While a majority of college students are more anxious about exams, attendance and their weekly dose eating out, starting a company would be the last thing on their mind.
While studying in college starting a business can be fun especially for final year students. As it requires dedication, focus and energy to do multi-tasking you will be learning new skills through written assignments and practical lesson through own experience. Top colleges like Harvard University and Oxford motivate their young and dynamic students to learn through freelancing projects and think of career plans.
If you are planning to be one of a kind young and energetic entrepreneur, just like any endeavour you work on, it will require a clear and focused idea, plan and research and not something that happens the night before it’s due.
To make it more comprehensible for budding student entrepreneur, here are a few points that you need to keep in mind while starting your own organisation:
- Evaluate your business ideas, skills, knowledge, and goals: The foremost important step to be a boss on your own is to assess your idea, which you will convey to your customers/ clients for revenue making. After the idea weighs up on your skills on how they can be useful in growing your company, you can also take a good consultation from your professors or lecturers for guidance. One must also be focussed on the desired industry where you want to hit and achieve success. Don't worry many of your friends or respected people will advise you to gain firsthand experience in the industry before making the start of your venture, but the only thing you need most is self-motivation and confidence to go ahead.
- Research: Since beginning till the end of finalising of an idea for your business, research a lot about your competitors, trends and market. It will provide you better insights about the desired business you want to conduct. This process is also called as SWOT process which includes strength, weakness, opportunities to work on and the possible threats that can be faced.
- Networking and collaborating: When you're a college student network with the peers of your surrounding universities or colleges. If you have ever been to a game of cricket or football or any college fest, you will see student’s from various colleges participating behind one activity or event. In the same event, you will find and make like-minded friends from different areas, who can be equally enthusiastic like you in turning their life and as well as being their own boss. Sit with them during your breaks, talk to them and if the association permits collaborate with their skill to give a push to your mission.
- Be selfish: There is nothing wrong in being selfish for your mission because here selfishness comes with the responsibilities and investing your heart, soul and saved money in something you believe in when there is less responsibility for you to worry about. This is the perfect time to take risks and follow your heart. Move out of your comfortable position and take charge of your ideas.
- Courage to chase your dream: We all are aware of the stereotypes attached to the millennial generation. Of being lazy, social media and food freaks, old enough and yes being irresponsible who don't work hard. These negative stereotypes can be advantageous to an entrepreneur. When someone young brings in disruption, it's a big deal. Use your young age to your advantage and be a proud millennial.
- Being okay with failure: Failing is the biggest fear of our life, which brings depression but it is okay to fail and then celebrate it with an open heart. It is okay to make mistakes and face rejection but at least you are trying on your part to take life head on as it comes.
If you are too comfortable and you are not facing rejection, it means you are not stretching yourself to a limitless dimension. Supposing if you mess up something in college, there is a chance that you will bounce back with new confidence because the last thought you would want is to regret on not doing something you want passionately.
The writer is managing director, richlook.