A startup is not as simple as it looks on the surface. Many people fail to understand the difficulty and opportunity cost of developing a product from scratch. You need to move quickly and develop a minimal viable product as soon as possible. This may mean developing a less sophisticated product than you thought possible.
Finding Like-Minded Individuals
One of the major obstacles facing student entrepreneurs is obtaining the necessary resources through venture capital investors like Xfund Patrick Chung, and networks to launch a firm. However, university-run entrepreneurship centers can provide mentors and connect them to alumni who can help them realize their business idea. According to Starr Marcello, director of the University of Chicago’s Polsky Center for Entrepreneurship and Innovation, there are many ways to find like-minded people and learn how to get the most out of university resources.
If you don’t have an extensive network of contacts, consider reaching out to professors and other business owners. They will encourage you, as will random strangers who may use your product or service. But to build a successful business, you’ll need a strong professional network. Attending entrepreneurship events is one way to establish this network.
Creating a Lean Startup Business Plan
Creating a lean startup business plan is a great way to help university students start their own companies. The process is simple and streamlined, and can be completed in just a few hours. However, it does require some preparation.
A business plan is a fundamental document that helps a startup achieve its goals and attract investors. Having a business plan forces entrepreneurs to research the market and identify ways to beat their competitors. It can also help them set measurable financial milestones and product milestones. Writing a business plan also forces entrepreneurs to be flexible and adaptable to changing needs.
Many university students are familiar with the business model of lean startup. This model encourages students to test new ideas, test ideas, and refine existing ones until they find the ones that work. A lean startup starts by looking for a business model. Once this is validated, the focus shifts to execution.
Getting in Touch with Mentors
University students considering starting a business should get in touch with those already running a business. These individuals can help them with the technical aspects of the business and provide advice and insight from their experiences. They can also guide the development of specific skills vital for their business’s growth.
The first thing to do is to meet the prospective mentor. This will remove the cold call feeling and help build a relationship. You probably have plenty of people in your life that could serve as potential mentors. You can also approach professors and organizations where you have interned.
Developing a Website
If you’re a student and starting a business, you’ll need to focus on a niche and invest in research and a unique product. This way, you won’t have to set up a large factory or compete with giant companies that can offer incredibly low prices. A common niche for students to consider is a geographically limited market or a specific interest group.
You don’t have to spend thousands of dollars on advertising and website creation. Many universities offer free resources and social media channels. Plus, many students are actively seeking work experience. If you can provide free services, they will be more than willing to work on your project and make references for future jobs.
Networking
Networking is an essential skill to develop when starting a business. It opens doors to the industry and can lead to success. Most university students find their first professional job by applying to online ads and competing with hundreds of other students. However, these students often lack industry experience and the ability to negotiate. To find a job without competing with other students, consider connecting with a professor or industry professional.
If possible, try to meet people you admire. You can do this through professional organizations or attending social functions outside the workplace. You can also use networking emails to introduce yourself to new people and pick their brains.