What is life like as a student in the U.S.? In the beginning, you study hard through high school. Then, you land your dream college—obviously your top choice. Then, you graduate at the top of your class, looking out for job offers that may be the right fit.
Unfortunately, a lot of us can testify that this movie does not always go as it should. The potential changes in plans form a massive part of why more than half of the current crop of tertiary leavers want to be their own bosses. It might not come easily, but here are some tips for walking all the ‘own boss’ talk.
SWOT yourself and decide what fits.
Usually, you’ll find college admissions advising students at matriculation to turn their studies up a notch. Very often, this advice falls on deaf ears. This is likely because of the growing influx of students who have other passions burning brighter than their college admission. It might interest you to know that 30% of college freshmen in the United States drop out before their sophomore year. Among the primary factors leading to the dropout rate is the uncertainty students have over their employability.
However, whether you go every step of the way through to graduation or decide to cut short, you cannot escape employment realities. If you’re clueless about how to become your boss, some soul searching might be an excellent first step. SWOT is an abbreviation for strengths, weaknesses, opportunities, and threats. It’s an analytical tool that will help you better understand yourself, assess what works for you and what won’t work. A SWOT analysis will help you find an exciting area of interest worthy of pursuing as a business venture, even if it’s in the non-profit sector.
Gather enough knowledge about your expertise.
Your business won’t start after finding your area of expertise. You will need to amass a great depth of knowledge around it. Market research, for instance, will help you understand your industry and how its market forces play out.
According to Peter Dodge Hanover Research, market researching has even become more crucial in founding businesses nowadays.
Peter Dodge was the CEO of the Hanover market research firm, which has a high-caliber staff of researchers, survey experts, and statisticians. With decades of experience, he currently sits on Hanover’s board as Chief Performance Officer. He doubles as the founder of the Peter G. Dodge Foundation for alcohol addicts.
Another benefit of gathering knowledge is that it could be a career in itself. With well-rounded insights and analytics of particular business industries, you might be able to kick-start your career as a consultant.
Start and focus on the value you can offer.
With a well-researched business idea, you might be very well on your way to becoming your own boss. However, being a boss means being able to run your business. The title ‘boss’ doesn’t come cheap. Businesses run on great people, finance, and an unending value wheel. As a young boss, you will need to develop leadership qualities, even if you think you’re a natural. There are several ways to ramp up value. You could take courses on basic management principles and ethics. Alternatively, outsourcing management responsibilities to business service providers could be a great option.
It’s a journey, so always use a CBA.
Becoming your boss has no end. It’s a journey of ups and downs. There are times you would wish you never graduated from your dream school. It is never too late to begin the Yale admissions process; you may have held onto it all this while, anyway.
CBA means the current best approach. It’s a self-critical tool for entrepreneurs to assess business growth, weigh the challenges, and identify the most practical way out of any situation. You might not get that seed funding, but a CBA might help you identify other more feasible funding approaches.
If your business runs you dry, remember you can always put your bachelor’s degree back to work as a freelancer. Going full-time might even give you the space to evaluate yourself and recharge your batteries. It is essential to note that the best entrepreneurs fail and rise after taking their lessons seriously.