In the past, the primary goal of students is to be employed in a large corporation after they graduate. This is not the case these days. The millennial generation is the most entrepreneurs. Students these days have realized that getting a degree in college is not an assurance that a company will hire them after they graduate. Young people nowadays want to be their boss and own their own business. But most students do not succeed as entrepreneurs. “While there has been some funding for start-ups based on academic research, there has been no direct funding to universities to support student entrepreneurship”, says Dr John Whelan, MD of Trinity College Dublin. Here are seven tips that most students who are starting their own business usually forget.
Tip #1: Acquire The Proper Mindset.
A student’s general mood and emotions can have an impact on their actions and thoughts. Students who procrastinate often end up struggling to complete their class assignments during weekends. Students who have decided to be entrepreneurs should have the proper positive mindset. They will be very busy on weekends as they are already swamped during weekdays with their classes. They should be committed to their business ventures.
Tip #2: Be Organized.
Juggling your time between schoolwork and a business venture will be very difficult. Some students fail in doing both. Some students are not able to provide sufficient time to their business venture, and it does not take off. And some students spend too much time on their business venture and neglect their studies.
This difficulty can be avoided if the student is organized and schedules their time appropriately. The student could do school work during the daytime and work on their business venture during the night time.
Tip #3: Select The Appropriate College Course.
The student should select a college course that is relevant to their business venture. Or, if they have already chosen a college course, then they should choose a business venture that is relevant to their college course. If the student intends to start a business based on a mobile application, then they should select a course with a major in software development. The information the student acquires from their college classes will be beneficial in their business venture.
Tip #4: Take Advantage Of The Resources Available In College.
Students have access to various resources in college. They have access to the library. They can use meeting rooms. Internet access is usually free for students. There are also printing and copying services available to students. And the student can ask for advice from the instructors and professors. Students also can avail of various discounts, such as software applications. And students can tap fellow students for work or projects.
Tip #5: Acquire Skills In Leadership
“There is a problem in the workplace with incoming college grads not being prepared enough for the grueling and sometimes ruthless world of work,” says Dr. Joanie Connell, Ph.D., president and CEO of Flexible Work Solutions and author of Flying Without a Helicopter: Preparing Young People for Work and Life. Being the boss does not necessarily make you a good leader. Good leaders do not micromanage their employees. Micromanagement stifles the team. A good leader provides direction but delegate tasks while trusting the employees. Good leaders motivate their teams. They provide praise for a job well done. They effectively communicate with their team members. They create a safe and nurturing work environment that is conducive to creativity and productivity.
Tip #6: Take Advantage Of Internships.
“Do your best to integrate and connect to the local ecosystem,” says Dr. Arlen Meyers, MD, professor emeritus at the University of Colorado School of Medicine and president and CEO of the Society of Physician Entrepreneurs. Internships provide valuable working knowledge of the corporate world. Students experience working in an office environment. They encounter fellow employees and interact with management. They get the opportunity to deal with clients. Internships provide a great hands-on experience of what a student learns in the classroom. Internships also provide the student with contacts that will be useful in their business venture.
Tip #7: Take Precautions.
The entrepreneur should take precautions against their intellectual property being stolen. They should acquire the appropriate trademarks, copyrights, and patents.