Importance Of Being A Student Entrepreneur – Have you ever seen yourself starting up a business venture as a student?
Do you think you can become an entrepreneur even as a student?
Well it is very possible though taxing but it is a plus to your financial stability.
Many colleges are creating avenue for students to meet people of like minds and successful entrepreneurs to help them to start nurturing the idea of starting and owning a business outfit.
As a student, you can identify problems, generate ideas to turn these problems into business opportunities and combine resources to explore those problems so as to proffer solutions and create a business outfit or organization.
Entrepreneurship is not for everybody but anybody can become an entrepreneur regardless of the age or gender. You must have heard of many successful entrepreneurs that had to quit college to pursue their visions; well I am happy to break it to you that you do not need to quit school to start and run a business successfully though it depends on the kind of business you want to engage in.
In my extensive research about entrepreneurs and business owners, I have come to realize that entrepreneurs are high risk takers and they are problem solvers. It is not just about owning a business, it is about having a vision that goes far into the future.
Small business owners on the other hand are more on the profitability of the business. Mind you, “not all business owners are entrepreneurs but all entrepreneurs are business owners”.
In this article, we will be putting you through the importance of being a student entrepreneur being in college or university and also give you tips on how to become a successful student entrepreneur.
So be sure to learn a lot from this article as it will prove helpful in helping you make a decision.
10 IMPORTANCE OF BEING A STUDENT ENTREPRENEUR
Becoming an entrepreneur as a student while in college or university can be taxing and demanding. There are challenges as you have to complete school work and also focus on your business. The main issues that students have in becoming entrepreneurs are balancing studying and business and also time management.
You will also have to forfeit some extracurricular activities so as to have time for your business. But the truth about this is that college is one of the best places to start up a business regardless of the time constraint.
Let us look at some of the benefits of becoming a student entrepreneur.
#1 You become a problem solver
Being a student entrepreneur involves identifying some problems around you in the college and generating ideas and ability to proffer solution to the problems.
You tend to become a problem solver to other college students with the business enterprise you establish. It could be rendering laundry services, mini restaurant, clothes and many others but in establishing any business enterprise within the college as a student, you must have carefully analyzed a limited opportunity and a problem that needs to be solved.
#2 You become wise in managing time
Running a business and studying can be very challenging and needs effective time management skill. When you are a student entrepreneur, it makes you know and understand your schedule and how to carry out your activities effectively so as not to be lagging.
You tend to know all your classes and even the holidays beforehand as this helps you setting out your schedule and manage time effectively. It helps you curb procrastination and you also know how to prioritize your activities so as to become productive and effective.
Remember time management is an important skill for an entrepreneur and also a student; so you will need it in order to balance running a business and also studying.
#3 You develop basic life skills and experience
The idea of starting up and running a business shows that you have carefully analyzed the best way to reach out to the people around you (college). As a student entrepreneur, you tend to know how to be creative and also innovative and this is needed both as a student and life aft6er graduation.
Running a business gives you some experience on how a business operates so as to be successful as an entrepreneur even after college or joining the corporate world. It adds value to your resume and also shows that you can manage time very well as you made out time to run a business and still study.
It gives you an edge over other students as you gain a lot of experience both in your career and off your career and in handling a business outfit.
#4 You become a wise spender
In being a successful entrepreneur, you must know how to channel your funds so as to yield maximum output and returns. So being a student entrepreneur helps you to spend money wiser. You do not spend on luxury by necessities.
You become accountable for every money you spend and also manage your cash flow. Knowing you have college bills to pay like tuition fees, rent and many others, you will know how to organize your spending so as to meet up with these expenses and still run your business without running into unnecessary debts.
It will also help you cultivate the habit of saving even as you grow older.
#5 You become independent and
If as an entrepreneur, you become independent that is being your own boss; then being a student entrepreneur will also give you that level of independence. You earn money to meet your needs and also do not depend on anyone or people around you.
As a student entrepreneur, you become responsible for yourself and every money you make. Being independent will increase your self-reliance and also help build your character. In some cases, you become responsible for other people especially when you have people working for you and under you.
#6 You become financially stable and intelligent
In running a business as a student, you become independent like we have said and you will definitely meet your needs at any time. You become financially intelligent as you manage your cash flow better and know how to organize yourself so as not to run into huge debts.
As a student entrepreneur, you generate ideas to solve identified problems there by creating a business to make profit. So you will be earning even as a student and will be able to meet your needs and fend for yourself.
#7 You become confident
As an entrepreneur, you will definitely have to be confident both in yourself and in your vision. You will also have to interact with people especially your customers and also face people you won’t talk to normally. Being a student entrepreneur will build your character in relating withy people.
Also being a student entrepreneur gives you the opportunity to interact with different personalities and caliber of people so this will definitely boost your confidence. Even the experience you get from running a business will boost your knowledge and prepare you for life after college.
#8 You become creative and innovative
One of the qualities of an entrepreneur is creativity and innovativeness. As entrepreneurship mindset makes you identify problems around you that needs to be solved and inspires you to generate ideas to turn that problem into a business opportunity.
