tech-companyI am an applied mathematics student, currently pursuing Ph.D. at a Graduate School, who is always willing to learn and has good leadership skills. (Partially) Based on my research, I have an idea for a new product (and the idea is developing more with time), and I want to start a company regarding the same once my Ph.D. is completed. (I am aware that my research is owned by my university, but my idea is not so directly related it.)
Being a science background student, I have no formal knowledge of commerce, management or business studies that may be prerequisite for starting a venture and I have never worked in any company. I have read some books on entrepreneurship that have lots of useful advice about dos and don’ts, but they do not talk about formal or technical prerequisites. How should I prepare myself now, (preferably, except joining a company after Ph.D.) so that when I start my company two or three years down the line I do not stumble at the technical nuances of business?
Thanks in advance.
Entrepreneurship is very much trial-and-error, and learning through direct experience. The best knowledge to have prior to starting a business is in the fields of accounting and finance. Strong understanding of money management, business accounting, and taxes (to some degree) will help you avoid many stumbling blocks as you grow the business.
For example,
Of course, you should also consult with professional accountants, but as a business owner it is critical to have the ability to oversee things yourself.
Aside from a legal business entity and enough cash in the bank to start the business, the foremost requirement to starting a business is the Business Plan for first year (or first 5 years), including monthly costs, time until break-even, and projected growth. This also includes a go-to-market strategy (advertising).
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