Startups · Business Strategy

Any advice to a freshman who wants to start his own business after college?

Amit Verma na at na

October 5th, 2016

The son of a good friend is very entrepreneurial. They are hosting a dinner next week and would love to give them some killer advice for their son that is about to graduate and launch his own business. Much appreciate your participation.
A great idea is 1% of the work. Execution is the other 99%. In this course, we’ll teach you how to conduct market analysis, create an MVP and pivot (if needed), launch your business, survey customers, iterate your product/service based on feedback, and gain traction quickly.

Chris Dudley Customer Success Manager at Distelli

October 5th, 2016

I would suggest he get a job working for an esteemed entrepreneur within his network, or at a startup. 

Starting something right out of college can lead to success, but for the most part its foolish. Learn from the mistakes from others, see firsthand what it takes to run and grow a successful venture (or much more likely, how and why companies fail).

Then once he has amassed some knowledge and savings, he can start his own projects on the side that hopefully lead to taking the leap/plunge full-time. 

Startups are a risky business, and the risk is highest at square one when knowledge & funds are at ZERO. It's a good way to get demoralized and give up. 

Of course if his parents are rich and going to fund a few failures he can learn greatly from, that is a completely different story :)

Colleen J. Independent Marketing Consultant | Researcher

October 5th, 2016

Take a basic business plan writing workshop. There are great ones offered by business mentors at SCORE. Do your research, take calculated risks, and network with and maintain solid business relationships - particularly those related to your area of interest. Dreams aren't real until you organize them and write them down (business plan). Find a good mentor! Don't give up! The world is your oyster!

Arthur Lipper Chairman of British Far East Holdings Ltd.

October 5th, 2016

Seek employment in a company you admire or one which is engaged in an industry you feel strongly about.

Wade Eyerly CEO, co-founder at Beacon

October 5th, 2016

Don't wait. Do it now. It'll be as valuable as your coursework. I'd stay in school - but you've got 4 years to screw up, make mistakes, etc. while working a perfectly socially acceptable plan B - and the learning will be intense.

Rafael Lamardo Founder CEO at Brained, MSc

October 5th, 2016

Before start, learn about lean startup methodology.
The sooner you start the better it is.
Believe in your dreams.

Brandon S UX Designer at REC1 Software

October 5th, 2016

Do everything you say you're going to do. Work longer hours than your competitors. Hire people where you lack the experience. Follow through with your projects, even if it costs you sometimes. Build a good reputation with your word and continue to evolve and learn from your mistakes. Gain a schedule and routine with how you handle things and continue to improvise that routine until you find your niche. Don't give up and continue to pray and believe in yourself. 

Alan Sack Founding member of SACK IP Law p.c., Intellectual Property Law and related Matters.

October 5th, 2016

I think that he will be much better served by attending business school and gaining his MBA or other advanced degree.  He can also gain valuable contacts and knowledge by working for a well run company in his area of interest.

Don Rector

October 5th, 2016

I would recommend Founders Institute. It is a three month, very intense, program to teach what founding a company is all about. At the end of the three months, your friend's son will have a business plan, be part of a start-up team, and get the introductions to raise funding. Founders Institute is located all over the world. Take a look at www.fi.co Don Rector Pls excuse my typos this was tapped one character a a time on my iPhone

Louis Solomon President and Founder of SAFE

October 5th, 2016

Carefully think about and discuss your objectives. You have one part of your plan perfectly in your head. But, there are many aspects to running a business, and you are almost certainly unfamiliar with them. Get EXPERTS on those particular issues, and I suggest retired professionals. They don't want money; they want to work a little, and will save you from untold and possibly fatal errors. 

Ramon Ray Editor, Smart Hustle Magazine

October 8th, 2016

Seek good mentors
Pivot quickly
Learn from your mistakes
Seek good mentors
Don't be too hard headed
Make tiny mistakes - big ones are painful.