Startups have always been the game changer for the founders or students who have had the vision to take themselves off to a new destination. It is advisable to lay the foundation of the startup plan at the primary level of college. Many B-schools are encouraging students to take up the challenge and establish themselves as beginners without comprising on their studies. Students can think of an idea and start implementing it to yield best results till they graduate. With time, they will be able to learn more strategies and understand any flaws that can be dealt with. The idea of launching startups early leads to forming teams with fellow students and taking the business to the top.
The startups can be of any nature like that of online trading which is a viral vent in the industry. One can go into service or product related business to gain expertise of theoretical and practical approach. Here are a few steps you can implement:
Creating teams
The teams are basically formed at the level where strong teams work fast, and homogeneous teams are likely to have the capacity to work faster than weaker teams. But, most startups drop out because they run out of money. Teams need to work diligently and creatively to nurture their business effectively. Early disagreement, chaos and pain are highly common in most cases where ideas and decision-making of different members clash.
Diversification
Diversification among employees allows for better exploration, as those hired may belong to different companies and have explored diverse business cultures to present a holistic view of their experience. Accordingly, studies have shown that startup teams with diverse networks are often more creative and innovative, have better access to a range of potential investors and corporate partners and are able to tap into a wider range of potential employees.
What it’s like to grow a team when you’re focused
In a university or college campus, you are surrounded by hundreds of incredibly bright, energetic and curious people aiming to achieve big. It might be fun to start a business with your roommate, batch mate or an old friend, but he or she may not necessarily be the right person just because you share mutual understanding or educational backgrounds. One reason many managers are hesitant to get rid of under performers is the fear that it will reduce the morale on the team. Often, though, it has the opposite effect.
Balancing time
It is important to attend every class, exam, and other coursework that has been scheduled for you, but it is equally important to spare time for your business as it requires discipline and patience. In most cases, people tend to allot the days or hours for meetings and discussions that can be held on weekends, alternative days or few hours, periodically. But, instead, one can discuss the project at any point in the day such as between classes where he or she and other members of the team are available.
Fear of failure
College and school are the best times to give things a try as it becomes harder to take risks when you have a mortgage and family to consider. With every attempt, you will gain valuable experience and insight into what works and what doesn’t. In fact, a failed startup could be your best teacher during your school years. It will help analyse flaws from previous projects and prevent it in the next level.
Some of the world’s most successful founders and billionaires are college dropouts like Steve Jobs, Larry Ellison, Bill Gates and Mark Zuckerberg. In fact, the average net worth of billionaires who dropped out of college is about three times more than that of billionaires with Ph.Ds ($9.4 billion vs. $3.2 billion).
It is important for a person to pursue his or her studies and certificates in professional courses before entering into a full-time business. You may not become a billionaire, but you will get a ton of real-world experience and opportunities that will help you with your second or third venture. There is a risk-taking factor when one decides to go into startups, but they are profitable and will sustain those involved for a longer period.
The writer is Prof.(Dr.) Arun Bhatia, HOD - BBA, Delhi Metropolitan Education (DME)
