Things graduates need to know before starting a business venture

BY MELISSA BURNS

Starting your own business while at a college or immediately after graduation is likely to be the most difficult thing you’ve ever done. However, this doesn’t mean that you cannot succeed – and even if you fail, you will acquire valuable experience that will come in handy later on. Nevertheless, plunging into the world of business head first without any preparation is not a very good idea – in this article, we will cover some of the most important things you should know and understand before you try it out.

1.    You don’t necessarily need a unique product

Many first-time entrepreneurs labor under the delusion that in order to achieve success a newly-founded business has to bring something entirely new to the market. However, if this were true, we would hardly see any new businesses appear at all. In reality, the opposite is often true – truly original new businesses often fail while those that come after them and take their mistakes into account prosper. Learning from the mistakes of others is much more efficient than learning from your own errors.

2.    You need a formal business plan

A formally prepared business plan is much more than, well, a formality. It gives validity to your business idea and demonstrates that it is implementable. You may believe that you know what you are doing, but until you have a detailed business plan that takes all potential contingencies into account, you are woefully unprepared. Considering your lack of expertise in this field, it may be a good idea to hire professional business plan writers to help you out the first time around.

3.    The best time to start out is most likely the middle of your second year

By that time you will get used to the college routine, learn how to deal with your studying duties more efficiently and, what is probably the most important, will be a more independent and responsible adult than before. It is also the period when you generally have more time than either before or after – having founded a business at that moment means that it is going to be well-established by the time you near the end of your education and again have less time. Counter-intuitively, having a host of additional responsibilities associated with running a business is likely to take a positive effect on your studies – when you have to juggle so many things it is easier to see your life in perspective and make better decisions about the relative value of things.

4.    You will have to put your own money into your business

You may believe that you have a billion-dollar idea that every investor should gobble up happily if he is at least partially sane. In reality, every second would-be entrepreneur believes something similar about the idea he has, and there is little to no chance of attracting the attention of somebody ready to pay for your attempt to study from your mistakes. Until you put a fair amount of your own money and effort into an enterprise, you are never going to be taken seriously. Before you start looking for investors, you absolutely have to try and implement your idea with what you have at hand. How successful you are at that will define whether you attract money or not.

Starting a business while at college is difficult, and no amount of tips and advice is going to change that. However, any challenge is more manageable when you know what you are up against – and we hope that what you’ve read in this article will help you make the right decision.

Melissa Burns graduated from the faculty of Journalism of Iowa State University. Nowadays she is an entrepreneur and independent journalist. Follow her @melissaaburns or contact at burns.melissaa@gmail.com

Business and Digital Communications Are Evolving and Popular Fields For Students

BY ANNABEL MONAGHAN

Deciding whether to go to a college or university after graduating high school is a huge decision that a student must make. It involves first picking a school, and then a major. After making all of these initial decisions, students have to schedule their courses within their selected majors. Many students enter into their undergraduate careers deciding on a career in the business industry. Interestingly, business majors make up a large percentage of the workforce, and even more so as the field continues to expand in varying ways.

As the digital era continues to take over the consumer industry, business executives and marketers have to develop new and creative ways to connect with their audiences. Because of the shift in the use of business marketing tools and the rise of digital media, new career options are now available and rising in popularity. For example, even twenty years ago, a digital media marketer was not a sought after position. Now, more than ever before, businesses and advertising agencies are looking to hire people who understand both traditional and modern applications of business and marketing.

Providing new and in demand careers helps companies expand their services in the areas of digital media, branding, email marketing, social media marketing, and, more generally, digital  knowledge. Because digital business and digital media are still relatively new to the consumer industry, it’s still a learning process for all organizations and employees involved. Digital media allows businesses to expand into providing full-service consulting, and many companies are doing just that by starting to focus their efforts in the areas of full-service advertising and consulting. One of these successful and innovative companies blending traditional and modern approaches is MDG Advertising.

MDG Advertising is a strategic, full-service advertising agency and digital marketing firm with offices in Boca Raton, Florida, and New York City. The company creates branded experiences, rather than focusing only on traditional advertising efforts, like traditional print marketing. MDG Advertising aims to be innovative and creative in their advertising approach. Undergraduates wishing to pursue a career in advertising or digital media should look to MDG, and similar companies, as an example of the type of innovative organization where they can work, should they pursue a career in marketing or business.  Because advertising and marketing are rapidly evolving, MDG Advertising uses a data-driven approach to ensure successful results for their clients. It’s not just about pitching an idea; it’s about analyzing the relevant research and data to develop successful strategies and goals. Full-service advertising agencies like this provide a 360-degree approach to their communication with clients and their audiences.

The founder of MDG Advertising, Michael Del Gigante, plays a crucial role in the success of his business. As the president and director of the company, he wears many hats, working as a creator, writer, and storyteller.  Based on his experience in the advertising industry, Michael Del Gigante provided insights into what organizations can do to ensure success during changing times.

“The organizations that will succeed going forward are those that aren’t purely traditional or purely digital, but rather a hybrid of both. Why? Because that’s what consumers, especially younger ones, respond to best. Overall satisfaction among Millennial consumers of financial services who use both branches and mobile offerings is 20 index points higher (on a 1,000-point scale) than among those who only use the branches, and 37 points higher than among those who only use mobile offerings.”

If a recent graduate is looking to start a career with a marketing or advertising agency, they should make sure they have the professional skill set required to succeed in a digital media driven company. This goes back to picking the right courses and selecting a major that will set the student up for post-graduate success in the field of digital media and full-service advertising. Students must understand all facets of business and how  diverse teams can work together to create strategies and campaigns that resonate with clients and their audiences. MDG Advertising looks for sharp, driven, and passionate people who love marketing and advertising. Having a professional degree and the requirements necessary to succeed are important, but displaying passion and a mindset for marketing are what set potential job candidates apart. MDG Advertising strives to create a collaborative culture that inspires, innovates, and rewards.

If a college student is undecided about his or her major, digital media and advertising are  always great selections. Picking anything in the realm of business or marketing will continually set the student up for success after they graduate. These majors are versatile, providing the student multiple career options and paths after they graduate. Because the business and marketing industries continue to move in a digital direction, both industries will demand that the people entering those fields are flexible, innovative, and hungry for knowledge in their field. Business is always changing so it demands that the workers in the industry are up to the challenge of an ever-evolving industry. Marketing tactics and business tools will change as technology and industrialization create more efficiency. As software and digital platforms continue to change and grow, it’s necessary that the people in the field change and grow as well.

Annabel Monaghan is a writer with a passion for education and edtech. She writes education and career articles for The College Puzzle with the aim of providing useful information for students and young professionals. If you have any questions, please feel free to email her at annabelmonaghanwriter@gmail.com.