Michael Dell, Sergey Brin, Larry Page, and Mark Zuckerberg, are all billionaires, but do you know what these high-profile entrepreneurs have in similar? Well, they all had their business started when they were in college. Being a student and an entrepreneur at the same time is not that easy. So how you can be successful in school while you are launching a business? As a matter of fact, the names you have read above all left school to chase their dreams in life. But this doesn’t mean that you also have to do the same thing!
Although we can’t really tell you whether you should stay or not, we’re here to help you and guide you on how you can use the great resources a university can give you while planning and beginning your business.
Always Welcome New Ideas
It’s important to be open-minded to new ideas. Why? You’ll never know what will be the next big innovation and where your idea will come from. Make sure you take time to read, listen, observe and learn.
Your huge idea may emerge from an industry or sector outside of your main interest. It could be health, beauty, fashion, food, technology, childcare. If you are taking technology or business, for instance, your talents and skills can be utilized towards any service, innovation, product in any industry.
Choose a Product or Service of Interest to You
What is the thing that interests you the most? Will it inspire, encourage and challenge you? Here are some things you may consider:
- Begin a business in an industry that motivates you
- Utilize all the skills and understanding acquired in your degree to establish a business
- Create a positive influence or change in your community
- Deal with a humanitarian need
Develop a Business Plan
This document is crucial since it details the objectives of your business and the master plan for achieving them. This plan must be as perfect as possible because potential investors will assess them in your future business. Make sure you describe your service and discuss the present time industry in your business plan. You are required to perform a market analysis to determine who your customers are, where they are located, and the products or services they are currently using. Moreover, the financial section must include a balance sheet, cash flow statement, and income statement.
Look For Other Funding Chances
Most likely, you don’t have any time to pitch angels or look for capitalists to acquire money for your business. The great thing is, the university you go to is filled with alternative financing choices for startups. Determined by the type of industry you’re in, there are plenty of grants you can use for that will provide you with a considerable amount of capital.
Compared to traditional funding, grants normally has fewer strings attached. And that is a good thing. Furthermore, the final thing you would want is to take on more debt from a loan, or changeable note while you are still studying. Business is tough and once you are already earning properly, make sure to consider getting small business insurance to protect your brand from any losses, natural disasters, lawsuits, and etc.
Make Connections From Every Networking Opportunity
Remember that college is one of the best places to meet new people, build friendships, and establish personal relationships. It’s also a great place to create business connections as well. So take advantage of every networking opportunity you can get while you’re in school.
It doesn’t matter if you can get it from a sorority event, a fraternity event, or if it’s arranged through one of your classes, they will all benefit you.
Also, try tapping into the alumni network as early as you can. A lot of these individuals are just the same as you, and there’s a sure chance you’ll discover one who started their own business in school as well. These people can be extremely useful mentors for you as you start your empire.
Don’t Be Afraid to Ask Support From Professors
There is no professor who doesn’t want to help you! But once you’re out there in the “actual world” it will not be as easy as you think to find genuine people who would like to help. So while you’re in school, you may want to leverage your professors as much as possible.
For instance, you’re prepared to move and implement a marketing campaign for your business. Before you start it with, you might want to consider running it by your professor in your marketing class. This is also the same with any business contracts, plans, and other material you’re not sure of. Your professor would even feel proud and admire your ambition, and they will most likely provide you with support.
The larger part of business classes will make students practice basic tasks of launching and scaling a company. Why are we telling you this? Well, this will give you the chance to double your school homework with your business. Whether you’re making a cost-benefit analysis or establishing financial models, you can utilize all of these chances to work on your company. Plus, it will be your professor’s job to supervise, analyze, and judge your work.
Starting a business is not that easy, especially if you’re a student. It will require more hard work. It’s a challenging venture to launch a business while you’re still in school. However, it is possible. If you want to be a successful student entrepreneur, we suggest that you apply these tips we have shared with you in this article!