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Wednesday, May 15, 2013

Four Entrepreneural Tips for Fresh Graduates

With the fast pace and constantly changing job market, many fresh graduates find it hard to penetrate into meaningful employment. But even for graduates who have got jobs, half of them have a job that is not even remotely related to their academic specialization.

As such, the unemployment rates are still pretty high, and job prospects are slim for recent grads who tend to have little to no experience. More so, the professional reputation of recent graduates is lacking as most employers dislike working with unqualified graduates.

However, the good news is that with the digital era, there are a number of opportunities that has

come with it. It is actually the perfect time for starting a business, becoming an entrepreneur or succeeding as a freelancer. You can always exploit the various online tools in doing business.

Here are 4 tips for anyone who had had their resume snubbed and is ready to become an outstanding online entrepreneur.

1. Just Do It (All Day, Every Day)

A recent grad, stuck in a dead end job, with no free time isn’t going to do very well as an entrepreneur – the competition will quickly outshine them as speed and efficiency are everything in this field. A great writer isn’t that impressive if it takes them two weeks to turn an article around.

Instead, put absolutely everything into freelancing or contracting to at least get on the right path. There will be gigs and clients that don’t pay well, but at least there’s an end in sight. Start freelancing full-time, and expect to spend at least 50 hours per week (if not more) working, outreaching to clients or searching for new projects.

Finally, do your best to exceed the expectations of your contract. Always over-perform, deliver your products early, and always send very professional emails. It will only take doing this a few times to earn the trust of those you contract for and they will reward you with steady work.

2. Build a Brand

Visibility is very important for a business, so every entrepreneur should be Google-able. Whether freelancing or starting a business, it’s important to have a good online presence. Building a powerful online presence requires a professional social media page, blog or entries in high quality, local business directories. Remember that many people do an online check to determine how serious your business is; therefore create a powerful online brand. You also should know the ins and outs of Google Analytics to keep track of their online presence don’t necessarily make yourself up a catchphrase, but don’t rule it out either.

3. Track Income Daily
As an entrepreneur you need to set a feasible goal every year for your income, as well as the bare minimum they need to survive. Work out the exact figures of the money you make and what you spend plus how you save. Though some days you might make more when business is good, others you will make less but it is important to keep an eye on this.

4. Carefully Consider Freelance vs. Business
Many freelancers get bullied into starting a business from well-meaning family and friends. Understand that there are pros and cons to each, and there’s no good reason to start a business for certain, select freelancers. Talk with a pro or a mentor to find the truly best route for each entrepreneur (not just what sounds the most professional). Importantly you need to consider the amount of taxes you pay in your business.  

For entrepreneurs that can’t find a good job post-graduation, or those who don’t want to work for someone else, now’s the best time to get on the track of entrepreneurship. Get started as early as possible to make the most of it. 

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