Your ability to think outside the box will help you to think of smarter ways of carrying out tasks both in school and in business.
Even after establishing your business, you still generate creative ideas to expand the business and attain future greatness.
#9 You become smart at taking risk
Every entrepreneur is a risk taker but the truth about taking risk is that, they take calculated risk and smart risk. Being a student entrepreneur puts you in the category of people that take risk. Setting up a business outfit while in college is a risk because you divert resources meant for other things into your enterprise.
You become so skilled at risk taking and this will definitely help you even after college. It will help you in the real life situation. Someone that is used to taking risk gains a lot of experience and learns a lot.
As a student entrepreneur, you will know how to take risk and when to take risk.
#10 You become a job creator instead of a job seeker
This is certainly one of the main benefits of an entrepreneur to the society at large. As a student running a business outfit, when that business turns out to be successful, you wouldn’t think of searching for job after graduation.
You have a life already and would also employ others instead of being employed by someone else.
The educational system was structured to make students job seekers instead of job creators though it is changing lately due to the growing importance of entrepreneurs to the economy and globally.
16 TIPS ON HOW TO BECOME A SUCCESSFUL STUDENT ENTREPRENEUR
Many students feel discouraged when they think about starting a business and studying. The inability to balance life and also manage time wisely most times discourages students from being entrepreneurs.
This article is not only here to out you through been a student entrepreneur but also to become a successful student entrepreneur. College students have to start exploring the resources and opportunities around them in order to create a legacy.
When you are successful in starting up and running a business, life after graduation from college becomes easy as you just go into your business and continue expanding.
Here are some tips to help you become a successful student entrepreneur.
#1 Develop a passion for what you do
The passion you have can inspire entrepreneurial activity. You have to go for something that interests and motivates you. If you want to be successful as a student entrepreneur, you have to love what you do and give it your very best.
Definitely, you will be hindered by time constraint depending on your study schedule but if you have passion for what you do, you will give it your very best regardless of the number of hours allocated to your business.
If you love what you do, you will certainly enjoy every bit of the journey and scale through hurdles along the way. Passion is the drive.
#2 Understand your strengths and weaknesses
You have to understand what you can do and what you cannot do. Remember that you cannot do everything and besides you are a student, therefore your studies are still a priority. You have to know what you can do very well and direct your ideas towards your strengths.
Ask yourself what interests you and how people around would benefit from what you want to do and be honest about it. There are many opportunities in college to explore.
#3 Research about what the people around you needs
This is the basis for every business to thrive. You are an entrepreneur and not after only making profit. you have to do a market research or survey about what the people need or how best you can fill in the gap for what people are lacking and make life easier, better, safer, fairer, cheaper and sweeter.
A business that proffers solution to the problem of the people tends to thrive. It could be running a clothing business, delivery service within the campus, games and toys, information like study guides and many others.
Before you venture into any business, understand the market and industry and also the demand for the product or service you want to render.
#4 Start up a business that would support your education and future
Most times, it is not really necessary but it really helps you in excelling both in your academics and also in your business. For instance, a student studying computer science and is into graphics designing; you will be at an advantage academically because you might even learn some things that are not being taught in class.
A business that supports your education gives you an advantage in your career and also improves your practical knowledge about your field.
#5 Learn about the business
Some people will say you learn about the business as you proceed; well that is true but it is important you learn about the business you want to venture into and gather knowledge about it before starting.
Seek advice from mentors, other successful entrepreneurs especially the ones that are in your industry. They will guide you on how to go about the business. Learning about the business will help you to start up pretty well.
#6 Set definite, measurable and achievable goals
Remember you are a student and most times resources are limited as to what you have in mind. You cannot do everything. You have to have a target and set an achievable goal. The business goal you set should be realistic and attainable as it will give you direction and purpose.
The goal you set will help you manage your time wisely and also prioritize your activities. If you have bigger goals that might seem difficult to achieve at once, break them down into smaller goals so as to achieve them easily.
#7 Allow yourself to be creative
You should be able to think outside the box and come up with ideas that will proffer solutions to the identified problems. When you are creative, you find out smarter and easier ways to carry out a task both in school and in business.
Your creativity will help you come up with better ways of doing things so as to create enough time for your business. Think of new or modified ways to proffer solutions to the problem of the people around you. Think about the best ways to develop yourself as an entrepreneur.
#8 Learn to manage time wisely and do not procrastinate
Remember you are multitasking by running a business and studying. You should know that this can be taxing and therefore time management is very crucial for the success of your business and also your academics. You should know what to do and how to do them.
Never procrastinate and leave a task for a day undone because tomorrow comes with its own activities. You should try to know your school activities and classes beforehand so as to set out a schedule on how to go about running a business and studying.
For every schedule you make, you have to stick to it; be disciplined. Make a to-do-list of your daily activities and plan out how you intend achieving them without encountering much problems.
