How To Start A Business While At University
How To Start A Business While At University
The world of start-ups is enticing to innumerable students regardless of their major discipline. The notion of building your own business from scratch gives them a sense of ownership unlike any other.
An entrepreneurial spirit is one of many qualities recruiters these days look for when hiring students for leadership and business analyst roles. Often in business schools, it is part of the curriculum to come up with simulations of business ideas.
Before we delve into the nitty-gritty of owning your own business, one must remember that the success of a startup not only lies in innovation but the ability to create a sustainable business model and garner profits.
A broad view
The first Venture capitalist firm was created in 1946 – VC firms are something you’ll come across while looking to finance your growing start-up. Often when students begin with an idea for a startup, they lack two important components required to make it a success.
The first is experience, and the second is funding. The former is usually compensated by tenacity and the ability to learn on the go. Incubators often help with providing knowledge to budding entrepreneurs.
The latter is funding. If there’s no money, there’s no business. Entrepreneurs need to convince investors that their start-up is the next big story on Wall Street.
A quick handbook Of How To Start A Business While At University
To further break down the art of starting a business at university into a guide, here is a set of compulsory steps to stick to for the same.
1. Identify your idea
The first step is to come up with a business idea that you’re passionate about and that you believe has the potential to be successful. This could be something you’re knowledgeable about, have experience in, or that solves a problem you’ve encountered.
Easier said than done, most ideas that come up aren’t very original, and it’s usually in the execution that many startups with similar ideas differ. So during ideation, you must consider many factors such as utility, feasibility, and economic viability apart from the uniqueness of the idea itself.
2. Conduct market research
If you’re entering the ocean, you’ve got to know what lies beneath it, what creatures will attack you, and what resources will help you survive. The market has overarching principles that govern it. To understand these better, one must fully understand the market.
You just need to be able to google a lot and gather, organize, and collect data for a successful market research endeavor.
You may divide your research into the target audience and existing competition in terms of market size and shares, followed by checking out any regulatory laws that exist in the market.
3. Create a business plan
This is a crucial and daunting part of launching your startup. People often have great ideas but lack the structure and vision to materialize them. A solid business plan charts the roadmap your business is set to take.
It could be growth and grabbing a sizable portion of the market share, or it could be towards acquisition and merging. Either way, divide your business plan into 3 parts. State clearly what the goals of your company are.
Set a lucid strategy to achieve these goals. Graph your financial projections – the part that gives your project the go-ahead of feasibility.
People with business degrees often seem to fare well in implementing a solid business plan. More often than not, universities provide part-time and shorter-duration courses on business, which you can enrol in. Another option is to apply to incubators. These are startup sandboxes where you can test your business with a safety net of money and mentors.
4. Secure funding
Money, money, money, must be funny in a rich man’s world! Or, they’re angels who invest in budding start-ups they see a lot of potential in. The types of funding you could secure go as follows:
a. Series Funding;
b. Angel Investors;
c. Venture Capitalists;
d. Government scheme investments.
These are the most reliable sources of funds, although people do opt for borrowing money from business credit cards, friends, and family alike. These are quite unreliable in terms of cash flow. Students are usually caught up at this particular stage, as networking and pitching your startup is hard.
They go over the reviews of the best essay writing service and find the most suitable for them to have time for managing assignments and the startup. Delegating college assignments is a real lifesaver for young entrepreneurs.
5. Build your network
It cannot be stressed how useful it is to have contacts in the industry and market to help you launch your firm. Networking not only increases your exposure but also helps you make invaluable contacts along the way. A network is useful to secure funding faster, ratify your ideas, and form strategic partnerships for your startup.
Once you’ve covered all these steps and have enough funding and resources, it’s time to launch your startup. The only thing left is to change and adapt your business in iterations as you learn the way. So? Go make your business dream a reality!!