The idea that entrepreneurs are either college dropouts or old men with too much money is getting outdated. Not everyone has to pull a Mark Zuckerburg to pursue their business dreams and succeed. There are also the co-founders of Google, who actually finished their degrees and founded Google’s original algorithm at the same time.
According to data compiled by Urbanest, a student support group in the UK, about 10 percent of students are already entrepreneurs. The term “student entrepreneur” is therefore not entirely novel. If you are a student with business aspirations, here is what you need to know about being a student entrepreneur.
Be Willing to Dedicate a Lot of Time
It perhaps goes without saying, but you will need to dedicate a lot of time to be a student entrepreneur. You will have to split your time evenly between schoolwork and business tasks. So it’s a good idea to first think hard about whether this is really what you want. Don’t expect to have loads of free time to hang out with friends. You will be possibly working all 7 days a week to keep up with schoolwork and your budding business. If you are a great time manager, then this should not be an issue. But if you have trouble organizing your daily schedule, be aware that being a student entrepreneur is time-consuming.
Get Help from Experts
Doing business is the same, regardless of your age. Student entrepreneurs are held to the same legal standards as full-time entrepreneurs. Therefore, you may need help from experts in the field. Sure, you can ask for advice from your business professor. But unless the professor is an investor, you will have to think seriously about how your budding business is being managed. You can seek affordable consultant help from places like cbs-cbs.com to handle various issues ranging from management to marketing and planning a tax strategy.
Thoroughly Research Ideas
You have an idea for a business, but is it the idea? Business ideas are notoriously difficult to bring to fruition. Even if you have an idea, you will have to conduct some thorough market research to make that idea a reality. You will have to compile a lot of data, perhaps conduct surveys, assess the competition, and check for legal complications. Before you actually start your business, you will have to research like it’s your graduate thesis.
Mental Capacity to Overcome Setbacks
You will also need a steely resolve to actually be a student entrepreneur. Being a businessperson in the modern competitive market is tough. Setbacks and failure are facts of entrepreneurial life. As a young entrepreneur, you will have to be able to overcome the various setbacks your business will eventually face. You shouldn’t let it affect your studies negatively.
Student entrepreneurs also have to take things slowly. Doing research and finding funding is time consuming even for full-time businesspeople. It will take even more time for a student. So don’t expect any overnight successes. If you are patient, dedicated and determined, there’s no reason that you shouldn’t be a successful student and an entrepreneur at the same time.
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