I am a third year student at Diplomatic Academy of Vietnam, faculty of International Economics. I have a dream become a businesswoman in supply chain and logistics but i do not know how to make it come true. i found information on the internet and asked some friends and teachers about it, but i feel it is not enough. therefor, i give this question and hope you can answer it for me can go on in the right way.
which time is suitable for me to establish a company? Should I go for work to have experiences, when i have enough capital, knowledge i will establish company or after graduating i open a company( although it has low oportunity to success, i will have real experience) ?
my experience is that unless you are a serial entrepreneur, have already seriously tested the idea or have achieved a very relevant amount of funding, it is better to start your business part time (nights and weekends) with a full time job that sustains you. In this way:
- If the business takes off, you can move on it full time, losing only a bit of time/efficiency compared to the scenario where you started full time immediately
- If the business doesn’t take off, you can simply go on with your daily job till the next idea to test
Thus, the path I would recommend is:
- Get a job/ continue studying
- Start the business part time
- If it takes off move on it full time. If it doesn’t restart from point 2 with a new idea
You will still have to take a leap of faith at a certain point, as you never know a business idea is 100% solid when working part time. Still, in this way you can decrease in a relevant way the risk to jump too early on an unproven concept.
There will never be a time when you are fully ready.
When you will have the experience you may not have the time. You may get a family and then your responsibilities will also increase accordingly.
When you will have loads of money (capital knowledge), you will also have a greater risk of losing it all. When you have less, your risk is also less.
Yes, experience helps to make better decisions. But then that's what this forum is for. You can post your real-life business situations and all the aspiring consultants will get a go at it :) Win-win opportunity.
So, if you have a business in mind, it's better to start as early as possible.