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. 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.
Will Manders, managing director of Zoonibo, 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 myself in previous projects, because the market really wasn’t there for the idea to be scalable,” said Manders.
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Christopher K. Lee, founder and career consultant with Purpose Redeemed, 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 Lee. “But spend[ing] time … developing depth of experience will pay off many times over.”