TIPS FOR START-UP BUSINESS PLAN

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business plan

TIPS FOR START-UP BUSINESS PLAN

It is sound too interesting. Yaa? Obviously, because it has a feel-good condition. We verbally became an entrepreneur in our own imagination. So, students appeared in MBA who are interested or aimed to be acting as an entrepreneur in near future, must be focused on this topic. It is because, through learning business plan, you can get the necessary essence of how to be a successful entrepreneur. But wait, please! Though it sounds good its implementation, in reality, is too hard. It is too technical to use in every step in contemporary market and get your desired result from it.

For suppose, you want to be a café owner. Then, your primary targeted customers must be between ages 15-45. Here I have used ‘primary’ word because these age groups are fond of coffee and more or less every day they visit their nearest and favourite, friendly café. Therefore, your café location must be in any posh area or in any college or university campus. Right? But, if your café will open in any slum area or local areas then? No, it doesn’t work good and not give you the desired result. So, before starting up your business, planning of its technicalities are too much important otherwise single mistake is enough to shift your dream into ash. So, please go through with our following tips before planning your start-up business.

Select startup business:

First look into your passion. What you want to open and why? Ask yourself first are you ok with your planned business. Have you all those support that you need for your future business. Select your business after getting answer these entire question otherwise, it will demolish in its first move. Try to get answers from your insight and plan your business accordingly.

Do market analysis:

Next thing is proper market research. You must have to know your planned business could get any appreciation in the contemporary market or not. If yes, then plan for next step but if not, then start from the beginning. You have to select other business options. Other than that, you can do a little survey that why your previous entrepreneurs are failed to start up your planned business. Is there any loopholes in their strategy or the market itself not needs that. Analyse your previous entrepreneur’s strategy first and try to find out their strategic issue. If there any issue, then try for a demo project. If not, then you have to plan for something else.

It is like your research paper. When you try to find out any issue, you first have to complete your literature review to know previous author’s viewpoint. Market analysis is similar to the literature review. After getting understand previous entrepreneur’s viewpoint, only after you can proceed to next step.

Select targeted customers:

Check once, are there any targeted customers for your start-up business or not. Please be specific to your targeted customers. Start it from their age groups. Try to fix your target in specific age group. It will helpful for you to continue your startup business. It is too similar to a pilot study in a dissertation. Through pilot study, you can get understand the possible outcomes of your entire research paper. Similarly, through targeting any specific age group, you also can be understood the possible success of your business plan.

Check financial support:

Now its time for checking your financial support. Survey a lot that how much you need to start up your business and then check your fund. If you have not sufficient, then you have to manage it before implementing your business plan.

Project financial condition:

Yes, here is the section to apply your all-academic knowledge that you have learned through finishing your finance assignment or report. Budget analysis, profit and loss statement, break-even point development all are needed to be projected in this area that will indicate whether your project will be successful in near future or not. Whatever you may do, just remind it must and must be realistic.

Build your management team:

It is time for building your management team for your start-up business. Please remind your MBA module guide and assignments. Who do you need? Yes, accountant, human resource, market analyst and one IT person. One or two of these members must be experienced otherwise it will be difficult for you to continue your business. Project your financial analysis to them. Take their views. If all, are they agreed then you may start your business. However, just remind, always don’t rely on other’s statement. Here is the phase to apply your own knowledge and academics in real implementation.

Develop company description:

Now, the time is come to develop your company description. Design your website and prepare your company description. It’s the tome for preparing newsletters and sending mail burst. Rest is ‘waiting for your best’.

Be ready. Time is come to fulfil your all desires and dreams. it’s the time to project your capability towards the world. Plan properly; be confident and implement your business plan. Hope you will do your best. Good Luck!!!


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MBA study

WHY STUDY MBA?

It cannot be only for current trends or better job opportunity! No… Never!!!

Yes, I am neglecting both these concepts because I am not thinking your MBA selection is only for current trends. If it so, then I will suggest you think it again otherwise you will accountable for your career failure. If MBA is your ambition, then carry on with your choice otherwise, think about other options. Next is better job opportunity that I think is not so important because all commercial and subjective courses have their own job fields. It depends upon students to choose their career according to their suitable courses.

Then why we study MBA? Before giving you details explanation about this question, I would like to provide you with my personal opinion. According to me, the word MBA or Masters of Business Administration itself it very catchy and prestigious to sound that attracts the attention of many students to study this course for developing their career growth or get better career opportunity. It does not mean that this course is developing career illusion among students but today’s growing business industries and network technologies have created demand for study MBA among students that ultimately help them for seeking better career opportunity. Following points will explain you in details for why you choose MBA for higher study.

Higher salary:

We study not only for acquiring knowledge but also for developing our career opportunity, pay scale, advance lifestyle. Through MBA study, you will reward by higher pay scale. According to a survey, median MBA students get $100,000-$120,000 salaries with having a degree though from medium University. No, I am not joking! It happens. MBA students are compensating higher salary in the market that students can get never from other commercial fields.

Own business:

Learning MBA will provide you with the opportunity of opening your own business. It will be easy for you as you have all knowledge of financial planning and business management. A business plan is a compulsory section of MBA study that will teach you how to start your own business. Getting success or failure is the end result, but if you really want to do something new and innovative, then apply your all MBA knowledge in starting up your new business.

Career Opportunity:

Studying MBA will provide you numerous kinds of career opportunities like HR jobs and jobs for marketing and management posts. For other career fields, job opportunities are limited but in MBA you can get various and interesting opportunities to project yourself. Jobs for HR manager posts, IT manager, financial advisor, finance manager, marketing executives are some renowned posts for MBA students that can bloom their career. A recent market survey shows that job opportunity growth in HR manager posts is about 16% while 18% and 28% growth have seemed in IT and marketing manager posts.

Business networking:

Business Schools or Colleges are provided students the opportunities to meet business people, recruiters, entrepreneurs to settle down their career. This business networking seems a huge opportunity for students who have recently completed their MBA degree. Job security psychology, therefore, works in their mind that makes students more enthusiastic and professional to make growth in their career.

Job security:

Through MBA study, you can get various job opportunities in the market. For having knowledge of managerial role, you never get de-motivated for choosing MBA as your higher study. Despite renowned posts in MBA, recently new wings are also opening like healthcare service, hospitality management, tourism that also a booming sector in the contemporary market. You just make sure that 85% job opportunities you can get through your MBA study.

Lead in emerging field:

Each and every field of MBA study are interesting and different. So, if you choose any of these fields as your career, you will get some time to prepare yourself for that posts without participating in the current rat race. Yes, competition is there but opportunities are also evolved. So, this course of study will never let you hopeless in your career.

Knowledge development:

Obviously, MBA study will enrich your knowledge about the contemporary market condition and about managerial performance. Students who are interested in the financial field, have a golden chance in this contemporary edge. Every day, you will learn a new lesson in both of your academic and professional careers through studying MBA.

Communication improvement:

If you are shy but studying MBA, then don’t be that because, through MBA study, you have to develop your communication skill. It is not just an administrative work but you have to advise, inspire and motivate people to achieve your desire. Through effective communication, only this kind of achievement possible.

Personal development:

All over, you will develop your personal self. It does not mean that personal development is not possible in other career fields but through an MBA, you need to notice continuously your PDP (Personal Development Plan) otherwise, your career growth will be static.

So, if you are still in confusion, then forget it and just apply for your MBA study. Just keep in mind, the name of the institution is not mattered here. The important thing is only application. If you catch that trick, then your career graph will be in up or else, it will be static.


April 2018
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