This page covers basic tips on how to Become A Successful Student Entrepreneur.
Table of Contents
- 1 How To Become A Successful Student Entrepreneur
- 1.1 1. Assess Your Knowledge, Skills And Business Goals:
- 1.2 2. Find A Good Business Idea.
- 1.3 3. Study Your Competitors And Distinguish Yourself.
- 1.4 4. Prepare A Business Plan.
- 1.5 5. Find An Accommodating And Experienced Mentor.
- 1.6 I hope this article on How To Become A Successful Student Entrepreneur was helpful?
How To Become A Successful Student Entrepreneur
Below are the basic start-up steps you need to put into serious consideration while venturing as a student entrepreneur.
Assess your knowledge, skills and business goals.
Find a good business idea.
Study your competitors and distinguish yourself.
Evaluate your competitors by asking the following questions
Prepare a business plan.
Find an accommodating and experienced mentor.
1. Assess Your Knowledge, Skills And Business Goals:
As a students you can start a business.
You just need to start by evaluating and assessing your knowledge, skills and business goals.
Research shows that, when it comes to University students, 10% of students have already started a business, 17% plan to start a business after graduation from school, and 27% plan to pursue their business as a career after graduating.
2. Find A Good Business Idea.
An idea that identifies a need and then satisfies it is a good business idea.
Here are a number of questions you can use to evaluate your business idea:
- Does your idea satisfy a need or solve a problem?
- Is your idea unique enough to differentiate you from your competitors?
- Is there a demand for your service/product?
- Can you identify your target market?
- Will people be willing to pay for your service/product?
- Are you aware of any possible drawbacks or limitations?
- Is your service/product free from legal implications?
If you answer to the above questions is a ‘No’, then your offering is not strong enough and you’ll need to work on it or develop another.
If your answer is a ‘Yes’, then your service/product is good at least for now.
Regularly test your idea to ensure that changing circumstances don’t render it obsolete.
3. Study Your Competitors And Distinguish Yourself.
Identify and understand your competitors.
Companies or businesses with the highest rank will give you a good idea of who your main competitors are.
Evaluate your competitors by asking the following questions:
- How are they perceived?
- How do they promote themselves?
- How do they work and sell their products?
- What are their strengths and weaknesses?
- What problems are they creating or not solving?
Use the answers to the following questions to determine how you can distinguish yourself from your competitors.
4. Prepare A Business Plan.
A successful business plan will clarify your business idea, define your long-term objectives and provide a blueprint for running your business.
“According to JACK; Good business leaders create a vision, articulate the vision, passionately own the vision, and relentlessly drive it to completion.”
5. Find An Accommodating And Experienced Mentor.
Lastly, Get advice from people in the industry, or see if you can find someone experienced to mentor you.
When seeking a mentor, look for someone with: a successful business you wish to emulate.