An entrepreneur is a person who creates a business. Someone who takes risks and enjoys the financial outcomes. A starter, or a leader. Someone who takes responsibility and is willing to take financial risks.
The definition of an entrepreneur has no age limit, no gender, and no specific profession. Entrepreneurship does not require any specific characteristics. In fact, many students today are starting their journey as entrepreneurs.
Students are passionate about creating their own ventures while they are still in school. But what helps them to start a business venture?
Tips for Student Entrepreneurs
A successful student seeks knowledge. Combining business and study may be hard, but not impossible. An entrepreneur is someone who uses their knowledge to develop a business idea. If you are excited about becoming an entrepreneur, you do not have to wait until after your studies.
We collected 5 tips for you to become a successful student entrepreneur.
- Turn your interest into ventures: what is more inspiring than turning your interest into a business? When you like a subject at school, you are more likely to be successful. The same applies to business.
- Be open-minded: embrace every new opportunity. You never know when or where good ideas will come from. Learn to observe and listen to others. Take courses in different fields to broaden your perspective.
- Networking: university is a great place to start networking. Every professor and every student has different interests. Find out what you are interested in and connect with people. Check out organisations that might benefit you. Many of them will have workshops and events for entrepreneurs.
- Research: a student’s best quality is that they know how to learn. Research your business idea. Learn as much as possible about every aspect of it. Follow the latest news, blogs, and posts. Gain skills that will upgrade your business in the long run. Build knowledge about business plans, ventures, and financial aspects.
- Get started: do not wait! If your heart beats faster with business ideas, there is no point in waiting. You may have doubts. “What if I fail? What if I lose focus? What if… It will never end. Start sooner than later. If you start your business small, you can see where it goes over time. Do not be afraid of failure. See them as experiences you can learn from.
The Most Common Ventures for Student Entrepreneurs
Looking for ideas to test your entrepreneurial spirit? These low-investment business ideas will encourage you to start right away!
- Copywriting: do you enjoy reading and writing? Why not turn your hobby into a business? A copywriter is responsible for writing concise texts for companies. It can be for websites, ads, advertising departments, and social media.
- Editing: editors work in as many fields as copywriters, such as publishing, advertising, law, education, and many more. You can specialise in one subject.
You can remotely attend courses and get certificates. If you are looking for a cheaper way and have the time, you can also become self-taught. The more you write/edit, the better you will become. Your business will benefit in the same way.
- Blogging and Podcasting: every business is establishing its online presence through blogging and podcasting. One of the best ways to establish an online presence is through blogging. Blogs or other content that is educational, entertaining, or informative. You can regularly write and post blogs. You can turn your interests into an online presence that will turn into a business.
Podcasting is digital audio files that can be posted on several online platforms. You can use free templates from various websites to start your online venture.
- College Application Advisor: you are experienced with every step of the college application process. You can turn your experience into a new business. Millions of students apply to college every year. Why not help them and start your business at the same time?
- Tutoring: who knows how to learn better than students? It might sound like an odd question. Think about it! You are already tutoring yourself to learn the materials from school. Why not teach your subjects? If you are further along in your studies. You can also prepare younger students for language and/or college exams.
The best thing about tutoring is that it does not require much preparation because you will use your existing knowledge. You can dedicate more time to expanding your customer, or student, in this case, portfolio.
Money-Making Opportunities for Students to Start a Business
- Makeup Artist and Photographer: every person has different interests and hobbies. Students are no exception. You do not have to be interested in school-related activities at all times. For instance, if you are interested in makeup, you can turn it into a business as a freelance makeup artist.
The same applies to photography. If you are behind the camera, you can capture your customers’ special moments. You can also sell your art online and start your own business.
- Social Media Influencer: you can start making money with brand deals by sharing content. Influencer marketing is growing so fast. That is why you can be a part of it. Most people have an online presence on social media. If you are one of those who enjoys sharing your interests, you can turn it into a business.
Many students make brand deals from the comfort of their homes thanks to social media. Why not become a part of this expanding market?
How to Start Your Business
Did you decide what business you wanted to start? It means there is only one question left: how? The answer has many layers. Let’s start from scratch to uncover these layers. You can start your business after following these steps.
- Write your business plan: start with the service you are offering. Ask these questions: “Which solutions will this business bring?” “Who is my target audience for my services and products?”
Do you have the answers? You already have a business plan. Even though you prefer to start small, your business plan is a must. It will make your path clear and expand your business.
- Financial Literacy: educate yourself in finance. As a result, you will have to make many financial decisions during your entrepreneurial journey. Some are big, some small. Most importantly, if you are well-informed, the decisions will not be as hard to make. Learn about your tax responsibilities, budget, and profits. Research your funding options.
- Branding: choose a company name that will serve you in the right way. Make sure your company name represents your business philosophy. It will be a fun decision!
- Focus on growing: “Starting is the hardest part.” It might be true, but… At the same time, your business will and should evolve. Adapt and be prepared. Always focus on growing.
Not every business skyrockets at the beginning. As a matter of fact, this is a rare result. It will require time and effort. If you are ready to give it a chance, start your entrepreneurial journey while in school! When you are still a student, you will have more time and options to explore. In conclusion, it is in your hands to create your business journey. Start sooner rather than later.