The founder and head of Microsoft does not have a MBA degree. Then how is he able to run his own company? According to recent studies, it was found that people starting their business without a degree usually tend to start off by establishing their small business in local markets. Starting a small business acts as a foundation for those without a degree.
Starting a business without a degree is a difficult task, and in order to achieve success, you need to have a lot of patience. So, before you start your business, find out whether your intended product or service falls into an existing market with an unfilled or underserved need.
Below are some tips that can help anyone to start a business without having a degree.
-Have confidence: Always believe in your decisions. If you are not sure whether your business will work for you, then it won't. It is your belief in your ideas that makes your business work. This is a very important aspect and it requires confidence on your part to develop your ideas and make your business succeed.
-Opinions matter: If you're going to be successful, then you need to seek advice from people who have been there. To do this, start networking. Get to know other people, preferably those who have been through the experience and have established great businesses. Consider their opinions and don't shy away from asking them questions. Even if they criticize your work or ideas, try to take it positively, not personally. Sometimes people from the outside looking in can see things that you can't.
-Before you start, know your business: Study the pros and cons of your business venture before you start. Ask yourself what your business demands and know everything about it. You need to question how much money it will take, the variation in operations, the various risks involved, potential gains and last but not the least, your possible income.
-Plan your actions: Decide the number of hours that you intend to invest in a day, the amount of money that you expect to earn and the method of selling your products or services and distributing them. It doesn't make any sense if you put 100 hours of work a week and earn peanuts in return. There needs to be a balance between your working hours and your monetary returns.
-Create a proper business plan: You should prepare a formal working business plan. This will enable you to prioritize your work in a systematic manner and analyze your business tactics. A business plan can also act as written proof to attract investors to invest in your business.
Having a degree helps in starting a business; but it is certainly not a prerequisite. Follow the tips above and you will be well on your way to achieving business success.