Top 7 Tips for Becoming a Successful Student Entrepreneur

Yash Gupta Yash Gupta
May 26, 2022 4 min read
Top 7 Tips for Becoming a Successful Student Entrepreneur

The world’s biggest names share more than just a few enviable accomplishments. Be it Mark Zuckerberg, Larry Page, Sergey Brin, or Bill Gates. They all are billionaires who made their fortune in the technology industry, and they all were students when they started their businesses. They are living proof that you don’t need to be a graduate to start your own business.

In some cases, you don’t even need to complete your graduation especially if you are taking the examples of Bill Gates and Mark Zuckerberg. Some tips for becoming a successful student entrepreneur must be known before you start a business.

However, before contemplating becoming a successful student entrepreneur you should have a plan. Like any other venture you undertake, planning is a must. In this article, we will talk about some tips that you should follow to become a successful student entrepreneur. So let's get started.

Interest Level of Students in Entrepreneurship
Interest Level of Students in Entrepreneurship

Pay Attention to the Advice of the Mentor
Analyse Your Own Abilities and Disabilities
Find Business Ideas That Suit You
Test Your Idea
Research Your Competitors
Search for a Suitable Mentor
Use Your Status as a Student for Leverage

Pay Attention to the Advice of the Mentor

When still in college pay attention as well as make the most of your time with your educators. While colleges have the duty to connect students to mentors, offer real-life experiences, and send employable graduates into the workforce. Students have the duty of making sure that they get the most out of their college investment as after college these mentors or experts are called consultants and will charge for the same information.

Analyse Your Own Abilities and Disabilities

Don’t rely solely on the entrepreneurship classes make your own evaluation regarding your skills knowledge and the goals you want to achieve. Rather than relying primarily on classes or in-house competition, good entrepreneurship programs give leverage to local entrepreneurship communities for an internship, workshops and speaker events. The more you will know about your abilities and disabilities the better you’ll be able to manoeuvre yourself.

Find Business Ideas That Suit You

Research the market thoroughly for the business ideas which will suit you best. Your idea doesn’t have to be a million-dollar idea to start with. Let’s say it’s an application that links the customer’s credit card and allows them to get grilled pizza delivered to their hotel rooms or pay for guest accommodation with the click of a button.

Test Your Idea

The main mistake that new entrepreneurs make is putting a lot of time and money into ideas that are bound to fail. One of the reasons this happens with entrepreneurs is that they work and exist in isolation once they set up their businesses. Favourably you are still in college, surrounded by smart people whom you could ask for suggestions. If your business idea is fairly inexpensive you can make a rough scaled-down version of it and test it out.

Research Your Competitors

Your competitors are your biggest teachers. Look around you, have knowledge of your competitors and also keep an eye on them. You can add features to your product or services that your competitors do not have and make them unique. This way you will get more leverage for your product or service and it is the strategy that is generally used by any competitor's company.

Search for a Suitable Mentor

One of the most important and valuable assets an entrepreneur can have at any given age is a business mentor. A business mentor is a person who has functional knowledge and who is ready to offer advice, guidance, lesson and support to run your business and help speed up your success. Find a mentor who can do all the above things and help you out by providing suggestions at necessary times.

Use Your Status as a Student for Leverage

Finally, use your status as a student who is starting something cool to get tons of leverage and publicity. Start out by approaching your local radio station and newspaper, and your own community of students. You can use the internet and social media also in many ways for the promotion of your business. Remember, it is always better to start with your dream instead of sitting idle in fear of its failure.

Conclusion

More than 80% of students interested in starting their own businesses do not have the experience or the knowledge to do so. If you think of joining entrepreneurship classes, they teach an orthodox lesson β€œmake it work the first time or it’s not for you”. Contests and classes generate a feeling that the first venture of the students is the one and only chance to prove themselves as an entrepreneur. However, students should learn to plan, apply, fail, and repeat the process again till they get successful.

FAQs

What are the entrepreneurship tips for becoming a successful entrepreneur?

Some of the tips to becoming a successful entrepreneur are:

  • Have a solid business plan.
  • Prepare for financial challenges.
  • Be frugal – remember you're a start-up.
  • Don't be afraid to ask for help.
  • Put your faith in a trusted mentor.
  • Marketing on a shoestring budget.
  • Look after number one.
  • Build a team that shares your vision.

What made entrepreneurs successful?

Passion, resourcefulness, willingness to improvise, listening to others, and strong determination to succeed are what make an entrepreneur successful.

What are some business ideas for youngsters in India?

Some business ideas for youngsters in India:

  • Social Impact Investment Funds.
  • Cheap Home Solar Energy Setup Company.
  • Community Generator/ Energy Supply Control.
  • Internet infrastructure Building Company.
  • India Culture E-Commerce Niche Store.
  • Warehouse/ Inventory Management for E-Commerce.

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