture, Japanese language is spoken by more than 128 million native speakers and 128.3 million speakers worldwide. Thus, by learning Japanese, you can boost your professional value. You will also has less competitors when seeking for a job. Don’t forget that Japan is also a leading country providing a wealth of innovative opportunities.

  • German

Inlingua Edinburgh mentioned that German has had a long-standing, prominent role in international business throughout the years. It also is the second largest exporter and has a major role in international business. As Germany has the biggest economy in Europe, skills in German are highly desirable for any company interested in exporting. Therefore, no surprise that employers are more interested in hiring employees with strong German skills. Likewise, German is also widely spoken among Western European population which ensures plenty opportunities is waiting for German speakers.

  • Arabic

In recent years, Arabic language is proven to be a powerful language as Arabic-speaking countries play important major in global economy. United Language Group says that Arabic is currently ranked on Power Language Index (PLI) as the fifth most important language based on several factors such as number of native speakers, economic output, and importance of language in world diplomacy. There are 20 countries which official language is Arabic and there are nearly 300 million native speakers. Although Arabic language is as challenging as Chinese, once you master it, you will get a vast reward both in business and personal life.  

  • Russia

Spoken by more than 260 million people world over, Russian becomes the eighth most spoken language in the world. If you are interested in Russian culture and its hidden treasure, learning its language will be an advantage. Moreover, learning Russian language can also improve your employability. According to Mosa Lingua, Russia is trying to recuperate its position as a geopolitical leader along with the USA, EU, and other powers. Russia country is now a member of G20, BRICS, European Council, United Nations, UNESCO, and World Trade Organization. It means Russian language will be one of diplomacy and trade languages.

Read also: Revising Your Life – How to Navigate Your Career When You’re Lost

pexels-photo-459688

Do you know that blogging can be your next strategy to develop your small business?

There are many benefits of blogging for business. Blogging is important as it helps develop and maintain relationship with potential and current customers, establish your business brand, boost search engine optimisation, create opportunities for sharing in an easy way, as well as connect people to your personal brand while generating more money from your Adsense altogether. According to Hubspot, there are 57 percent of companies that acquire customers from their blog.  Great majority of business owners (81 percent) also said that blog is useful to generate more revenue to their business.

Nonetheless, creating business blog is not a piece of cake. There are things you need to pay attention to such as the design, layout, content, and many more. Here are easy blogging checklist for you to create a successful business blog taken from The Whole Brain Group.  

01   Know your business goals

Before you start blogging, even before starting your own business, you should already know your objectives and goals. After that, you can put your goals in your blog description. Goal description can inform your reader about your business mission and values. It can also educate consumers about your product and service, as well as establish yourself as an expert in your industry.

02    Know your audience

After deciding your business goals, time to decide your audience. Blogging is like a book but electronic. Sometimes, a book is not made for everyone, so is your blog. Therefore, having specific audience can likely make your blog attract more visitors. You should have this audience list in your note: age range, gender, occupation, income level, education level, type of industry, number of employees, type of business, revenue, and location. If possible, you can list some top problems your audiences might face. And your job is providing solutions to their problem.

Having those list can help you gain information, especially about your audience. As best as possible, use the information to develop an ideal audience persona and to tailor the content of your posts.

03    Plan your content strategy

One of the most important part of creating a successful blog is content. Interesting content means more revenues and visitors. In that case, you should have and choose content that serve both your business goals and audience. If you are new to writing content for your own blog, you can first pick 5 categories to focus your blog posts. Then, you can post your original content, guest writing content, or repurposed content. NOTE: you should schedule for every post you want to add to your blog. For example 3 times a week/month for original post, and so on. So, your post traffic will not overlap. Also, at least you should post 1 per day to your blog.

04    Design & Usability

For the design, make sure that your blog is both user- and mobile-friendly. It is meant to make people subscribe to your blog easily. Users can also navigate to previous blog, access from homepage, and share your post on social media sites easily. Don’t forget to add “search function” on top of the site/post.

05    Content & Readability

Usually people search for concise and informative content. So, writing in 500 words or less can be the best choice. Your posts should be introduced with catchy titles and tagged with the right keywords. The meta description of your posts should include detailed or expressing text that encourage clicks. If you use headings and subheadings, make sure they appear to your blog posts with feature keywords.

06    Encourage engagement

There are times you need to refer for another statistic or articles in your posts. Therefore you should include links within the post to other relevant pages of blog posts on your website. Also, you should add a Call to Action at the end of your post so the reader can contact you easily. If your post is completely new, you can seek participants to comment, question, or give feedbacks. It can be your colleagues, friends, family, or whoever you wish.

Additionally, after posting your posts, you should remember these three points:

  • You should ask other bloggers to mention your post.
  • Post is shared on social media sites that have million active users such as Facebook, LinkedIn, Twitter, Pinterest.
  • You should submit your posts to social bookmarking sites such as StumbleUpon, Digg, and Delicious.

Read also: A to D Tips to be a Productive Freelancer

office-620817_960_720

Pursuing a career is like engaging in a marriage, as when one signs to an official agreement, the relationship between both parties would heighten to another level. As what many spouses are dealing with, either the employees and top management is interchangeably dependent, and with a negative environment, it will be quite toxic.

A positive workplace environment is necessary for employees to work in the most conducive ways. When the office has good communication, healthy competition, friendly colleagues and workspaces, people will feel great coming to work and motivated, even eager to give the best performance that they have. Isn’t this beneficial for the company?

How about your workplace? Does it truly have a positive environment?

Here are 5 characteristics you can look out for:

Open communication

We often hear that communication is vital to maintaining relationships, but what type of communication is needed in a workplace?

In an open communication environment, employees are free to ask about why they have to do this and that and asking for help for some solutions to the issues they can’t solve. Also, there is a space or platform between employees and the management to communicate in an open-hearted condition to deliver both business’ expectations, goals, employee’s challenges and obstacles without repercussions.

People are more important than the tasks

Employers, in some cases are more focused on chasing deadlines and attaining goals, most of the time, forgetting that the employees are the more valuable assets to secure and to take care of. This doesn’t mean that laziness and incompetent attitude are allowed.

Sense of humour

People smiling in a light conversation, even laughing out in a casual manner in the midst of strict deadlines, and enormous tasks imply a positive workplace environment. Joking around with the colleagues could effectively releases endorphin, a hormone that could keep the burnouts away.

Change is welcome

People and trends changes, and companies that are not able to accept such changes would end up in a dinosaur age (extinct). In this advanced digital era, both employees and the management can adopt more effective and efficient methods to work together in a team through some ways like individual and group chat applications, social media platforms, video calls, and more.

The flexibility of time and physical attendance are alternative ways to keep employees working optimally in trying circumstances such as traffic issues and medical urgency.

Turnover is low

It is not comfortable to work with colleagues that come and go in short period of time. High turnover rate of workforces is now becoming the trend, yielding a big challenge to management.

When employees feel that they cannot get along with the workload, management and unable to fit into the company’s culture, they will start looking for their next job rather than being ‘imprisoned’ in a discomfort situation. With a positive environment, the turnover rate can be decreased and allow engagement activities to increase.

These 5 characteristics might vary in some companies, but the most vital question to ask yourself is that ‘Are you happy with your job?’ If your company is still in the midst of changes towards a positive environment, support it!  .

Next read : 7 Signs of Comfortable Yet Productive Workplace