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What’s next after college graduation?

You have your whole life infront of you. What to do?

First things first. As long as you are 22 years old, there two important things you need to know:• Acknowledge that you are now entering some of the

greatest years of your life.• Don’t go practical. It’s not the time to be “safe”. In

other words, this is not the time to get that job your mom always wanted you to get. This is the time to realize that you have a 5-year window to grab what you want from life.

Is it a good idea for you to create a business startup right after college? Well, you need to know that

becoming self-employed is a tough challenge…this applies to everyone. The journey gets tougher once you start your own business. According to statistics, 90% of new businesses fail with the first five years.

Not an encouraging figure but your startup might be in the other bracket. This is what you should ask

yourself.

What’s driving you to take up the challenge?If you want to be self-employed because you

think that you just need to work for a few hours per day, or this is a short cut to riches, you are

in for a big disappointment. Keep in mind that a new entrepreneur needs to work for about 10

hours per day. The only way to make your startup successful is by making sure that:

• You value the importance of a customer.• You offer products or services that beat

your competitors.• You are willing to solve problems.

Are you passionate about the business? Do you love the idea behind it? You can only attain the level of success you want if you are motivated by love and

passion for the business. If the central idea makes you excited and more enthusiastic, you are on the

right track. This doesn’t mean that if you love video games, you should start your gaming company. Think

about something that you’ve already done for someone. How well was it received?

How will you handle the finances? You’ve just graduated, and you want to start your own business. The first thing you need is money which most young foreigners don’t

have. The second thing you need is an experience. Experience is important when you want to win the hearts of big investors who need to see that your idea is “real.”

This shouldn’t discourage you. Take advantage of the internet which offers you hundreds of startup ideas at a

negligible cost. Here, the startup needs to be service-oriented.

Can you be a jack of all trades and a master of all? Remember, this is your own business. You

will be the manager, the accountant, the vendor, the marketer, the advertiser and more. You will not avoid these responsibilities. Unless

you have a huge budget, you cannot hire employees in a startup. However, you might

outsource certain tasks to professionals.

Tips for college graduates that want to start their own

business.

Know what your competitors are offering Evaluate products and services offered by your competitors. What is already in the

market? How different are your competitors different from each other? It’s a smart move not to copy what is already

existing in the market.

Identify your targetDon’t target everyone. Think about your target demographics – what do they need? Who are

they? What do they like? What’s their behavior?

Look for an existing problem in the society Rather than brainstorming for a new idea, try looking for a problem in

the real world and come up with a solution.

Don’t be too afraid to ask for helpBy now, you’ve already established the core idea for your brand. Seek financial

help and advice from successful entrepreneurs.

Do college graduates make more money than high school graduates? Yes, they do. According to research, college graduates make 84% more money than high school grads. Even though the cost of higher education is very expensive, the returns are way better. Here is a breakdown of average annual salaries of various educational levels:• High school dropouts – $18743• High school graduates – $27915

BonusClick on the link below to read the full blog post.

https://www.laowaicareer.com/blog/recent-college-grads-whats-next

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