Social media and the internet have dramatically changed the business landscape. Where before it would have been unthinkable to start a multi-million dollar business in college nowadays it is happening more frequently than you can imagine. Colleges and universities are incubators and think tanks where innovation, invention, problem-solving and new technology is encouraged and supported. It is the perfect breeding ground for young entrepreneurs.
With the power of computing and the internet businesses began springing up in dorm rooms and on college campuses fueled by the encouragement and innovative ideas of fellow students.
Of course not all businesses succeed or have the power and depth to stick around but several have gone on to develop multi-billion dollar business empires and more and more students are taking advantage of the social media platform to develop solid businesses that are generating good revenues. Here are tips for how you can establish a business while still staying in school.
What Kind of Business Can I Start?
Obviously you can start any type of business you want but as a student you see other students struggling with problems you might be able to solve and that is one of the best places to begin.
Take student Sara Waters who started a spray tanning business in school. Her business idea came about because she joined a sorority and signed up for a spray tan before a formal. When she asked where the company was located she learned they were four hours away by car. Sara saw a need for a tanning alternative that was closer by and knew that there were plenty of girls who would take advantage of spray tanning if it was more convenient.
All students have to write papers and often turn to online writing services. As an enterprising student learn about students who pay for these services and start a site where you provide real evaluations of paid writing and include an area where real students can share their experiences using paid essay writing sites.
Launching Your Business
The first step in for any student that wants to start a business is to believe in your idea. If you do not believe in your idea you will not be able to sell it to anyone.
Do Your Homework
One you have your business idea research it. Learn about your industry, product, niche and the needs of your target audience. Understand all of the industry terminology, how sales fluctuate throughout the year, the risks you face and the benefits of your product or service.
Just Do It
One of the main things you need to do in any business to get it off the ground is to “just do it.” Sounds easy but it is not as easy as you might think because it means you have to commit to being all in and you have to let go of your fears. All businesses involve a degree of risk so it is important to understand what risks you face and know that if the worst should happen you can absorb any risk and continue on. Many businesses never get launched because the entrepreneur is overcome with “analysis paralysis.” They keep analyzing everything but never do anything. At some point you just have to move forward and go for it.
Be A Master Storyteller
In today’s social environment you have to be able to master the art of telling a great story. As the founder of your company or brand you have to have a compelling story and tell it in an interesting and exciting way to sell your brand and idea to investors, team members and customers. Develop a story that says what makes you proud of your idea, how will it improve the lives of others and what makes you the best in the industry.
Become An Expert
When you bring a new service or product to market you are internationally trying to disrupt and compete with others that do the same thing. This means you have to become the expert. Learn everything you can and find the gaps in service or product performance that will make your brand stand out from your competitors. Educate consumers, fill in the holes and be prepared to break boundaries and venture into new areas to meet and solve the problems of your target audience.
Be Aware of the Trade-offs
Starting a business may mean realigning your educational and personal goals. It is tough to maintain two or three different growth paths-school, social life and a business. Balancing them may not be possible so prepare yourself to prioritize what is most important to you be it your business, education or personal life and be honest. Businesses often fail so understand your business risk within the context of your educational and personal life.
When you are starting a business it is crucial to seek out others with expertise in what you want to do. It is also important to give back and help those that help you. Keep your eyes and ears open to recognize opportunities and make sure you seize them before they slip away.
Pros and Cons of Starting A Business While in School
Starting a business can be great but it can also be very stressful especially if you are still in school. Here is list of some pros and cons to help you decide if starting a business in school is right for you.
- College or university is a great environment in which to begin a business.
- You can access college resources including peers and professors you can share and bounce ideas around with.
- You can start a small business geared to solving a specific student need that will generate income without requiring high amounts of investment.
- Starting a business often means no pay check. If you are still in school, it is generally the best time to not have a paycheck.
- Starting your own business forces you to learn new things quickly.
- You learn how to prioritize and work more efficiently
- New businesses generally do not generate a paycheck.
- It is almost impossible to balance studies with starting a business. A business requires 100% commitment.
- Launching a business is a lonely affair.
- Financing can be a huge hurdle.
- Most students starting a business in school end up failing.
- Your grades are likely to suffer.
- Increased stress.
While social media has made it easier than ever to start a business while in school there are still many factors one should consider before taking the leap. Education is important but more and more students face great debt to get educated only to find out they can’t get a job in their chosen profession.
On the other hand starting a business is risky and involves not only financial commitment but a broad array of skills including financial, operational, marketing and sales. Starting a business can be a great move for those with the commitment and passion to be successful but it may be better for others to continue their education and start a business later on in life.
About the Author:
Hello, Everyone! My name is Julie Martin, I’m a student from California University and math expert on homework help service MyMathDone. As a my education is going to the logical final, I have been thinking about my future career more often. And as any student I want to choose the right direction. Establishing your business is rather tricky and hard process, but you can establish it in college! I hope you like my post and find it useful 🙂 Check me on Facebook and Google+