How Students Can Prepare Themselves To Be Entrepreneurs – With the looming rate of unemployment in the world, many individuals are already nurturing the intention of starting and running a business after graduation. Many young people (students) dream of becoming successful entrepreneurs and change the world they live in.
How prepared are you to be an entrepreneur?
Do you think you will succeed in starting and running a business outfit?
Do you have the entrepreneurship mindset and character?
Are you a true risk taker?
Why do you want to become an entrepreneur?
The answers to these questions will set you on the path of starting up your business and being an entrepreneur in school or even after graduation.
Many colleges now encourage students to become entrepreneurs by creating an opportunity for students to meet people of like minds to start nurturing the thoughts and mindset of an entrepreneur and owing a business outfit.
As s student, preparing yourself for entrepreneurship involves identifying problems, generating creative ideas to turn these problems into business opportunities and combine resources to proffer solutions to the identified problems and establish a business outfit.
This article is not limiting you to just running a business after graduation, you can still be a student entrepreneur that is, owning a business while schooling provided it doesn’t affect your academic performance too badly.
Like we have always said, not everyone will become an entrepreneur or job creator but you can become an entrepreneur regardless of your age or gender. We are glad you are reading this article as we are sure you will be satisfied and well informed about how to go about your entrepreneurship journey.
You must have heard and read about many successful entrepreneurs like Mark Zuckerberg, Bill Gates, Chandler Bolt and many others quitting college to chase their entrepreneurship dream; the truth is that you can go to college, graduate and still start and run your business. It is all about the goal you set for yourself.
It takes certain abilities, thinking process and skills to become a successful entrepreneurs and this is why we have carefully structured this article to prepare students on how to become entrepreneurs while you are still in school or after graduation. This article will open you to some life skills that you can employ in the real world to become a successful entrepreneur.
In this article, we will be revealing some tips to prepare you to become an entrepreneur and why students should start preparing to become an entrepreneur. This is never an easy ride as you would go through many challenges and obstacles but be calm as this article will guide you on how to overcome the challenges you may come across.
We have structured this article into two parts
- Why students should start preparing to become entrepreneurs
- How students can prepare themselves to be entrepreneurs
WHY STUDENTS SHOULD START PREPARING TO BECOME ENTREPRENEURS
Becoming an entrepreneur whether in school or after graduation is not really easy but it is very possible. It involves determination, confidence, resilient and focus. You will certainly pass through many challenges but they are all part of the experiences to get better.
It is very important that students start preparing themselves to become job creators as the level of unemployment in the world is increasing and having more job creators will help increase employment and development of the world at large.
If you are planning on starting a business in college or you want to start it after graduation, here are some reasons you should prepare yourself for the entrepreneurship journey…
- To become job creators
As an entrepreneur, you are definitely a job creator either for yourself or for others. Running a successful business outfit will stop you from searching for job after leaving school as you have something you can do and also employ others.
Though the educational system was structured to make students become job seekers instead of job creators and this has limited the mindset of students. Preparing yourself to become an entrepreneur will help you to create employment and change the world you live in.
- To become smart at taking risk
We all know that entrepreneurs are risk takers and not just any risk but calculated risks. Successful entrepreneurs are known to have taken risk but what they did was that the analyzed the risk, knew the type of risk to take, why they were taking the risk and when they would take the risk.
So preparing yourself for the entrepreneurship journey will help you become a smart risk taker as you know the type of risk to take so as not to engage in an activity that won’t be fruitful. You will become skilled at taking risk and this will help you in real life situation.
- To become confident
Successful entrepreneurs took risk and were confident that their action would pay off. They were not discouraged by the “what ifs” and pressed on even when they encountered failures and obstacles.
Preparing yourself and mind to become an entrepreneur helps to boost your confidence level in yourself and your ability. It will help you build character and resilience to succeed. You become equipped to excel in starting up and running a business either in school or after graduation.
- To set clear and specific goals
You cannot just wake up and jump into running a business. You must have gone through many processes;
- The goal setting stage
- The planning stage
- The preparation stage
- The implementation stage
Preparing yourself to become an entrepreneur will guide you in setting your goals. Entrepreneurship goes beyond starting up a business; it is more about adding value and solving problems. Knowing what it takes to become an entrepreneur will help you set clear and well defined goals to help you kick start your entrepreneurship journey.
- To understand why you should become an entrepreneur
Entrepreneurship is not a get rich quick scheme so if you are thinking you want to become an entrepreneur to make money, you are nurturing a wrong motive that can lead to frustration. Entrepreneurship is about identifying problems, generating ideas and solving the identified problems.
Knowing what and why you want to become an entrepreneur will help you prepare well for your entrepreneurship journey and set up a successful enterprise.
