Your parents and the society at large must have told you multiple times how higher education is an absolute prerequisite for ‘making it’ in the world of 9-to-5 employment. At the same time, all great enterprises seem to have been created by academic dropouts. We have the likes of Bill Gates and Steve Jobs who widely criticise the effectiveness of formal training.
While a lot of successful entrepreneurs did lack a degree in the spheres they succeeded at, this does not mean that you should treat your knowledge and skills as a barrier to entrepreneurial success. Here are some tips on how to make the most out of your degree when going into business.
1. Research Skills Are Your Primary Weapon
If you have ever written a scientific paper, you know that any academic suggestions must be thoroughly grounded in reliable practical evidence in order to be credible. Guess what? Real business is no different!
You need your research skills to thoroughly study your prospective customers, identify their social, psychological, and demographic characteristics. And also to explore their unique needs. A knowledge of psychology may also be a powerful bonus when you start exploring the purchase motivations of your consumers and their behavioural patterns.
2. A New Business Is Similar to a Long-Term Research Project
When writing a dissertation, you set out on a long endeavour trying to identify the key topic of interest and explore it with minimal risks and expenses. Use the same approach when going into business by planning out all intermediary goals. Set performance expectations, and acquire the help of a competent tutor if necessary.
You may consult your local entrepreneurial organisations or global resources. An example is the Young Entrepreneurial Council, to get relevant information and assistance. Just make sure that you run a ‘pilot study’ for any business idea before investing all your money and effort into a certain sphere.
3. Networking Insights Work
If you are willing to go the start-up route, developing innovative ideas via networking is one of the best methods of achieving superior results with limited resources. Make sure that you maintain contact with your university. Learn as much as you can about new scientific or marketing developments emerging in your sphere of interest.
In many cases, disruptive innovation is all about learning about genuine concepts sooner than your competitors. You may also choose to work as an employee for a while to get initial experience and learn the fundamental principles of running a business in your industry of preference.
4. Your Expertise May Help You Find Your Niche
Many innovative businesses rely on genuine ideas that may not always be found through online research. If your dissertation and academic journey, in general, were focused on an interesting area of knowledge with a high monetisation potential, you may use them to boost your business outputs.
Many universities including Stanford also have their own incubators supporting the start-ups developed by their students. Promoting yourself through such projects may be a good idea for students and post-graduates. This may even be seen as ‘semi-entrepreneurship’ offering lower risk levels and greater support from established industry professionals.
Going into business is a difficult life choice that may be associated with a high degree of self-doubts and temporary hindrances. Some things will definitely go against the original plans. This is why it is so important to eliminate all sources of uncertainty. Gain family support, allocate sufficient finances for your personal and business needs. Also, seek professional advice on the ways to use your expertise most effectively. Any business reflects its owner’s uniqueness, which is why using your degree as leverage is always a good idea for reaching your goals as quickly as possible.
Author Bio
Steve is the brain behind the website Best Essay Writing Company. He is a retired Financial adviser who now helps students find the right support and tutoring services for them. He is passionate about education and learning.
