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What are the steps needed to successfully start up your own enterprise and be able to manage it financially?

I want to be able to start up my own business after graduating from a university but am not sure what the processes are. #business #business-development

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Frederic’s Answer

There’s an old adage, “write what you know.” When my co-founder, Todd McKinnon, and I set out to found our own company, Okta, we built what we knew. Todd and I first met at Salesforce, the first software-as-a-service company, and our customers wholeheartedly believed in the SaaS model. But they were running into basic problems managing users and providing a delightful end-user experience. We started there and built a core product and company that focused on answering a need we knew existed. That’s my advice for starting an enterprise company: focus on a market need that you know how to fix, you'll have an easier time telling your story and finding investors.


I could write an essay on how to manage your money early on, but I’ll start with step one: raising money. If you’re targeting venture capitalists, your success will depend on showcasing basic proof points: the existence of a large market, a need for your product and that you have the right team to go after the opportunity.
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Katie’s Answer

A few things I would recommend doing to help you get you moving in a positive direction. Best of luck!

Katie recommends the following next steps:

Network network network! Get to know people in the industry you are looking join. Make connections and stay connected.
Do not be afraid to ask anyone questions. Speak up to make sure you have a solid understanding of what it will take.
Take courses that support your goals of starting your own business. This will surround yourself with other people interested in similar goals, build your knowledge, and grow your network.
Join social groups. Look for some outside groups for entrepreneurs - could be face to face (within or outside of school) or even private social groups (on Facebook, etc).
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Katie’s Answer

A few things I would recommend doing to help you get you moving in a positive direction.

1. Network network network! Get to know people in the industry you are looking join. Make connections and stay connected.
2. Do not be afraid to ask anyone questions. Speak up to make sure you have a solid understanding of what it will take.
3. Take courses that support your goals of starting your own business. This will surround yourself with other people interested in similar goals, build your knowledge, and grow your network.
4. Join social groups. Look for some outside groups for entrepreneurs - could face to face or even private social groups (on Facebook, etc)

Best of luck!
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Greg’s Answer

Plan! Ok so what does that mean, right? The first things I think about are what product or services would your market be excited about and buy. It is very important not to make an emotional decision at this point. Know your market demographics and your target customer information very well. Also, do a pro forma financial plan. This is essential so that you can ensure you have the right cash flow. A business can be "profitable", but still go under due to cash flow issues. And, be passionate about your business and don't cut corners on quality. Passion, planning, and real market data are great things to have to start. Good luck!
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