Summer Internship would be a dream for many - be it students, the Placement Committees of the Colleges, and for the Companies as well. While for the first two, it’s to project as many PPOs as possible, to show YoY jump over the last year and to lessen the pressure in the second year. For the Companies, the primary task is to find out the right talent among the masses. So whether if you are still searching for an opportunity or have gotten a work from home opportunity, please refer the following points to ensure that your SIP becomes even more effective and your CV Gets stronger before appearing for Final Placements.
First thing First:
If you are serious about excellence, then you have to be serious about your vision. For the first few days (Few as in few), try to understand the problem objective given to you. If not given, make sure that you have one within a week to get started. People will only give their best when they see meaning, value, and significance in their work. And so you are. Hence understand the Problem objective clearly.
Know clearly about your Industry in which you are interning at. By Industry, you should be able to know the following:
Size of the Industry
Various Segments in the Industry
Growth Rate of the Industry & its segments (Expected & Actual)
Key Players & Market Shares
Further to this, you must understand the key operating metrics that have significant importance in the functioning of the Industry, such as ARPU (Average Revenue Per User) for the Telecom Industry. Also, the happenings and the regulations that are evolving in the Industry are something that you should be aware of right from the day you are getting placed in Summers until you appear for Interviews in Finals. Say if you get to intern in Food Tech Space, changes due to Restaurants moving out of a particular food-tech Aggregator platform is something you can expect in Finals. Thus, follow your Industry aggressively.
Use of Strategic Frameworks:
While the course on Strategy plays an important role in determining the competitive forces acting on any industry. Analyze it. Find out the major strategies adopted by key players viz product differentiation, cost leadership, combined strategies. With the market intelligence tools that your college would provide, try to correlate the sales with the new launches that have come in the recent past and try to have an analytical model. This exercise would help you to know the company and Industry better and also would help you to deal with your managers more productively. Anyone would love to hear the communication with data. Also, try to understand the Industry Average’s Exports vs. Domestic Sales and the key player's ratio. This would enable you to correlate the role of the international market's influence on the company’s revenue growth.
Know your Company Better:
Understand the Positioning of your firm with that of the competitors in terms of the product portfolio, segmentation, and positioning. Figure out the cash cow, star, dog, and the question mark through profitability and the market share of your firm. Try to use the CRM Tools of the firm to understand the CLV, Customer Acquisition & Retention Rate to know the costs incurred for Marketing activities.
If it's more of a Work from Home Internship in an early-stage startup, know your founders and the funding rounds that they have gone through. This would help you to answer questions during your Final Placements.
Plan and execute your Internship:
Internship being a project having a fixed duration with deliverables, proper planning is required so that you do not overcommit anything or underutilize the opportunity. Once the problem statement is finalized, identify the deliverables and decide the approach to crack the problem. Based on that fix milestone and regular review with the mentor to discuss the progress. This will prevent you from deviating and maximizing from the opportunity.
Overall, never leave a chance for a recruiter/your Internship company to impress. Cheers and move forward!