PhD MBA dual degree program application essay

Starting a Company

Starting a business is both a challenge and an exciting prospect for the entrepreneur. However, this feeling of excitement is hardly enough to make the business a success. In order to become profitable within 3-8 years, or indeed to make $1 million within the first 5-10 years is a challenge that requires specific research and action. Some of the most important elements to consider include profitable partnerships, expertise, a good product, an Internet presence, customer service, and branding.

When starting a company, I would follow two main approaches: avoid mistakes and pursue what works. I would for example follow advice provided by authors such as Paul Graham (2006). One main suggestion this author makes is that few successful start-ups have only one founder. My first step would therefore have to be to find a number of good partners. This will help on a variety of levels, including the practical elements such as workload, and the non-practical such as making good decisions or moral support during hard times. These are vital elements to help me continue the venture, even when times are hard.

Wadhwa (2009) suggests that expertise is one of the most important factors that can help a start-up succeed. In addition to my circle of friends, I'll then also seek out the advice of experts in my venture, as well as general business experts such as accountants and business consultants. Furthermore, if I can get one of these experts on my start-up team, I'll be able to make a greater success of the venture than otherwise possible.

I think we are now at a very favorable time to start a business. As we emerge from the recession, business-minded people certainly learned many lessons. Especially those at the dawn of their venture now have the advantage of these lessons. One of the main pieces advice given by Tozzi (2008), for example, is to choose a product or service that people will need even during a recession. I will therefore search for ways in which to ensure growth even in times of recession.

Today, every business worth its salt has an Internet presence (Agarwal, 2010). This will be one of the first things I'll do once I start my business. The Internet and email are two of the most wonderful inventions for today's business world. Along with a great product, the electronic media will serve as a vehicle for the future success of my business.

Of course a great product and promotion tactics will mean little without an excellent understanding of my customers (Greenspun, 2006). For this, I can use the help of my partners, family, friends and acquaintances. If I understand my customer's needs, I can position my product in such as way as to provide them with the best products and services they'll find anywhere. My customer service department will therefore be one of the main focal points for excellence.