How To Succeed As An Entrepreneur While Still A Student

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.

How To Prepare For A Business Venture

You may be deciding to start a business venture. Or perhaps you wish to purchase an existing business. Or maybe you would like to convert a hobby of yours into a business venture. Going on a business venture not only involves a lot of personal expenses. It also includes changes in your lifestyle. Below are some tips on how to prepare for a business venture.

Examine Your Idea For A Business Venture

First of all, you will need to identify the service or product you wish to provide. You must then determine if your idea for a business venture is a feasible one. You must check if the service or product you intend to deliver satisfies demand in the market. You should also check out the competition and evaluate whether your business venture will survive the competition. “In other words, they can test the waters. And if necessary, they can pivot to a different, more promising idea if their original idea is found lacking,” Utpal Dholakia Ph.D. points out.

You also need to know what skills are required for the business. You should also determine how you can safeguard your business venture idea from being stolen. And, finally, you should decide whether or not you have sufficient funds to start the business venture.

Scrutinize Your Preparedness To Set Up And Start A Business

You need to determine whether you are prepared for a business venture. Running a business requires sufficient financing, technical knowledge, expertise in the industry, and skills in management. You need to understand the reasons you wish to start a business. You need to establish personal and business goals. You need to determine what skills you currently have. You will need skills in management and communication, and also expertise in the industry as well as technical knowledge. Plus, you must be equipped with finance and marketing.

Study The Type Of Business That You Want

Different types and structures of businesses will require different legal and bureaucratic requirements. You will need to know what is required to start your business. You need to decide the type and structure of your business venture. You will need to decide what service or product you will provide. You will also have to determine how you intend to sell your service or product. You could sell them on the internet or through a physical store, or you can do both. You also need to determine whether you would be exporting or importing products.

Evaluate The Service Or Product You Wish To Provide

Knowing the service or product you wish to provide is very important to a business venture. Not knowing this will make it very difficult to plan and market the business.

“An understanding of consumer purchase behavior must be based on knowledge of human emotion and include the paramount influence that emotions have on decision-making,” Peter Noel Murray Ph.D. explains.

The service or product will affect the structure of the business. The type of service or product will determine whether only an online presence is required or whether a physical store is also required.

You will also need to determine whether the service or product you wish to provide satisfies demand in the market. You also need to know the competing companies and determine whether your business venture will survive the current market climate.

Identify Your Clients

Identifying your clients or customers will assist you in shaping your business venture. Investigate your clients or customers and determine what their habits are. Find out what kind of individuals will purchase and use your services or products. And find out how they are buying.

Create A Business Plan

Having a business plan allows you to specify goals to achieve. With the goals identified, you can develop a plan of action on how to achieve these goals.

Creating a business plan includes choosing a name for the business. It also includes determining how the business will be managed. And it includes deciding how the finances will be handled. The business plan should also include ideas for unexpected events and emergencies. “Successful organizations have mission statements that remind them of their attitudes, goals and objectives and keep them on track. Effective departments and teams decide first where they want to go before they start the journey,” Joanne Stern Ph.D. says.