- To become financially stable and intelligent
Entrepreneurship education teaches you to become independent and manage your resources judiciously. You get to understand your cash flow better and know how to organize yourself and limited resources.
When you prepare yourself for your entrepreneurship journey, you become smart in your spending as you have a goal and know the implications of being unnecessarily extravagant and how it may affect your business.
- To develop life skills and experience
Being an entrepreneur involves effective time management, self discipline and perseverance. You become creative and innovative in making a difference and finding solutions to problems.
Preparing yourself to become an entrepreneur means managing your time wisely, generating creative ideas, risk taking etc. and all these will help prepare you for the real world and give you an edge over others as you become experienced in handling a business outfit.
- To establish and run a successful business outfit
Every entrepreneur wants to set up a successful business that will thrive in any environment. Preparing yourself to become a job creator will help you in setting up a business outfit and enlighten you on how to run a successful business.
You carefully set out a business plan and know that becoming successful doesn’t happen overnight. Preparing yourself to become an entrepreneur will help you understand what it takes to become an entrepreneur and that having a fantastic idea is not a whole but part of what you need to set up a successful business outfit.
HOW STUDENTS CAN PREPARE THEMSELVES TO BECOME ENTREPRENEURS
Like we said earlier that entrepreneurship is not a get-rich-quick scheme and involves a lot of devotion and dedication. You have to prepare yourself mentally, physically and financially in order to succeed in your entrepreneurship journey.
When we say prepare yourself mentally, we mean you have to prepare your mind for what is to come and how to take anything that comes your way. Entrepreneurship is not for everybody but you can become an entrepreneur if you have prepared your mind for the journey.
When we say prepare yourself physically, we mean you have to be ready to take action and take calculated risk in order to achieve the results you desire and more. You have to have the capacity and strength to carry on even in the face of challenges and failure.
Lastly, when we prepare yourself financially, we mean that you have to know how to get funds for your business and also how to manage your cash so as not to run into debts. You should remember that 70% of your start-up funds come from personal savings. Therefore you should develop a saving habit in school to help you prepare for running any business.
Let’s look at how you should prepare as a students that wants to become an entrepreneur…
- Prepare and work on your mind
One thing about failure is that you start failing from the moment you start nurturing failure. When you say you can’t do it, you won’t do it. Your mind controls your action. So you have to have a positive mindset in everything you do; this will help you prepare for your entrepreneurship journey.
Always feed your mind with good and optimistic thoughts and move with the right people as they will help you think positively and move positively. Read self development books and books about successful entrepreneurs to inspire and educate you towards becoming a successful entrepreneur.
- Set a clear and definite goal
Being a successful entrepreneur requires focus and for you to be focused and motivated, you have to have a clear and specific goal. Your goal will give you a direction to follow. Your goal becomes the reason to start up your business and stay motivated.
A clear goal means that your goal should be feasible and understandable; a definite or defined goal means that you want to achieve a particular purpose and not trying to do everything all at once. Also know that your goal should be realistic and achievable.
After identifying problems, set your goals according to the problem you want to solve and generate ideas that will direct you towards achieving your set goal. If the goals are big, you can break them down into smaller goals to help you achieve them easier and faster.
Set deadlines for yourself and make sure you stick to the deadlines; it will help you reciprocate this in real life situation. Be honest with yourself about the goal you are setting and why you want to achieve the goal you set.
Be good at setting goals and achieving them as it will prepare you for your entrepreneurship journey.
- Understand why you want to become an entrepreneur
Like we have said earlier that you should never see entrepreneurship as a means to get rich quick, it is an avenue to add value to your society. You have to know why you want to become a job creator.
You have to identify the reason for starting up a business whether in school or after graduation and understand the reason too. Entrepreneurship is about identifying problems and making the best out of these problems by developing ideas to proffer solutions to the problems and add value to lives.
Every successful entrepreneur is a problem solver; they understood why they want to become entrepreneurs and set up their businesses.
Ask yourself the reason for becoming an entrepreneur as it will prepare your mind and understanding the reason will motivate you towards putting your best to achieve success.
- Why do you want to become an entrepreneur?
- What will you benefit from this?
- Are you going to add value with what you want to do?
- Who would benefit from this?
- Is my passion tied to this?
Answering these questions will help you prepare for your entrepreneurship journey. Relate your passion with what you have to do. Bill Gates had a passion for computers and he had to find a way to add value with his passion and make the world he lived in a better place. Now every home has a computer.
- Be a problem solver
Problem solving skill is an essential skill of an entrepreneur and being a problem solver will help you kick start your entrepreneurship journey. You can start by solving problems in class or school. Identify problems around you and try to proffer solutions to the problems.
