STARTING A BUSINESS AFTER UNIVERSITY? ADVICE for ENTREPRENEURS

  

Few weeks ago, thousands of bright-eyed, ambitious graduates  walked out of universities (CBU, UNZA, Cavendish Unilus, Royal and many more) halls of institutions of higher learning and into the larger world. Among these graduates will be the next generation of innovators, founders, entrepreneurs and small business owners not forgoting also those who will be looking for employment on a daily basis. These adventurers, some armed with well-defined business plans and others with nothing but dreams and moxie, are determined to follow the road less traveled and carve out their own unique career paths.

But before turning down a steady job or packing away the interview suit, let me  evaluate if they truly have what it takes to start a business.

I  asked business experts, economist and entrepreneurs, many of whom started their first business right out of universities, for entrepreneurial advice for this year's graduating classes. Here are some of the key lessons they shared. 

1. Follow your passion

As an entrepreneur, the importance of doing work that brings you joy and fulfillment cannot be overstated. In fact, a founder's passion is key to ensuring that a business thrive. 

"You have to do what you love to have a fulfilling career," said happy Simalene, founder and CEO of The HMS  Company, network marketing coach. "You need to find a job or career path within a field that you are passionate about, then get in there quickly, dig in, learn and add value."  

Doing work that has meaning to you will provide the motivation needed to get through the rough patches and tumultuous times that are an inevitable part of building any new venture. 

2. Do the research

The only way to know if what seemed like a great idea in your dorm room can become a viable business is to do the research. Take the time to thoroughly study all the elements that go into establishing your new business.

Hjoe moono, the influencial young zambian economist recommends really getting to know your market and its particular needs.

"Market research is … heavily overlooked by first time entrepreneurs and I've seen countless people fail, including my friends i know, because the market really wasn't there for the idea to be scalable and this is the reason I advocate for everyone to get educated before they just waking up and say you are jumping into business. Education is the key," said Economist Hjoe Moono (the get educated ambassador).

Gertrude Bennie, founder and  consultant suggests immersing yourself in the minutiae of your chosen industry.

"Understand the operations and finance of the business. Too many new grads want to jump to strategy and innovation — the sexier topics," said Gertrude. "But spend[ing] time … developing depth of experience will pay off many times over." 

3. Learn from the inside 

Regardless of when you decide to start your business, there's always value in taking some time to learn from more seasoned professionals. Working for someone else for a short time can help you build an extensive list of contacts, pick up best practices and learn from leaders in your industry. 

"There are job-related functions you are not taught in school and really only learn on the job," said founder  of " JASPIN CENTER FOR ENTREPRENEURSHIP AND MENTORSHIP ZAMBIA  ".

 "Why not learn those tasks – and endure the mistakes of doing them wrong – as an employee?"

Additionally, gaining experience in a variety of companies and work environments may help you refine your own ideas about what exactly you want to accomplish.

"You may start out in one area only to find you prefer focusing on another element of the work,"  As you begin your journey, know there may be twists and turns along the way – and that's perfectly OK." Jaspin said.

4. Find a mentors

Finding experienced and trusted advisers who can offer guidance and support will help a new entrepreneur navigate the pitfalls of business development and ownership.

"Nothing shortens a learning curve more than someone with been-there-done-that experience,"   

Graduates should find a stable of mentors and build mutually beneficial relationships."

Mentors are important on so many levels, according to  chairman of the bridge Mr chibamba kanyama. They can refer you to a job, connect you with a potential client, provide honest and unbiased advice and offer support during challenging times.

"You can talk to them about topics that seem very daunting, ask questions that feel amateurish, discuss pricing candidly, and share your wildest dreams for your business," said Mr chibamba kanyama.

5. Network constantly

A strong professional network often makes the difference between success and failure for your business. One way to build this network is to make connections as often as possible and with as many people as you can. 

"I've called on people for support, advice or referrals whom I had met in passing ... often from other sectors [and] whom I didn't imagine having a lot in common with at the time I met them," said Jaspin.

While building your network, don't ignore the potential power of your existing relationships. The biggest mistake new graduates can make in their enthusiasm to get a venture off the ground is to overlook the web of classmates, family, neighbors, past employers and community leaders that has shaped their lives.

"Your existing network is the one that most wants you to succeed,"  Realize they not only will help you, but can provide solid advice, valuable introductions, ongoing support and real guidance."

In addition to using a variety of social networking tools to expand your circle of contacts, aspiring entrepreneurs also should seek out strategic volunteer opportunities.  I recall during the first year i started business, I sought out volunteer opportunities with groups where i could both network and have an impact.

"It was a great way to meet decision-makers," whose firm was later hired by the organization I volunteered with, and I now use the tactics to improve my firm. 

6. Use your tech know-how

Recent universities grads who are digital natives are especially equipped to harness technology's power to establish, promote and grow their businesses. 

"There are so many ways to quickly and easily get started in business now that just weren't available even 10 years ago. 

Purchasing your brand's domain name and building a website is a basic first step,  but there are plenty of other things you can do to leverage tech tools. i recommend growing interest in your business by building up an Instagram following, writing for popular blogs and online magazines, and launching products.

7. Develop great communication skills,

Communication is a fundamental skill in life and in business.  Recognizes that interpersonal communication can be challenging for many University graduates because they've grown up in a world where so much is shared via social media, texting or direct messaging.

