Some students still have the mentality that it is impossible to manage multitasking between being an entrepreneur and a student. But, believe me or not, there are plenty of startup ideas created by students that have grown into successful companies with such examples as Facebook and Microsoft.
Luckily enough, we have some tips and guides of how you could also be a successful student entrepreneur and emerge as an author of your own success.
It is so obvious for young entrepreneurs to be nervous for reasons such as lack of experience and the fact that you are a student. Being a student should not be a hindrance to achieving your goals. Thinking of it, why not see it positively as a great opportunity to gain experience.
Research conducted by Oxford Entrepreneur shows that an average of 51 people under the age of 25 start up a business in the UK everyday. It is therefore advisable for any student to pursue their own business idea without the fear of failure.
First steps and second opinions
We should always have the mentality to not let our dreams slip by, but instead always determine their viability. Once you have a business idea, you should consider factors such as, how unique your offering is, who your competitors are and also the amount of capital for beginning and maintaining the business.
Considering such factors, it is usually advisable to seek advice from guys who have also been in the same situation as you before. Internships are a great way to gain the kind of experience you might need to start your own business.
Creating your business plan
All businesses should consider having short term and long term goals. Set your goals and then work towards them. A business plan will always map out your objectives and the way to attain them. It also acts as an insurance to all your objectives, strategies and financial forecasts. Advice on writing a business plan can be found through groups that support entrepreneurs, including The Prince’s Trust.
Marketing the business should concern you the most, especially how you consider its image and its being branded as a winner and victor at all sectors. How will you make your business more attractive? Will you give potential investors answers they want to hear? What will make a customer buy from you?
Finding the funding and withstanding competition
Investment should always come after a well-shaped business plan. Most investors do know that a new business needs enthusiasm and passion to succeed and so you should be ready to give them that. Funding options come in many different forms including, start-up loans from banks or the more modern approach of crowd funding sites like Kickstarter and Indiegogo.
Whichever you choose look at the business advice for entrepreneurs already available as each option comes with its own risks and rewards.