Building your own company is a challenging but rewarding process. In today’s competitive business world, it can be extremely difficult to stand out and succeed. That’s why it’s essential to identify a niche and create a unique business that caters to a specific audience. In this blog post, I will discuss the steps I took when starting my own business during my studies at Frankfurt School.
As a Bachelor student at FS, I had the opportunity to take an elective course related to entrepreneurship. During the course, I was taught that finding your own niche is an essential step in the process of starting a business. A niche is a specific market or audience that your business caters to. For example, if you’re starting a financial services company, your niche might be helping small business owners manage their finances. If you’re starting a clothing company, your niche might be sustainable and ethically sourced fashion. And if you’re starting a water company, your niche could be providing high-quality, purified drinking water to health-conscious consumers. The key is to identify a gap in the market and create a business that meets the needs of a specific audience. By focusing on a niche, you can differentiate yourself from competitors and better serve your customers.
Once you’ve identified your niche, the next step is to start building your business. This can involve a wide range of tasks, from developing a business plan and securing financing to hiring employees and building a brand. The most complicated part of this process can vary depending on your specific business and industry. For example, if you’re starting a technology company, you may need to invest heavily in research and development to create a new product. If you’re starting a food business, you may need to navigate complex regulations and obtain the appropriate licenses. No matter what industry you’re in, starting a business can be a complex and challenging process. It’s important to be prepared for the challenges you may face and have a plan in place to overcome them. I started my own entrepreneurial project at the same time as my undergraduate studies at FS, and creating a detailed business plan was an essential step in the process. I spent a lot of time conducting market research, using the methodology learnt during my Bachelor in Management, Philosophy & Economics to identify my target audience and outline my goals and strategies. This helped me to better understand my industry and the needs of my customers and to create a roadmap for the future of my company. It wasn’t always easy, but the effort I put into my business plan paid off in the long run. It helped me to stay focused and on track as I worked to build and grow my business, and it continues to be a valuable tool as I navigate the challenges of entrepreneurship.
Last but not least, having a good team is essential to the success of any business. When you have a strong and dedicated team, you can accomplish so much more than you could on your own. A good team brings a diverse range of skills and perspectives to the table and can help you to overcome challenges and achieve your goals. Working with a team also creates a sense of community and collaboration, which can be incredibly motivating and inspiring. It’s important to surround yourself with people who share your vision and who are dedicated to helping your business succeed. When you have a good team by your side, you can accomplish everything. I also had the great opportunity to network a lot through the Entrepreneurship Centre at Frankfurt school. I think it was extremely helpful to meet people who already have entrepreneurial skills, founded a company or work in a specific area of expertise and network with them. What was valuable for me was how I could learn from their personal experiences. In this sense, also student initiatives such as FS Charity (which organises events with impact entrepreneurs) and FS Women in Business (which is a huge network of women in business and economics) have had a great impact on my personal journey, as they have allowed me to build my network.
To conclude, if you’re thinking of starting a business, don’t be afraid to take the plunge. With hard work, determination, and a little bit of inspiration, you can make your entrepreneurial dreams a reality.