#9 Find out if there are any restrictions to starting up your business
You are still as student and sometimes there might be restrictions to the kind of business you want to venture into. You have to find out if the school set any rules or laws that restrict you from running that type of business.
You have to contact the school authority to know if you are permitted to run your business and seek their consent. It is not compulsory that you run a business that involves getting a license though you could do that after graduation if you intend to expand. You should know that any type of business you want to run in college must be legal and in conformity with the school rules and regulations.
#10 Create a business plan
No matter how small the business you want to venture into is, you should write down a business plan. A business plan shows where you are now and where you want to be. Make sure your write out a measurable and clear business plan.
The business plan shows the objective or goals of your business and how you intend achieving them. You will describe the product or service you want to render and also show the kind of customers you want to attract and how you would reach them.
All these things should be highlighted in your business plan and also the total cost of the business must be included in the business plan. Many investors look at the business plan very well and scrutinize it to understand the benefit of investing their money and time in your business.
#11 Work with a team
Entrepreneurship is not always a “one-man show”. In some cases, having a team makes the entrepreneurship journey easier and sweeter. This team could be a team if friends as you all will pool resources and knowledge together to run a successful business.
Most of the successful innovations that started from college like Facebook was not started by only Mark Zuckerberg; he had a team of friends (roommates) that he worked with the team made Facebook what it is today.
The people you work with should be competent so as to cover up for you during your busy school schedule. Having a team will help you have some time for your studies as you guys can rotate and maybe run a shift. Mind you, your team should have the same passion as you.
#12 Apply for student entrepreneur awards and grants
You can apply for student entrepreneur awards as many organizations are ready to invest in young entrepreneurs with ideas and potentials.
The Global Student Entrepreneur Award (GSEA) is a global competition for students who own and operate businesses while still in school. They foster entrepreneurship mindset in students as the winners are awarded with capital to run their businesses and other prizes.
You can also find out in your school if there are any companies giving grants to student entrepreneurs and look for ways to apply like Unilever Young Entrepreneurs Award and many others. Also governments give grants or aids to young entrepreneurs so as to motivate youths to become entrepreneurs.
#13 Be open-minded and ready to learn
One of the qualities of entrepreneurs is that they are open to new ideas and new ways of doing things. You have to be ready to learn new things and welcome new ideas; this is one way you will grow. You have to listen, read, observe and interact with people. You never know where your big breakthrough could come from and where the idea could also come from.
Be always ready to learn because learning never stops. You cannot know everything but know many things. Have a vast knowledge about your industry or business. Read about successful entrepreneurs and how they got to where they are. Invest in yourself to be knowledgeable.
#14 You must be focused and hardworking
You have to take what you do seriously and give it your very best. Since you are a student and have to study and run a business, then you should try as much as you can to be focused at anything you do and avoid distractions.
You have to work harder and smarter so as to be productive both in your academics and business. Avoid multitasking instead prioritize your activities according to their level of importance; you can start from the less important to the more important task. This is because when you finish the less important task, you have enough time to focus and concentrate on the more important task.
Do not waste time on irrelevant activities as your time is valuable and of essence. Even when you work hard to meet up and achieve your goals, you should make out time to rest. Remember that a healthy person delivers more and is productive. So make out time in your schedule to rest, take a walk and eat too as this helps boost your creativity.
#15 Take calculated risk
It is true that entrepreneurs take risk but the hidden truth is that successful entrepreneurs take calculated risks. They know when to take risk and the type of risk to take. You have to be sensitive and observant and know the best option to take out of many alternatives.
It is true that the outcome of risks are uncertain but before you proceed, you should analyze what you want to do critically and know the benefits and disadvantages of taking a particular risk. Understand the implications of every risk you want to take to know if it is worth the try.
As a student, any wrong action will definitely affect either your business or academics.
#16 Understand your cash flow
Cash flow is how money comes in and goes out of your pocket. As a student entrepreneur that wants to be financially stable, you have to manage your cash wisely. You have to be accountable for every penny you spend.
You should be able to track and monitor your expenses and cut down on unnecessary spending. Avoid impulse spending and for everything you buy, you must be accountable for it. You must be in control of your finance if you want to be a successful student entrepreneur.
Always have cash reserves so as to help you make up for bad days in business. Do not over estimate your future sales or revenue as this might affect your spending and budget. Create a budget for your spending and discipline yourself to stick to it.
These tips are not a guarantee for your success but they will definitely direct you towards becoming successful as a student entrepreneur. You just have to follow these tips and see your business grow into a success.
Find a mentor and seek advice from them. This mentor will help to also put you through in running your business. They will enlighten you on some common mistake you should avoid in order to be successful.
Another thing is that you shouldn’t be afraid to fail because failure is part of the success journey and it is part of the learning experience. Learn from your mistakes and come back stronger and better. Do well to manage your time well so as to balance your studying and business. It’s not going to be easy but know that it is possible to become a student entrepreneur and also a successful one provided you are determined towards coming out successful.
Do not give up or quit your studies, the degree is also a plus to your status. Also you gain skills, knowledge and experience to run a successful enterprise.