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7 Success Tips for Student Entrepreneurs
The world needs entrepreneurs, and student entrepreneurs offer the best of the best. They generate employment, enhance the standard of life, offer new technologies to society and maintain competition in the market. However, launching a business is no joke, especially while you’re still in school. Keep reading to find out 7 indispensable tips that can maximize your chances of success while you’re still a student and after you graduate.
1. Not a good, but a great idea
You may think that your not-yet-launched product or service is the next big thing. However, before you start turning your idea into reality, you need to assess it with brutal honesty. The following questions will help you:
- Is there a demand for a type of my product/service?
- Can I identify my target market?
- Will people be willing to pay for my product/service?
- Does it offer a Unique Selling Proposition (USP)?
- Are there any possible drawbacks and limitations?
- Is my product/service free from legal implications?
If you answered “no” to any one of these questions, your offering isn’t strong enough. Improve it or come up with another one. And remember, a good business idea identifies a need and then satisfies it.
2. A smart PR campaign is a smart move for startup success
Online and traditional print press relations are cheaper than advertising. They can provide better media coverage that has a longer shelf life.
PR is about influencing people rather than buying a location for brand content. It can be a story in a magazine, newspaper, blog, or on social media. Think about what is special about your product. Talk to the local media about it. If you’re good at writing, provide a well crafted description of your small company and the product you provide. Or hire professional writers who will do that for you. It would be beneficial for your young business to get great reviews, be mentioned on blogs, or in your campus newspaper.
RELATED ARTICLE: HOW TO PREPARE TO RUN YOUR OWN BUSINESS WHILE STILL IN SCHOOL
3. A multi-disciplinary team is a must
You can have vast knowledge, a valuable set of skills and even a startup experience, whether it was successful or not. (It’s the experience that counts.) However, that’s not enough.
Having a partner or a team makes the whole job much more manageable. You make sure that every part of the job is done, and done well. It is vital for success, not only for student entrepreneurs, but also for seasoned business owners.
For example, if you want to launch an academic writing service such as the professional writing company Essay Service, you will need a team of qualified paper writers and editors as well as bloggers and marketing specialists.
A diverse team is useful when it comes to making decisions. When all of you look at one problem from different angles, you’ll have a better chance of finding the optimal solution.
4. Mentoring is important
As a student entrepreneur, you are likely more tech-savvy and quicker to adapt than the average business owner. You might also have brilliant intuition. But the basic business principles are developed by experience. Get a second opinion—or even a third one.
Generally, successful entrepreneurs are quite willing to share their knowledge and insights with newcomers. They don’t see you as a competitor and a threat for their own business. Any industry professional can give you a piece of advice if you ask nicely enough.
5. It’s all about the buyers
When launching your small startup as a student entrepreneur, stay local or target your fellow students. It is crucial to narrow your target to better reach your core customers.
The social nets are a quick route to going viral, and we all want to go viral. However, be wise with advertising your product or service. People hate being manipulated. Learn to sell without being pushy. Avoid a blatant sales pitch. Most people find that annoying. To attract buyers’ attention, provide value. This will establish trust between your brand and your customers.
6. Practice makes perfect
No one is born walking. It’s learned incrementally, starting with crawling, then standing up, taking the first step, and then another. This process includes falls and bruises. But babies don’t quit.
You should approach your business venture with a similar with a similar attitude. You won’t be a perfect student entrepreneur overnight. Start with small, consistent steps. Learn something new every day. Practice your skills regularly. It takes time and effort to become a great entrepreneur. You might spend years of trial and error. You might make hundreds if not thousands of mistakes. Once you have finally developed business intuition, you will still be at the mercy of luck and opportunity.
7. Everything has a price
Success comes to student entrepreneurs who work hard. So, focus on learning and launching your startup instead of entertainment and other distractions.
You will have to sacrifice your hobbies, social life and some other commitments—except for studying!—to achieve your goals. Think of them as small, temporary prices to pay. The reward will be worth it.
Even if you’ve read a lot of material on business, watched every related TED talk and heard every tip in this article, you still aren’t guaranteed success. You need to put this knowledge together and exploit it properly to avoid serious mistakes and produce awesome results.
About the Author
Michelle Brooks is the editor at EssayService blog and an independent writer. Her expertise includes career, self-development, general education and blogging.