Step-By-Step Guide To Launching Your Business While In College

Written by Pierre Noronha

Born and raised in Mumbai, Pierre Noronha thought that he was destined to be a Chartered Accountant, but all that changed when he discovered his love for writing. Taking this new found passion forward, he started working as a content writer for UniCreds.

June 18, 2021

Google, Microsoft, Reddit, Facebook, WordPress, Dell. We’re all accustomed to the success stories: A college student, usually a prodigy, has a brilliant idea and works day and night, drops out of college and makes it big. 

But what if I told you that you don’t have to be a prodigy and you don’t have to drop out to be a successful college entrepreneur?

The key is to learn to balance schoolwork and the entrepreneurial dream. But that’s easier said than done. In order to be successful, you need a complete roadmap for the future. This blog will help you gain valuable insights on what it takes to become a successful business leader..while still in college!

Here are all the tips you will need to launch a thriving business as a college student – 

Prioritize

Finding your priorities may be difficult. Determine your short and long-term professional goals, as well as how college fits into them. Inquiring about your motivation for education and business will assist you identify the most pressing requirements. Consider the following four questions:

  • Why are you starting a business before graduation?
  • Why do you value staying in school?
  • Can your schoolwork help you build a business?
  • Do you see a future career with your business after graduation?

Clearly define your reasons while answering these questions. Then determine when it is better to compromise study time for business prospects. The urgency of deadlines varies by scenario, but defining priorities can clear your mind for the objective to focus on at any given time.

Utilize College Resources

As part of your tuition, colleges and universities offer several free resources you can utilize while starting your business. Some of the facilities available to you would be free WiFi, copy and print services, online resources, and library materials. These tools can really help progress your business interests. Moreover, you may also be able to get discounts on student software (On average, 63 percent of small businesses spend a quarter of their budget on technology). Many entrepreneurs pay for their startup out of pocket at first, so maximize on resources while they’re free.

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Ask Business-Minded Questions In Class

If you wish to produce a high-quality business product, you will need to test everything meticulously. Your class can be excellent to test new ideas or theories. However, in order to do that you should ask intelligent, business minded-questions. Here are some questions you should ask fellow students, niche demographic organizations, or campus groups –

  • Would you use this business/service?
  • What makes the business desirable?
  • What would you improve?

It will also help to examine your competitors’ sales strategies and test your product at your university. Student entrepreneurs can also be proactive by raising hypothetical business questions during relevant lesson plans or soliciting feedback from fellow students during team assignments. Inquiring will aid in the development of your company strategy and result in improved time management.

Here’s another important blog for budding college entrepreneurs: Why Is It Important To Develop One’s Skill Set

Find Avenues For Funding 

As an entrepreneur, one of the most important factors in the early stages of your business will be funding. As a university student, you can try to secure loans, federal grants, scholarships, fellowships and other channels that offer students financial assistance. Holding an email address ending with “.edu” can be beneficial because there are specific funding options available for student entrepreneurs.

Another great source of funding is Crowdsourcing. It provides one-of-a-kind financial options. This approach assists in the generation of startup income and attracting the attention of enterprises and investors. Reach out to a vast and diverse student community to market your business or product while you’re still in college. You could even organise a campus-wide crowdsourcing event.

Don’t forget to read: Funding for Postgraduates Degrees: What to Know?

Learn To Say “No.”

If you want to be a successful entrepreneur, you need to know your boundaries. As you study in college, be sure to create a routine for your schoolwork and business endeavours. But say “no” to any work that overextends you. If you are invited out for drinks, you can say “no.” Designate weekends for maintaining relationships or enjoy a drink while at a networking or business event.

Find A Mentor

College provides a large network to enable you to meet experienced experts and broaden your horizons. One advantage of college networks is the ability to find mentors. Inquire with mentors whether they can connect you with local businesses, development departments or specialists in the industry. Most college professors are willing to assist student entrepreneurs (as long as your college work is not affected!). Mentors are available to provide sound advice, coaching, and networking opportunities.

I hope you enjoyed reading this blog on ‘The Last Guide To Launching Your Business While In College You’ll Ever Need’. If you wish to read more, here are some blogs that might be of interest to you:

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