By Jesse Collier. Updated June 2017.
Do you have an amazing business idea but no clue how to put it into action? In this article we show you how to become a student entrepreneur and how to setup a prosperous business!
Some of the best ideas come from students. Look at big names like Bill Gates, Steve Jobs, and Mark Zuckerberg, who all started their multi-billion dollar enterprises while they were in school.
However, the problem with starting a business in school is that you’re still in school. It can be a lot to handle to turn that great idea into a successful project while keeping up your studies.
The people who create these businesses while in school jump into their industry at the right time, or provide a unique experience to an already clustered niche. This is something important to think about when creating your own business.
These entrepreneurs who own these companies are examples that show that it’s entirely possible to create a prosperous business as a student. Also, as was the case with Gates and Zuckerberg, you don’t even need to graduate to become successful (though to be clear, we’re not telling you to dropout either).
It all starts with a plan
Yet these big names all had targeted plans for growing their business. If you want to become a student entrepreneur, you should have a defined plan as well.
You don’t want a thrown together project whose wings fall off before it even gets off the ground. Thorough research is key when devising a plan for your fledgling business. Don’t start without a clear strategy to guide your direction.
Here is a 6-step basic guideline for starting a business, which will be shown in more detail in the infographic below. It might look simple, but any business owner will prove that it’s very difficult, especially with all the stresses of school on your back:
1. Evaluate your skills and knowledge, along with your business direction
2. Identify a public need through your idea
3. Weed out your competitors
4. Define a business plan, along with long-term goals
5. Find a mentor
6. Register your business
The U.K.-based Westminster Bridge Student Accomodation has compiled the six steps into the following detailed infographic that takes you through a typical timeline from the beginning of your business to launch:
As you can see, the infographic provides a basic guideline to creating your business from the ground up.
It’s not meant to be your complete guide to becoming a student entrepreneur, but instead to allow you to structure a plan to get your business launched.
With that said, if you have a great idea, try putting it into action! If you succeed or fail, you will learn valuable experience along your journey to becoming a student entrepreneur, which will translate to marketable skills for jobs later on.
So good luck and let us know about your ventures or if you need any help!