Student Entrepreneurship – Leverage Every Opportunity!
With the start of another academic school year fast approaching, you may be wondering how your post-secondary education will lead you to success. In reality, nothing will lead you to success but yourself. In 2014, the term “entrepreneurship” is no longer a stigma, it is a growing trend. In fact, entrepreneurs today are becoming increasingly younger in age and there are more female entrepreneurs today than ever before. If you are contemplating how to make the most out of your education, and perhaps you have a dream to be your own boss one day; this article will provide some important tips to mesh the worlds of academia and entrepreneurship.
According to the Mashable article by Nellie Akalp, CEO of www.CorpNet.com, “7 Tips for Balancing College with Your Startup Dreams” key success factors for getting the most out of your education while achieving your startup dreams are as follows:
Take advantage of university resources
There won’t be another time in your life when you have so many academic, technical, and advisory resources right at your fingertips. A professor can be an invaluable mentor. Depending on the target demographic of your product, fellow classmates represent the perfect beta pool. And there are numerous entrepreneurial competitions and conferences geared toward students which will give you a unique opportunity to find mentors, funding, and publicity for your idea.
Find the right partners
It might be fun to start a business with your friend, but fun doesn’t necessarily equate to value – make sure any partner you choose is a strategic one. Look for partners who can bring something to the table whether it be through expertise, connections, capital or other resources. The key is that any partner you choose should be bringing value in to the organization.
Set aside time to work on the business
Your classes, exams, and other coursework are scheduled for you, but making time for your business requires discipline. Ideally you’ll want to pick a day or two per week where you and other members of the team all work together in the same room. Many find it easier to juggle this time commitment when taking classes that meet once per week for a few hours.
Don’t view your studies and startup as mutually exclusive.
Consider the types of coursework that could help you run your business. For example, if you’re studying engineering, take a few economics and marketing classes. You don’t need to become an expert in every field, but exposure to these topics will give you a broader understanding of what’s needed in the business world.
What will it take for you and your other co-founders to leave school and dive in full-time to the startup? 10,000 active users? $500 million in revenue? Seed funding? It’s good to talk about these issues ahead of time so everyone understands and buys into the game plan. If you and your co-founder aren’t on the same page, it’s better to discover those differences early on.
Don’t be afraid to fail
No matter what type of startup you choose to launch, keep in mind that most people’s first business ventures don’t succeed. Many fail miserably, but that hardly makes you a failure. School is one of the best times to give things a try; it becomes harder to take risks when you have a mortgage and family to consider. With every attempt, you’ll gain valuable experience and insight into what works and what doesn’t. In fact, a failed startup could be your best teacher during your school years.
To read Nellie’s full article, please visit: http://mashable.com/2014/08/22/college-startup-balance/.
- Posted by An Entrepreneur
- On October 30, 2015
- 0 Comments