May 18, 2023
If you're like most grads, you've watched as your friends and family members have taken jobs after college. You're probably wondering what your next step should be—there are just so many options out there! But don't worry: starting a business is one of them. In fact, it may be the best one for recent graduates. Here's why:
When your parents graduated, they were likely to find themselves in a stable job with excellent benefits and little fear of losing their position. The economy was booming, so there were plenty of opportunities available for those who wanted them, and even those who didn't want them!
But when you graduated in 2011? Not so much. The economy had already taken its toll on employers by then; companies were cutting back on positions and benefits as quickly as possible to maintain some semblance of profitability. And even if they hadn't been doing this already (or couldn't), many still would have been hesitant about hiring someone fresh out of college, particularly if that person came from an expensive school like yours did!
Your network is your biggest asset. You may not think of yourself as an extrovert, but the fact is that many people are nervous about reaching out to others for help and advice. The good news is that most people want to help, so it's important not to shy away from asking for what you need. If someone says no or doesn't respond quickly enough for your liking, don't take it personally; keep track of all the connections that were made during this process (especially via LinkedIn) and try again later if necessary!
Your parents' networks are also valuable sources of assistance, and they can provide some much-needed emotional support as well! Remember: even if you don't think something like "my mum knows someone who runs a business" would be useful right now, there's always more potential than meets the eye when it comes down to harnessing those personal connections in order to make something happen with them someday soon down the line.
The risks are less scary when you're young. You have more time to recover from mistakes, and you can learn from them more quickly. You also tend to be more willing to take risks because you don't have as much on the line.
If your business fails, it may be a major setback for someone who has been in the workforce for 20 years and has accumulated a lot of debt or sunk his or her retirement savings into the venture. But if this happens after just a few years in school? It's not such a big deal, you'll still have plenty of time left before retirement age!
While you may be tempted to add everything under the sun, it's important to remember that your product or service is only one piece of what makes up a successful business. The more moving parts there are in your business, the harder it will be for customers to understand what you do and why they should buy from you. That's why keeping things simple helps focus on what matters most: your customers.
Keeping it simple helps you focus on the most important thing - your customers. You can still have multiple products/services under one brand name as long as each product/service serves a different purpose for its target audience (and not all at once).
You know exactly what you want out of life right now, as opposed to when you are 50+ years old and wondering what it all means!
You have a clear idea of what you want out of the next 5 years in your career. You may not know the exact details but at least have an idea of where your career is going and what it will look like. The upside is that if something doesn't work out, then there's always time to try again later on down the road!
The idea that "just graduating" is a bad time to start a business is an outdated notion that needs to be challenged and replaced with the idea that "just graduating" is an ideal time to start a business. The risks are lower than ever before, as you'll have access to all the resources of your alma mater at your fingertips.
You may also want to consider starting up during your summer break, when you can work on building out your new venture while also earning money from an internship or part-time job.
Thinking about starting a business after graduation? Here are some frequently asked questions to guide you through the process and help you understand why now is the ideal time to embark on your entrepreneurial journey.
Graduating is an ideal time to start a business because you have a fresh set of eyes, which means you can see things in a different way than most people. You also have no preconceived notions about what works and doesn't work in the marketplace, so it's easier for your ideas to stand out from the crowd.
You're also free from fear of failure; as a recent graduate, there's nothing left for you to lose by taking risks or trying something new, you're already out on your own with no safety net whatsoever! In fact, this lack of risk aversion may actually help drive some innovation that would otherwise be inhibited by more cautious individuals who want guarantees that their efforts won't end up being wasted (and who don't want their reputations damaged by bad press). Finally: because most young entrepreneurs don't yet have families or mortgages hanging over them (or other financial obligations), they tend not only take more risks but also invest more money into their startups than older individuals do when starting businesses on their own later down life's road after having established themselves financially first through another career path first before branching out into entrepreneurship later down life's road once again if at all possible.
There are many benefits to starting a business as a recent graduate. First, you have a ton of energy and enthusiasm. You are full of ideas and ready to make them happen! Your mind is racing with possibilities, and your heart is pounding with excitement. You may even be having trouble sleeping at night because you're so excited about all the things that could happen if only...
Second, since there's no money involved yet (and likely not for quite some time), there's little risk involved in starting up this new venture, you can't lose much if anything at all! Thirdly, young people have long lives ahead of them: They'll have plenty of opportunities to build their businesses over time if need be; whereas older folks might not have such patience or energy left anymore by then.
Finally, young entrepreneurs often don't have any responsibilities holding them back from pursuing their dreams, no kids yet; no spouse who needs financial support; no mortgage payments due each month...
The first step to leveraging your alumni community is to find it. Most universities have an online directory of their graduates, and some even have dedicated LinkedIn groups for alumni. If you can't find your university's network on LinkedIn, use Google to search for "alumni association" plus the name of your school and see if anything comes up.
If you do find an alumni association or group, reach out! Let them know that you're interested in connecting with other grads who may be interested in starting businesses (or just interested in helping you). You could also reach out directly via email, just make sure not to spam anyone!
Once you've connected with some fellow grads through the network, ask them if they'd be willing members on a board of advisors or investors if needed later down the road (more on these below). If there's no way around it at this point but still want help from others within this community anyway...try asking someone else instead?
There are many resources available for recent graduates interested in entrepreneurship. If you're looking for a place to start, look into what startup accelerator programs are available in your area. These programs often help cover graduate fees and provide funding and mentorship opportunities, as well as networking chances with other entrepreneurs.
Startup accelerators aren't the only option, there are also mentorship programs that connect recent graduates with established business owners who can offer guidance on how to get started with your own company or idea.
You may also be eligible for funding through various federal and state grants or loans if you already have an idea for a company but don't have enough money to start it yet (which is likely!). These types of things can help get your business off the ground quickly so that once it becomes profitable, there will be no delays caused by not having enough funds on hand when they're needed most!
Some graduates may not be ready to take the entrepreneurial risky life just yet, which is why there are various graduate training programs around the world that can help the recent graduate get top-class training, network with peers, experience different working environment to get the necessary hands-on experience before jumping on the entrepreneurship boat. If this is you, then consider only the best opportunities, and maybe venture outside of your comfort zone to gain experience from top graduate programmes in Germany!
Once you've decided to start a business, the next step is to evaluate your skills and interests. It's important to know what you're good at, as well as what you enjoy doing.
Here are some practical steps that can help:
So there you have it, a summary of why we think "just graduating" is an ideal time to start a business. If you're still not convinced and are worried about taking the plunge into entrepreneurship, then take some time to reflect on what is really holding you back from doing so. Is it fear of failure? Or maybe just lack of knowledge? Whatever it may be - don't let these things deter you from pursuing your dream!
