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Tips for Students Who Want to Start a Small Business

Featured image from Tim van der Kuip on Unsplash

Whether businesspeople are made or born is up for debate. But being in business means making an impact in the world with your ideas. A business is a long-term investment that requires dedication and constant development. If you are considering starting a small business while studying or when you complete your studies, there are many things to consider. 

Running your own growing empire has its advantages, but it also comes with immense challenges you need to be ready for. However, with the proper tools, your small business can make it to the big time. Here some small business tips to help you hit the ground running.


1. Get Started with Your Small Business ASAP

Starting as soon as you can, put yourself in a position where you can assess the true value of your small business idea. Nowadays, the business model has transformed immensely. 

For example, it is no longer the norm to present a complete and final product to your market. In fact, some innovators suggest a minimal viable product (MVP). This is a product with the basic functionalities that lacks all of the bells and whistles the eventual product will have. An MVP allows you to grow with your market and make changes according to demand. 

2. Be Ready to Take the Risk

If you are not up for the risk, then you are probably not suited for the cutthroat business world. Taking the leap to get your small business started is a brave step that requires your dedication. Investing money and time into your idea is about focusing on the rewards, yet understanding that it might not work out. 

Get over that fear and operate from a place of reasonable faith. In business, failing is part of the process. It will leads you toward growth. This is because each failure carries a lesson, so don’t let fear deter you from your journey. 

3. Don’t Be Afraid to Make Mistakes

As mentioned in the second point, mistakes are part of the journey. However, fear of making mistakes can debilitate the aspiring entrepreneur. Just remember that many small businesses start off with a series of failures, until they become a success. 

However, successful companies also continue to experience failures dictated by different circumstances. You need to remain true to yourself and your business goals to overcome factors around you that stifle your growth. Anyone from friends, family, and co-workers may disagree with a certain course you are taking. However, whatever happens, always remain true to yourself. 

4. Create and Mold Your Own Life Along with Your Small Business

Since you are still studying, being a little ahead of your peers with your career might mean you will miss out on some of the fun things young people do in college. Additionally, if you get started right away, you might struggle to balance your studies with running your small business. 

If that is the case, you can get your personal assignment assistant with an online writing service. That will help you to get your dissertation, thesis, college essays, and other writing work done on time.

Additionally, in creating a life for yourself and taking ultimate responsibility for your life and your small business, read business articles to get inspiration from the greats.

Image from Austin Distel on Unsplash

5. Work Hard, Play Harder

Being in business is different from studying or working a full-time job. Mainly this is because there are no holidays, paid time off, or someone to monitor the work you put in. Therefore, working hard is important, but remember to give yourself a break now and then. So take up a new hobby or find other healthy ways to blow off steam. 

As a businessperson, your efforts may not translate into monetary gains immediately. A steady balance allows you to constantly refresh your mind and focus on success. A good idea here is to use business automation apps to stay on top of your work with your small business.

6. Be Open to New Ideas in Your Small Business

Our ideas are like our children. We want to keep them close to nurture them and watch them grow. Unlike children, however, you have the option to let ideas go when they are not growing as well as you expected. So if one of your ideas is no longer serving your small business, feel free to let it go.

Of course, it is hard to let go of something we are passionate about and it might sting a little bit. However, business is no place for ego or pride. Pay attention to feedback from your clients to continue servicing their needs. From time to time, this might require an entire overhaul of certain ideas and elements of a product or service.

Just remember that when you can let go of an idea that’s no longer serving you, you will make space for a new and better idea to come along.

7. Seek Allies in the Business World

Networking is so important for a growing businessperson. Networking allows you to connect with like-minded individuals who likely face similar challenges in the small business world. Having allies in business will allow you to draw important lessons and find ways to business success.

8. Find a Mentor to Walk You Through the Process

Finally, it is a good idea to identify a mentor in your field so that you can learn from them. Stepping into the world of business requires the ability to be preemptive about challenges you may face. As you create your long-term plan upon entering the business world, a good mentor will help you to have a good understanding of your challenges and your potential growth points. 

There are good mentors out there who will be willing to hold your hand through the process and give you feedback on possible strategies. As an aspiring businessperson, you need to keep your finger on the pulse of development and make sure that you are on course with your goals for your small business, and a good mentor will help you to do that.

About the Author

Emma Rundle works as a business consultant for small and mid-size businesses and startups. She has a special interest in startups backed by student entrepreneurs and has helped them to scale up various companies ranging from organic food to online writing services. In her free time, she likes to play tennis and try her hand at gardening and writing blogs.