How to best work on your startup idea while studying at the university?
Making a mark, creating a unique solution for a problem, introducing a novel idea, and leaving a legacy behind with people talking about you is a dream come true for many students studying in the university.
Big dreams and a promising future – are what is etched in our minds when we attend university.
Some of the great startups are the product of the commitment and dedication of university students who came up with exceptionally innovative startup ideas and executed them immaculately.
- Microsoft, with an estimated net worth of $1 trillion, was founded by Bill Gates while he was a student at Harvard University.
- Facebook was created by Mark Zuckerberg while studying at Harvard.
- Dell was created by Michael Dell while he was studying at the University of Texas in 1984.
However, it is not as easy as it may seem because startups need comprehensive planning.
Before you set out to materialize your dream idea into a lucrative business opportunity while studying at the university, you should consider the following tips to ensure a high probability of success.
CREATE A BUSINESS IDEA
Your startup idea does not necessarily have to be an out-of-the-box solution or an invention of the century. While it could be any of those, you must try to solve an existing problem or come up with an enhanced solution.
Remember two things here:
- Look at people around you closely and observe them.
- Research the on-going trends, consumer behavior, and buying pattern and their needs.
You can opt for a product or a service, but whatever you go for, make sure you know who your consumers are and how your product or service will satisfy their needs.
Study your competitors, research market trends, and market niche and how your product will create value for the consumers.
Pro tip: Look for a need and start with the end product in mind!
The plus point of letting your entrepreneurial skills take a front seat while at university is that you get to utilize your education and set your startup goals in the right direction.
Many MBA programs in Florida offer entrepreneurship, project management, business law, and ethics courses that help you professionally deal with various business aspects.
Utilizing these courses and focusing on acquiring the skill set relevant to your business idea will be a valuable asset.
Pro tip: Use your knowledge to up your game!
UTILIZE UNIVERSITY RESOURCES
According to Small Business Trends, 16% of entrepreneurs in the USA were millennials. Thus, I believe the best time to launch your startup is while you are in university.
Well, because you have firsthand access to various faucets that will push your startup in the right direction.
Not only you have the knowledge you need from the books, but you will have access to information and guidance.
There is a bigger support system in the form of other students who can help you build up your business and apply their relevant skillset.
You can also request the university to get you in touch with alumni working in the same field to gain hands-on practical advice and suggestion.
There are more chances for you to spread the word about your startup while you are studying at the university where students from diverse backgrounds come together. What better way to get attention for your startup than this! Word of mouth does wonders without having to spend a penny on promotion.
You may also utilize student fairs, clubs and social events, university magazine and social media platforms, official university blogs and other in-hand promotional material to introduce your idea and register it well in the minds of the young and responsive consumers.
Moreover, you can also inform about your startup initiative to your university, who will not miss a chance to get their student employed before graduating and will reach out to help you. After all, universities love to see their students succeed.
Pro tip: Take all the help you can from your university!
Universities want to promote and push entrepreneurs. Thus, they offer loans and grants to students who exhibit interest in starting up their own business and seem to have it in them. It is a win-win for both as it gives the student the capital they need to get things rolling, and the university takes pride in the success stories they share with the rest of the world.
There are other ways to finance startups as a student. You can aim for crowdfunding, where a community comes together to fund your startup.
Perhaps you can go for loans from family or friends who may have faith in you and your capabilities, and if eligible, you may also apply for a bank loan. For all forms of financing, you must know your goals and set targets for yourself.
As student entrepreneurs, the biggest challenge is to get funds for the startup and a vision of where you see your startup in the next few years.
Pro tip: Get to know all the funding sources for your venture.
Summing up, over time, more young and bright students are willing to take risks and venture into creating their startups in early university years.
Educational institutes are recognizing the need to support their students and are initiating competitions to help them come up with brilliant and innovative business ideas.
Not all startups are successful despite having a great business idea and a strong support system. You need to be clear on your goals and devise strategies accordingly to thrive in the fiercely growing and competitive market.
If you are on the right track and have the will, determination, and strategies to achieve your goals, then your boat shall sail well, and your startup will pay you off in the future.
Trying never hurt anyone, does it? Give it a shot.
You could be the CEO of the next big name we might get to hear in the years to come!