9 Tips for Starting Your Business in College

Devoting time and energy to a business venture is, as many entrepreneurs are aware, a full-time job in and of itself. Starting a business takes courage at any age, but starting your first venture while still in school is particularly difficult.

Nonetheless, some of the most well-known CEOs came up with game-changing ideas while still in college. Mark Zuckerberg of Facebook, Michael Dell of Dell Computers, and Steve Berkowitz of Insomnia Cookies all began their companies in dorms or on campus. Today's young entrepreneurs are eager to replicate their predecessors' successes before graduating from college.

Balancing schoolwork and pursuing an entrepreneurial dream can be challenging for students.  Many people are hesitant to carry out their business plans because they believe it will result in squandered tuition, but the two do not have to be mutually exclusive.

Fortunately, while still in college, now is an excellent time to cultivate that entrepreneurial spirit. In 2016, the Organization for Economic Cooperation and Development (OECD) proposed reviving entrepreneurial growth and improving economic development. Furthermore, according to the US Bureau of Labor Statistics, finishing college is still a safe bet. Graduates with a bachelor's degree or higher have a higher employment rate and earning potential than those with little or no college education. 

Rather than being a hindrance, school can assist you in defining and influencing your career objectives. If you're a student who wants to be an entrepreneur, take the following steps to help you balance your academic and professional lives:

1. Set priorities

It can be difficult to determine your priorities. Determine your short- and long-term career goals, as well as the role of school in achieving them. Inquiring about your motivation for school and business can assist you in determining the most pressing needs. Consider the four following questions:

1. Why are you starting a business so soon after graduating?
2. What makes it important for you to continue your education?
3. Can your studies help you start a business?
4. Can you see yourself working for this company after you graduate?

Make sure to explain your reasoning when answering these questions. Then decide when it is better to forego study time in order to pursue business opportunities. The importance of deadlines varies depending on the situation, but setting priorities can help you decide which goal to focus on at any given time.

If you want to work on a business strategy for a few days, there’s no need to be too hard on yourself. If you want to incorporate your class plan into your business plan, make sure to include some of the key lesson strategies in your weekly business or networking activities.

2. Choose the right courses

If you're worried about your grades, bridge the gap between school and work. Select a major or elective that will assist you in strategizing and benefiting your business model. Choose classes that will allow you to interact with expert professors and other students who share your interests. Attending courses relevant to your venture saves you time and allows you to gain more experience with your business ventures.

Take a credit-bearing independent study course for a semester or quarter. This enables you to focus on business research. During another semester, take a project-based entrepreneurship class to gain experience creating product prototype designs and/or strategy or marketing development for your business.

3. Make use of school resources

Colleges and universities provide a variety of free resources as part of your tuition that you can use to get your business off to a good start. Copy and print services, free wifi, online resources, and library materials are all necessary tools for growing your business. You should also be able to obtain student software at a reduced price. (Small businesses spend one-quarter of their budget on technology on average.) Many entrepreneurs fund their startups with their own money at first, so take advantage of resources while they're available.

Use your college's writing centre for promotional materials and collaborate with student organisations to promote your business. Meetings can also be held in conference rooms, which can be reserved.

4. Make friends with other students.

Students in college have a lot of free time. While you're building your business, network with your classmates and students to find job opportunities. Consider pitching the idea of collaboration to them and turning it into a learning opportunity for all. Many startups have enlisted the assistance of students to assist with onboarding.

The college campus serves as a crossroads for various disciplines. You're more likely to meet well-rounded individuals with diverse ideas who can work together to develop intersecting and innovative concepts.

Check to see if your university has a business or entrepreneurship department with alumni connections. Business school departments can assist entrepreneurs with business strategy and finding profitable mentors.

5. Pose business-related questions in class.

To create a high-quality business product, everything must be thoroughly tested. To determine how much time to devote to schoolwork and business, you must first devise a work strategy. Investigate the sales strategies of your competitors and put your product to the test in your college community. Pose the following three questions to your peers, niche demographic organisations, or campus groups:

1. Would you use this business/service?
2. What makes the business appealing?
3. What changes would you make?

Student entrepreneurs can also be efficient by posing hypothetical business questions during relevant lesson plans or soliciting feedback from peers during group projects. Inquiring will help you develop your business plan and manage your time more effectively.

Pro tip: Even if your business strategy is in its early stages, gaining recognition or generating ideas for your own learning or business is critical. Professors will notice your enthusiasm and dedication. You'll also get a crash course in business development. You may even be able to market the specific service to specific demographics.

6. Look for funding options.

In the early stages of any business, financial growth is critical. If you want to generate cash flow for your startup, college is an excellent place to look for funding sources. Finance and scholarship offices can help you apply for loans, federal grants, scholarships, and fellowships that provide financial aid to students. It is advantageous to have an email address that ends in ".edu" because there are funding options available for student entrepreneurs.

Crowdsourcing offers one-of-a-kind funding opportunities. This method is now helping to generate startup revenue and attract the attention of businesses and investors. While you're still in college, reach out to a large and diverse school community to promote your business or product. You could even organise a crowdsourcing event for the entire campus.

7. Make a timetable and a checklist.

Do you believe you are overburdened? Making a to-do list is beneficial to many students and business owners. If you need to fit goals in every day, create a daily checklist and highlight the most important deadlines. Checklists help you stay focused and achieve specific goals.

Expert advice: Breaking down specific goals into time blocks can help you focus and manage details more effectively. According to research, scheduling 50-minute study blocks with 10-minute breaks simplifies and optimises focus on larger tasks. Consider working on schoolwork in the morning, and making time for business planning in the evening.

8. Acquire the ability to say "no."

Knowing your limits is an essential part of becoming a business leader. Make a routine for your schoolwork and business endeavours as you study in school. But be firm in saying "no" to anyone who pushes you too far. It's okay to say "no" when friends invite you out for drinks. Set aside weekends to maintain relationships or to have a drink while attending a networking or business event.

Create a reward system for yourself, and allow yourself to go out for a drink with friends only if you finish both a school and a business task for the day. Furthermore, negotiating why you need to concentrate on school or work is an important skill to develop for business relationships.

9. Find yourself a mentor

College offers a large network that can help you meet experienced professionals and broaden your ideas. The ability to find mentors is one advantage of college networks. Inquire with mentors if they can put you in touch with local business development offices or subject matter experts. As a student, most people are eager to help you. Mentors can offer wise advice, coaching, and opportunities to network with businesses for college credit.

Bringing it all together

You may feel like a ticking time bomb when you have a full schedule. Combining school and work, on the other hand, can aid in day-to-day balance. If you're passionate about something, take a chance and develop it. College offers opportunities, valuable learning experiences, and the chance to fail.