Studying requires financial stability especially if you are a self-sustained student. Indeed, we cannot think of other ways to generate an income except business. Students nowadays is engaged in entrepreneurship to sustain their tuition, books, and daily necessities.
Most of the superstar entrepreneurs like Mark Zuckerberg, Michael Dell, Larry Page, Sergey Brin, have started their business in college. Do you know what else these billionares have in common? They took risk to get started. To be a student entrepreneur is really challenging. Aside from your homeworks and recitation, you have also to divide your time in marketing your business. How can you manage to succeed in school all while launching a business? Well, ironically some of the names listed above left school to pursue their dreams. But in your case, you have to multi-task. But here are some tips that will help you take advantage of all the great resources a university may give you while starting your business.
Here are three effective business tips for the student who wants to start their business.
Be Resourceful and Look for Possible Funding
Looking for capital can be tough; also, you have to look for alternative funds to sustain your business. On the other hand, the university world is full of opportunity to look and apply for financing options for your business startups. Depending on what industry you’re in, there are a ton of grants you can apply for that will give you a decent amount of capital. Hence, your resourcefulness will really count in starting up your business.
Aside from the traditional funding that you can find in the university, you can also invest in loans or ask for a friend for starting finances. If you have your own savings, the better.
Use your Connections for Marketing Your Business
Universities can be the great avenue to look for potential customers and or business partners. You can ask help from your friends to spread your business. While you’re in school, you need to take advantage of every single networking opportunity available.
Use your connections from the organizations you are in. That is why it is really essential to look for people that are willing to help to make your business successful. You should also too partner with alumni network while you can. Many of these people is most likely willing to engage in business too. They can be good business partners as well. In business, it is really important to look for trustworthy mentors that will guide you throughout your business.
Leverage your professors for support.
Your professors are there to help you succeed. Once you’re out in the “real world” it’s not always easy to find genuine people who are willing to help. While you’re in school, you need to leverage your professors as much as possible.
For example, let’s say you’re ready to roll out a marketing campaign for your business. Before you do that, why not run it by your professor in your marketing class? Same goes for any business plans, contracts, and any other material you’re unsure of. The professor will be impressed by your ambition, and will feel inclined to offer support.
Pro tip: The majority of business classes will have students work through the basic tasks of launching and scaling a company. This gives you the opportunity to double your school assignments with your business. Whether you’re building financial models, or creating a cost benefit analysis you can use all of these opportunities to work on your company. In addition, it’s your professor’s job to look over and critique your work.
Business is tough. Succeeding as a student is also hard work. Launching a business while you’re still in school is quite the challenge. However, it can definitely be done. If you want to better your chances of success, make sure you take note of the three business tips above for the student entrepreneur.