In preparing to become an entrepreneur as a student, you have to be inspired by the problems of people around you; you have to look for ways to add value. It is your ability to solve problems that brings out your creativity.
When you establish a business that meets the needs of people and solve problems, your business will continue to thrive and succeed.
- Be a risk taker
Every entrepreneur is a risk taker. Starting up a business is a risk and not everyone has the courage to take that risk. You have to be very ready as risk taking involves sacrifice; your career, education, family and friends, comfort zone etc.
You cannot remain in your comfort zone and expect to excel in entrepreneurship. You have to embrace discomfort and put in your best to achieve the result you want.
You should know that not all risks are to be taken as some yields negative results. You have to be able to take calculated risk. In doing this, you look at the benefits and negative effect of taking that risk. Risk is the next step after setting your goal and setting out a plan.
So in preparing yourself to become an entrepreneur, be ready to take calculated risk and implement your plan even if you are not certain about the outcome
- Never expect overnight success
You must have heard that nothing good comes easy. The road to success is not always easy and smooth. You will certainly encounter some bumps along the way. You have to put in a lot of efforts and resources.
Prepare yourself to work very hard and be consistent at what you do. Entrepreneurship is not just about having a great idea though that one aspect of succeeding but you need to be hard working, patient, resilient, determined and confident
Success never comes over night, when you know this, you will not get frustrated when you start up your business and be patient even when things are not working out as planned. Instead of complaining, sit back and look at what you are doing to understand why it is not working and what you need to do to improve.
- Prepare to fail but try not to
You must have come across Thomas Edison’s quote “I have not failed. I just found out 10000 ways that it won’t work”. This means that failure is not the end of the road but the beginning of something new and great. Failure brings success and improvement.
When you fail, you embrace failure so as to learn and get better. If you succeed at one try, you have not learnt anything. Success teaches you but failure teaches you more and how to be a better person.
In preparing yourself for your entrepreneurship journey, understand that failure is part of the growth process. Avoid self-pity and pessimism. When you fail, gear yourself up to come back stronger and better. That is the mind set of a successful entrepreneur.
- Understand your cash flow
Spending money can be tempting but you have to start preparing yourself to be financially intelligent if you want to succeed as an entrepreneur. You have to cut down on your expenses and start saving up. Remember we said that start-up funds are made up of 70% of personal savings.
You have to avoid buying on impulse and avoid extravagance. You have to understand and monitor how cash comes in and goes out of your pocket. Prepare a budget to help you monitor and track your spending.
Preparing yourself to become an entrepreneur should entail managing your cash flow wisely. You can start this from college and discipline yourself to be accountable for every penny you spend. This will help you know how to manage your cash flow even when you eventually start up your business.
- Be ready to do more than expected
To get the hearts or minds of your customers, you have to do more than they expect. It will make them come back for more. Every successful entrepreneur uses this strategy to build their customers loyalty.
You have to be prepared to go extra miles and deliver more than people anticipate.
- Build the right team
The entrepreneurship journey is not a lone work. You will need people around you, to motivate you and also support you when you need it. Every successful entrepreneur had people that they worked with in achieving their success.
Train yourself to work with people as this will help you prepare for you journey. You will get to share ideas, listen to their opinions and motivate each other.
It could be a team of friends or family provided they are driven by your passion and want to see the success of the business. Having the right team around you will definitely propel you to success faster.
Don’t always be the smartest one in the room, listen to ideas and views and see what you can learn from them. Remember that no one is an island of knowledge.
- Learn about successful entrepreneurs and business owners
This is great way to prepare yourself for your entrepreneurship journey. Take out time to read about other successful entrepreneurs and study how that got to achieve their success.
Like we said that you have to be ready to learn and learning about successful entrepreneurs and reading books will help you prepare mentally and also physically for your entrepreneurship journey.
What worked for them might not work for you but reading about them will help you prepare for what is ahead and boost your creativity. You should always learn from their mistakes and get to know how they overcame setbacks. Be open-minded and be ready to learn.
The world has started embracing entrepreneurship and colleges are introducing entrepreneurship into their curriculum and encouraging students to become job creators. This is why it is important for you to prepare yourself to become an entrepreneur and this article will help prepare you for that.
You must be ready to learn from others and even if you have a fantastic idea, your success depends on your level of determination, hard work, resilience, patience, perseverance and financial and personal support. It is not going to be an easy ride but its definitely going to be rewarding when you succeed.
So as a student, start preparing yourself mentally, physically and financially to become an entrepreneur and do well to employ the tips we have given in this article as they will help you succeed and become a successful entrepreneur.