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 they made their fortune in the technology industry, and they all were students when they started their business. 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 Bill Gates and, Mark Zuckerberg. Some tips for becoming a successful student entrepreneur must be known before you start a business. But if you’re contemplating becoming a successful student entrepreneur you should have a plan. Like any other venture you undertake, planning is a must. Research is the key to successful planning. Let us see the complete story on the topic- Tips for becoming a successful student Entrepreneur for youngsters.
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
Some Tips For Becoming a Successful Student Entrepreneurs At our Own Start-Up
More than 80% of students interested in starting their own business do not have the experience or the knowledge to do so. If you think of joining entrepreneurship classes, they teach an orthodox lesson “make it work the first time or it’s not for you”. Contest and classes generate a feeling that the first venture of the students is the one and only chance to prove themselves as an entrepreneur. Instead, they should teach to plan, apply, fail, and repeat the process again till they get success.
1. 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.
2. 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, workshop and speaker events. The more you will know about your abilities and disabilities the better you’ll be able to maneuver yourself.
3. 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 paying guest accommodation with the click of a button.
4. 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 because they work and exist in isolation once they set up their businesses. Favorably 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. Say in the case of the grilled pizza app, you can hang flyers and hand out the telephone number and see if somebody calls.
5. Research your Cmpetitors
Have knowledge of your competitors. You can add features to your product or services that your competitors do not have. This way you will get more leverage for your product or service. This is the strategy that is generally used by any competitor company.
6. 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 his/her advice, guidance, and support to run your business and help speed up your success.
7. 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. You can use the internet also in many ways for your promotion. Always keep in mind the above mentioned tips for becoming a successful student entrepreneur.
Frequently Asked Questions
What are the entrepreneurship tips for becoming a successful entrepreneur?
- 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 and listen to others, and strong determination to succeed is what makes 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.