STARTING UP YOUR BUSINESS WHILE IN COLLEGE
You absolutely don’t need to be out of college or be an MBA student before you decide to start up your own business. This is because business ideas are like birds, they tend to fly away like turtle doves and being invalid if you just have them and keep them stuck somewhere. It sounds like a pretty difficult thing to do but reminding yourself that Larry Page, Alexis Ohanian and Mark Zuckerberg have threaded on this path will inspire you to follow suit.
However, you must be intentional. Ask yourself questions; is this something that I really want to do? If your answers come along in the affirmative then you have to plunge into your dream with no holds barred.
How do you do this?
Plan your entrepreneurial journey
Research is essential. Put in a lot of hours into doing research, particularly on the industry that your business is entering. You also have to read up a lot on business models, especially those that share similarities with your business idea. Draw up a budget, identify the resources available to you as a student. Do you have enough money or savings to fund your business? Are the tools that you will need for your business’ operations readily available?
Share the load
No man is an island. If you will notice, the biggest success stories of college-students-turned-business-moguls had at least two people working together, pooling their resources towards starting and running a business. If you can enlist a peer, a friend, or even an acquaintance with the same interest, then do so.
It’s optional! You can create allies between your business and study course
It is to your advantage if you are starting a business that is directly related to the degree or courses you are taking. For example, you are studying computer programming, and you are thinking of developing an application as your business.
You need idea protection
How many times have you heard of incidents where college students sue other people for allegedly stealing their business ideas? This is one of the things that most college kids overlook. They have to make sure that they register their intellectual property with patents, copyrights or trademarks. This will save them a whole lot of trouble and headache in case the business booms and becomes huge in the future.
Get a mentor
It could be a professor or a teaching assistant who has helped you out in the past. If your school has a mentoring program, you may also find your mentor among them. The purpose of a mentor is to guide and inspire you. Setting up and running a business is not easy, and it is bound to take a toll on you if not physically, then emotionally. You need someone to keep you on the straight and constantly push you in the right direction.