Being an entrepreneur is not an easy task, it requires dedication and willpower. Nowadays, there are many young students entrepreneur on campus and many successful businesses around the world were started on campus.
Many of the CEO of big companies all over the world get their business idea while on campus. Micheal Dell of Dell starts on campus likewise Mark Zukerberg of Facebook and Insomnia Cookies’ Steve Berkowitz. Many businesses that start on campus is known by many people today and that has served as a motivation for many students.
Start a business as a student is very tasking especially for students that have much academic load. Many student entrepreneurs find it difficult to cope with business and education while many students know how to plan their time and handle the two effectively. Students start a business on campus for many reasons, it might be their passion or a way to support their education while on campus.
Handling business and education effectively are all about dedication and time management. A student entrepreneur must be disciplined and ready to sacrifice many things. Being an entrepreneur is not as easy as it sounds, you will face many challenges apart from academics challenges.
Succeeding as a student entrepreneur is not easy and the same time it not rock science. As a student that want to succeed as an entrepreneur, there are rules you must follow. Below are the tips you need to succeed as a student entrepreneur.
As an entrepreneur on campus, setting your priority is the first thing you need to do. You have to plan your short-term and long-term career goal and how to manage it with academic stress. There are some questions you need to ask yourself, they are as follows:
- Why are you starting a business as an undergraduate?
- Can your schoolwork help you build a business?
- Do you see a future career with your business after graduation?
- Can you cope with academic stress and business?
- How effectively can you manage your time?
Answering these questions will help you to know what you want and which type of business fit you. It will make you plan your time very well and make you know if you can sacrifice study time for a business opportunity. Don’t answer the above questions with haste, think about it very well and plan how you will integrate your lectures into your business plan, you should not forget why you are in school.
2. Plan your time
As a students entrepreneur, your schoolwork will surely clash with your business. You have to have efficient time management skills, you should choose the right elective and compulsory course that will suit your business goal. Do not choose a course that is tasking while you have the opportunity of choosing an easy one.
You also need to plan the lectures you will go for and the ones you can miss without affecting your grade. There are some courses you can read on your own and assimilate while some need the help of an expert in the field.
3. Utilize school resources
Universities and Colleges offer many services for students for free which you can use as an entrepreneur to save cost and time. Services like WiFi, copy and printing services, online resources and library materials are what students can get at low or no fees to help boost their business. On average, 63% of small business spend one-quarter of their budget on technology, so it is best to maximize the school resources at your disposal to save cost.
4. Connect with other students
Your fellow students can be of use to you if you connect with them very well. You should connect with students of the same business mind and pitch your idea to them for collaborative work. Ther are many brilliant business-oriented students that can be a useful resource for your business idea. Maintaining a good relationship with students that make them refer your business to others. Meet with students organization that suit your business or need your service and tell them about what your business is all about.
If your school have a business department with good alumni connection, you can make use of the opportunity to pitch your business for sponsorship.
5. Create a daily goal
Having a clear goal for your business and working towards it will help you a lot. Create a daily goal for your business and work towards achieving it. Many student entrepreneurs create a to-do list to help them meet up with their goal for the day and do the needful. Create a checklist and highlight the most important one, this will help you to be more productive.
Creating a checklist with a time block can be an effective way to manage your time very well. Create a to-do list and the time of the day you want to achieve them. While creating your to-do list, start with the easiest task and then proceed to the more difficult ones.
6. Learn to say “no.”
It is important as a student entrepreneur not to give in to everything, you should learn how to say no to things that will not benefit you. Your fellow students might invite you for drinks, party or outing, do not follow them if it will affect your business or schoolwork. Do not spend the time you should be spending to improve your business or on academics with friends drinking or partying. You should know you have limited time to complete a great deal of work.
Make sure you also create a reward system to celebrate your little success. When you succeed at a task and you are free, you can go out with friends.
7. Find a mentor
While on campus there are many opportunities to meet professional in your business line. Make use of your network as a student to build a good relationship with a professional in your field. Meet with professionals and seek their advice on how to grow your business, having a mentor will help you a lot in achieving your business goal.
You can use platforms like Envelop, Mogul, or FledgeWing to connect with mentors or capital in your area.