Crucial tips for the business-minded college leaver

By Silas Nyanchwani | Tuesday, Jun 2nd 2020 at 13:05
Share this story:

Most college students wish to be employed as soon as they graduate. The more daring ones have a business idea they would love to give a try before thinking of employment.

Those who dare go into business, I have bad news for you: Unless you come from a rich family, raising capital is going to be a problem. Many dreams go unfulfilled because there are few venture capitalists and angel investors with millions to throw around.

If you are business-minded, you should start thinking of ways to raise capital. You have no collateral, so banks are mostly out of bounds. Most grants and money from philanthropists is hard to access because of gate-keepers. Friends and family will probably think your idea is too idiotic to give much thought.

But if you believe in your idea(s), nothing should stop you. Focus on gaining business knowledge. Read about all the possible sources of funding and requirements and start working towards fulfilling them.

Think of possible partnerships with a friend or a family friend who is amenable and start working on the idea. Investors prefer tangible and scalable ideas, not abstract dreams. Write down the idea, have a business plan and raise whatever little amount you can and start the business.

Think of the cheaper and affordable ways you can start your business, including saving for it or getting a job to raise the capital. You can then start implementing it on phases.

While in college, you can teach yourself self-discipline: learn to forego that beer, the expensive shoes, and save for the business. No miracle person will fund you. You have to get the business off the ground before an investor can spot you.

 

Share this story:
Other related topics:

Latest Stories