Many are of the opinion that it is not possible to run a business successfully as a student. But this is not true—you can be a successful entrepreneur and still come out in flying colors in your school obligations. Becoming a successful entrepreneur as a student is achievable, but it is very important for you to have a goal. Having a goal is placing a target in mind. What goals do you have to achieve in life? What is your plan, and how do you intend to achieve this goal? Combining school work and business is not easy, and will take a lot of hard work. Here are 5 tips to help you to be a successful entrepreneur as a student.
1. Evaluate Yourself
Know yourself! If you don’t understand your skills, your abilities, there is no way your goals can be achieved. Evaluating yourself means knowing your weak points and strengths, then channeling this into the decision making process of the business. As a student, you will have a strict schedule, especially due to classes, studying, and other assignments and project work, so evaluate yourself to know if your business will fit around your schedule and not detract from your school activities.
2. Have a Good Idea (and a Plan)
What do you want to do? Plan out everything you need to have your own business. Do you want to run the business alone as a student? Or you want someone that would help you run the business? Is it going to be a joint business? How much capital do you need in your business? You don’t start a business without a plan; it takes time and enough smartness to draw a plan. How long do you need for you to have a successful business? How many months do you need to start up your business? 3 months? 6 months? You need to answer questions like these to set you on the right pedestal when kicking off. As a student you will need a well-structured plan with concrete research on the line of business.
3. Research the Competition
There are definitely others who have being in this field before you. Find out the tips used by the successful ones, and the mistakes of those who have not succeeded in the field yet. By knowing their mistakes, you can try to avoid making the same ones. It will also help you be creative in your business, and help you realize what will make you stand out from the crowd. You can also make inquiries to your colleagues in school who engage in such businesses, or who have an inclination for business, or have a business sense.
4. Seek a Mentor
It is very important to have a mentor who would teach you the rudimentary aspects of the business. They will not only teach you the basics, he would also help you when you face challenges in the industry. As a student, you will need a mentor who will guide you and keep you in check, and who can support you, help you network, and share knowledge with you to help you overcome challenges in the industry. When you have a business mentor, you know the tricks and tips he/she has used to reach the point they are in their businesses.
5. Promote Your Business
Make your business known to others. Make use of the various mediums used for promoting businesses both in the digital and physical space. As a student, you have classmates or professors you can talk with to help you network and market your business to their friends. There are lots of social media platforms such as Instagram, Twitter, Pinterest, Facebook and many more where you can promote and tell the world all about your business—this could even help you get patrons. Depending on how large you want your business to be, you can hire marketers to help you market your products and services.
There are going to be a lot of challenges on the road to success, but one thing to note is that Mark Zuckerburg, Bill Gates, and many other entrepreneurs never gave up on their goals just because they faced challenges, or started at a young age. Even when their businesses faced challenges, they kept their focus straight on their goals, and that is why they are at the top today.