Unemployment is a problem that faces many young people all over the world and with International Labour Organization predicting joblessness will surpass 200 million by end of 2017, entrepreneurship is the way to go.
Here are five tips to starting a successful business while still in university.
1. Research
Imagine the resources available for your disposal in your college. The library, internet and lecturers are your go to tools when aiming to establish a business before you graduate. When conducting research, you need to establish which idea is best, workable and likely to be successful. Investigate what would be required in setting it up. It may be capital, labour, availability of the goods among others. While still considering this, incorporate market research.
Ask yourself questions like, why do I want to start a business, how many of such businesses exist in my target market, how successful are the competitors, what have they not done and can be done to make me stand out? After looking at this it is time to research on how to make it happen.
2. Get financial help
Once you have settled for an idea it is time to begin bringing your dream into reality. When becoming an entrepreneur avoid the fear to quit because you lack, remember this is just a challenge that must be overcome. In overcoming challenges therefore, ask. It is that simple.
Entrepreneurs are darers and risk takers. Do not be afraid to seek help, sometimes that is the only thing remaining. So many young people become grounded when they lack capital for a start-up, however there are options to getting capital like borrowing from friends, family, or finding the best unsecured personal loan companies and low interest rate loans.
3. Plan
In every successful endeavour planning is key. A business that begins with a good plan guarantees success. This is because it ensures there is a process that is well laid out capturing the basics and details of the whole idea.
When planning your business write out the goal/expected outcome, requirements, implementation and budget. This will be your map when you finally implement everything you wrote from paper to reality. A plan also enables you to approach people or lending organizations for funds.
Remember that the plan is your whole business therefore keep it safe from wrong hands. Stealing of ideas happens.
4. Build a team
No man is island therefore look for someone to help you bring everything together. As important as discretion is, so is teamwork. Your business might not require many people on board but getting one or two friends to help you will go along way. Remember this is campus and many people are not as busy so take advantage of that. Getting an extra hand will ensure you work under minimal stress and more effectively.
5. Reinvest
You have started your business, sales are good and you are happy. What is next? Well, managing your business is. It is one thing to have a success but it is another to keep it that way. A startup needs a lot of care and attention, therefore once the money starts coming in, put it back by buying more stock, or another other necessity you need to make it better. Keep doing this and watch your enterprise grow and stabilize and even support another one.
Entrepreneurship is something that university student should explore. The above are five simple steps that are not exhaustive but are a concrete guide to any student who is a first-time entrepreneur. The earlier you begin the better the lessons, the experiences and ultimately the results. You can read more about the same here.
