The Best Way to Start a Business — Bill Gates would Agree
You have probably spent years working at a regular day job, sometimes in institutions that leave you drained and tired. You desire to step out into the business world, to curve out your own path and become your own boss. Just this once, you’d like to work on something that you are actually passionate about. So how can you turn this dream into a reality?
If you were to do a quick Google search, you would discover that there are countless ideas on how to start a business. In fact, you would receive more than 1.3 billion search results. And while this information is undoubtedly useful, you can easily become overloaded with information, leading to “decision paralysis” — the inability to decide.
In the age of digital content and virtual learning, traditional textbooks are slowly becoming obsolete. According to Microsoft founder, Bill Gates, educational software is much cheaper and more convenient as compared to the traditional learning methods. So if you are keen on launching your own business, you can invest in a self-guided online course that will help you in your journey to become your own boss.
Online learning vs traditional textbooks
Online learning is good for the environment as it leads to a decrease in deforestation. You’ve probably never stopped to think of this, but here us out. Books come from trees, hence, traditional learning actually encourages deforestation. Traditional textbooks are also much more expensive as such, they may be inaccessible to all members of society. Some textbooks are also quite heavy and occupy a lot of space in the house.
Online learning on the other hand provides a much more convenient and efficient learning experience with an opportunity for feedback. The learning process is also much more interactive as it makes use of videos and games to deliver the message.
When should I start?
If you are constantly looking for the right time to start, stop, you are doing yourself a great disservice. You may not have enough experience, money or even time. But if you wait until you’re ready, you’ll end up waiting your whole life. All you need is a great business idea that you are passionate about and a little bit of inspiration.
With the ongoing pandemic, unemployment rates are on the rise. Many people have been furloughed while some have completely lost their jobs. Companies have frozen the hiring process and insisted on pay cuts for some employees. The business environment is quite tough, despite the accommodative policies put in place by most governments. In light of the prevailing circumstances, launching a start-up may seem like a bad idea. But we are here to tell you that this may just be the solution you’ve been looking for.
Every cloud has a silver lining. I know you’ve probably heard of the saying countless times, but take a step back and really think about it. Launching your startup may be the solution to your finances. The COVID-19 pandemic has changed so much of the way we consume products and services. So this may be the best time to come up with innovative products and services for the new normal. On top of that, there is the benefit of having a flexible schedule and being your own boss.
Gather the tools to get started
So you have an innovative idea that you are passionate about, great! You feel inspired to make a change in society and to finally become your own boss. But calm your horses. How sure are you that it will actually work? Does it solve a problem? Is there a market for the product/service and are people willing to pay for it? What of the pricing strategy? This is why you need access to online tools to guide you through the process. The use of some of these tools will determine whether your business will actually take off or die.
Starting a company is actually a daunting task. Some may even compare it to climbing Everest as it requires a lot of perseverance and dedication. It involves finding your way in unchartered waters, most times while on your own. You have to work on constantly refining and improving your idea to make it a success. And even then, some people may not understand your business idea, and those who do may not be as passionate about it as you. So the vision and success of the start-up entirely rests on your shoulders.
Through various online tools, you will learn how to evaluate your idea to determine the probability of success. This is very important as it allows you to refine your idea to suit the target market. You will also learn valuable lessons on how to come up with a business plan. A detailed business plan will serve as a roadmap for your business. It should outline the mission, vision, and value proposition that you intend to bring to the market. A business plan is important as it will be used to structure the business and as part of your pitch to investors and lenders.
Market research is also important when starting a business. It allows you to gather information on the market size, customer segments, competitors and initial investment costs, which is important when coming up with a strategy. As you proceed, you will also learn how to raise capital, a vital aspect of any business. You will familiarize yourself with the various methods used to raise capital for a start-up and identify the ones that are most suitable for your business.
The online courses will also connect you to various entrepreneurs and mentors to guide you along the way. For example, the course will host occasional networking talks and meet-ups, whether virtual or physical, to brainstorm and share industry-related ideas. As we have mentioned before, entrepreneurship is a long journey into unchartered waters, and you will need all the help and advice that you can possibly get.
So if you are inspired to start a business and become your own boss, go ahead and give it a try. The time is now!