"Online communication can often be misinterpreted or misunderstood," 

"Nothing gets a deal done faster than meeting in person. If that isn't possible, call, especially if reaching out to someone of an older generation." 

Another component of good communication is finding a way to tell your company’s origin story passionately, clearly and succinctly.

"Sometimes entrepreneurs, especially technologists, can be introverts, but you have to get out of that and build both your willingness and skills to communicate.  

Those who struggle with verbal communication can practice different approaches to strengthen this ability to express their vision for their business. For example, we recommends coming up with planned responses to some of the most common questions asked about your business, and then testing out your answers on friends, colleagues and family members who have varying degrees of knowledge about your business and industry.

"Nailing your messaging will open doors to bigger and better conversations in the future.

8. Figure out finances

All entrepreneurs need to prepare for every aspect of running a business, and this includes developing a sound understanding and ability to manage the financial aspects of their company, including financial analysis, taxes and budgeting.

 Early-stage entrepreneurs should seek out  courses in finance and study various startup business models. 

"It will most likely be a while before your company is at a place financially where you can hire a full-time controller, so the more comfortable you are with numbers, the better.

9. Cultivate grit

If you want to start a business, you must put the desire for instant gratification aside and plan to work harder and longer than you ever imagined. Developing an unflappable resilience and commitment to your business will be necessary to get through the toughest days. 

"If you want to be a successful entrepreneur, you need to have grit and not give up on the first try," There are a million challenges, and you just have to pound your way through them."

So much of what it takes to create a new business is simply about the unglamorous monotony of hard work. I believe prospective business owners need to understand this reality before venturing forth. As a business owner,  work twice the time that you did in your  previous career and always have more work to do at the end of the day.

"The concept of 'leaving work at work' does not exist when you are an entrepreneur, because you alone are responsible for making your business a success.

Flexibility must also be part of the new entrepreneur's psyche,

"You can't always get from point A to point B in the way you mapped out. "Customers may not always be with you, partners may change, distribution channels may shift, [but] … you have to be willing to push up your sleeves and wade into unknown territory with equal parts fearlessness and optimism." 

But even in the face of all these challenges, your business can thrive if you have enough tenacity and fortitude to stay the course.

"If you ride out the turbulence and stay the course, you might find that in the long term you can overachieve even the most ambitious goals.

10. Understand that failure is part of the process

About 50 percent of small businesses fail by their fifth year.  This sobering fact may be enough to dissuade those with a low tolerance for risk from ever starting a business. However, young entrepreneurs shouldn't fear failure, but instead recognize that it can teach them valuable lessons about their business and the path their careers should take. 

I recognize failure is often stigmatized in society. But recent grads who want to build a business must push past these confining notions of what it means to be successful. 

"If you're starting a business, remember that companies need to take risks to grow, and sometimes these risks lead to failure. "Good judgment should always be exercised, but, assuming it is, failures should be viewed as teachable moments."

11. Stop comparing yourself to others

Perhaps the most important lesson of all is about the need to drop the ego and staying focused on your goals. Dr R Siatwambo, (Chairman of great north academy) recalls that when he started the great north academy right out of University, one of the most challenging aspects was seeing friends begin to advance professionally and monetarily while he struggled to create something from nothing.

He was laughed at by people who new because of him distributing flyers to who be clients along  the street of Lusaka city and kafue roundabout. Yes it was hectic and I didn't feel shy because it's me who has the vision of what I wanted," said Dr. R Siatwambo.

From being a simple person who was distributing flyers to who ever was driving or walking through the street of lusaka , he is the chairman of great north group of companies.

"The reality of starting a business often means little to no income and an enormous dedication of your time and energy. "As your friends begin to land traditional jobs out of school, start getting money in their pockets, building new social circles and going out, it is easy to not only be jealous, but begin doubting the path you've chosen."

I implore Mr  George Mtonga the founder of a new company SAMPAY a company which will help many zambians living abroad to send money at a friendly fee. He had to say this in one of his Facebook post "survival is all about not comparing himself to others or getting caught up in what they are missing, but honing the long-term vision he has for Sampay company. Mr MTONGA  said, "This mindset allowed him to persevere through those initial months and years when the temptation of throwing in the towel for a more traditional career path was at its greatest. It took him for some two to three years building SAMPAY company without giving up. You have to be focused inorder to see the results," said Mr George Mtonga.

SAMPAY which is more on entrepreneurial way , will allow the user to transact money across the globe and do the shopping of their choice on the tip of the hand. SAMPAY will not only be for cashless but will create more jobs and empower it's sales agent in their operation regions.

Congrats Mr George Mtonga (Papa G)

12. Don't be afraid to take the leap

Once you've done your research, you are ready to jump in. It may seem easier to first get a job right out of University, gain some experience, save a bit of money and then start a business. But walking away from such stability will be harder than you think, and you may end up never taking the leap. 

"It's better to go for it, and then get a job if it doesn't work out, rather than get a job and never go for it. 

If you need additional income while launching your business, i advise reaching out to fellow startups to see if they have any part-time work opportunities or looking for grants for young entrepreneurs. The government agencies offers Small Business resources for prospective entrepreneurs, including workshops and entrepreneur education classes on a variety of topics.

Ultimately, however, it comes down to trusting that you'll figure things out as you go along.

"You don't need to know how the entire journey will play out; you just need to start.

Today we end here and if you what to be mentored by our team kindly email us on jaspinvusi@gmail.com