Is it a good idea to start a business as a student?

Many people think that if they are students, they can’t start a business because it’s too early they don’t have the experience and the capital to start. Today, the story is different, and I will show you how it is an excellent idea to start a business while you are a college student.

Today we will discuss why it is a great idea to start a business as a student, what you have to know to start a successful business, and what excuses students make when you ask them why you don’t start a business.

5 reasons to start a business as a student

I think it is a perfect idea to start a business while you are in college, for too many reasons. I will mention a few of the reasons, but I think there are more reasons to consider opening a business while you are in school.

  1. As a student, everybody wants to help you.

Because you are a student, most professional people want to help you to learn and succeed. After you graduate, you will lose this advantage and become one of the world’s entrepreneurs who are expected to succeed and pay for mentors or advice.

As I said, everybody wants to help students because they are the future of the country; try to use this advantage as much as you can, for example, get in touch with professional people on LinkedIn and start with “ Hello, I am a student” people are excited to help.

2. You will learn a lot of skills you can’t learn anywhere else

Of course, you can learn skills from internships and part-time jobs as a student, but if you start your own business, you learn many skills people don’t learn until they are 30’s. For example, leadership skills, when you start your own business, you will have a chance to practice motivation, delegation, decision making, etc. These kinds of skills you may see your boss in the internship is making decisions, but when you practice that and make mistakes and learn from your mistakes, you will improve yourself faster than other students.

You have a chance to practice what you read about leadership, management, and entrepreneurship before you graduate from college. This is a great learning experience you will have other than college classes.

3. Get access to Campus resources

When you are a college student, you have many free resources to minimize your experience, which is a great advantage. If your school has a center for Innovation and Entrepreneurship, that would be great because they will provide you with mentors (which you need the most), space to work on your project, and help you meet with investors. This office will support you. People pay thousands of dollars for consulting, so use this advantage.

You can also use the library to read more about your business, the writing center, and use their promotional materials; you can also use the campus to conduct your team meetings.

4. Career building

Even if your business fails, it’s fine because now you have many interesting stories to share in the interview. You can demonstrate leadership skills, risk-taking, creativity, etc. You will differentiate yourself from other candidates because you have a unique experience to talk about in the interview.
This is one of the biggest advantages you can have while you are in college.

5. Finding the right team

Because you are in college, you can meet many people every day, which is great for starting a business. You have a chance to find the right people for your idea. For example, if you need a programming person, you can find a student who is passionate about programming and ask him/her to join your team, the same with a graphic designer, you can go to the Art building and find a student who is passionate about graphic design.

School is a great place to meet new people and make connections. You can find the right people for your business.

4 things to do to start a successful business

  1. Are you qualified to start a business?

You need to make sure you understand that starting a business is not a video game. I provided you with a checklist of things you should consider before starting a business:

  • Real commitment

Starting a business is not a joke. You need to be serious about it and give the time, effort, and money.

  • Hard work

If you are an employee in a company, you sometimes come late to work or spend some time on the phone or talking with a colleague. But in your business, there is no space for that. You should spend more time and effort than usual if you are aiming to make this business successful.

  • Time

If you want to be serious about starting a business, you need to give it enough time. I know for college students, it’s sometimes challenging, but you can trade-off; it’s okay if you don’t hang out with your friends on the weekend to work on your business.

  • Ability to take the risk

Of course, there is a chance to fail and lose all your money. This is why you need to have the ability to take the risk and move on.

2. The important skills you need to start

I will list the most important skills you should have or should improve while you are an entrepreneur:

  1. Leadership
  2. Innovation and creativity
  3. Time management
  4. Decision making
  5. Strategic planning
  6. Marketing
  7. Persuasion
  8. Emotional Intelligence
  9. Basic technical skills
  10. Motivation/delegation

3. Understand the goal of this business

If you want your business to be successful, you should define your goals from this business because if you have a strong goal, that will help you work harder and encourage you to continue when you decide to quit.

4. Find a mentor

As a student, you lack the experience and knowledge to start a business. If you can find a mentor to help you avoid the mistakes, that would be great. You can find a mentor from your school if there is an office of Innovation and Entrepreneurship in your school will help you with everything from creating the idea to find the team and get fund to execute your idea.

Go out there and try to find a mentor in your industry because it will help you save money, effort, and time.

What excuses students make when you ask them why you don’t start a business.

I know a lot of students don’t start a business because they always have executed. Now I am going to find a solution for each one of these excuses:

  1. I don’t have money

You know that there is a lot of business nowadays don’t require a budget to start, for example, Dropshipping Business. So, you can start a business and start generating revenue with total spending less than $100.

There are more ways to raise capital to start your business; you need to make this decision and work hard to achieve your goals.

2. I don't have time

  • Can you work just one hour a day to start your business?
  • Can you sleep reduce your sleeping for one hour a day to start your business?
  • Can you spend less time with family and friends?
  • Can you spend less time on social media?
  • Learn time management
  • Learn how to delegate!

3. I don’t know what to start with

  • Ask your mentor
  • Do market research and customer discovery
  • Follow your passion
  • Take courses, read books, and watch videos about how to find a business idea.

4. I am afraid to fail and lose everything

  • Learn how to write a professional business plan
  • Spend time testing your idea to make sure the people are going to pay
  • Learn the fundamentals of marketing and sales because this will generate revenue.
  • Make sure that everything in this life has a chance to fail, not just business.

Conclusion

I want to say that starting a business is not an easy process, but it’s not impossible at the same time. So, I encourage you to start thinking about this and work hard to achieve your goals.

Resources to help you start your business:

Innovation and Entrepreneurship student @ GW