10 Steps to Becoming a Successful Student Entrepreneur
Probably everyone has heard about famous people who started their career in student years. Among them are Steve Jobs, Bill Gates, Elon Musk, Mark Zuckerberg, and many others. You may think that they are special. However, all of them had a lot of struggles and failed before reaching the top. You may continue writing different essays like “is google making us stupid summary” or reconsider everything and try yourself in entrepreneurship.
Step 1 Evaluate skills and knowledge
At the very beginning, you need to analyze your strong and weak sides to see what you can do and cannot. If you are good at accounting, time management and have excellent communicating skills; then you should define the sphere in which you would like to run your business.
By identifying the weak sides will help you to know what you need to improve and before launching the project you will be ready for different situations.
Accomplishing this step will help to describe in general what are your main possibility at present.
Step 2 Develop a good idea
You need to have a good idea to start with. It has to be something innovative that will attract potential customers. In order to check if your idea will succeed you need to answer the following questions:
- What is the demand for your service or product?
- Can you define target customers?
- Will customers like to buy your service or product?
- Do you provide unique selling proposition?
- Do you realize what fails and drawbacks you can face on your way?
- Are your service and product legal?
Only after finding the answers to these questions, you will be sure that your business idea is well developed and may have success.
Step 3 Find your market
At this step, you will need to spend time on investigating the industry in which you are going to run your business project. It is recommended to gather a lot of different information in order to identify the target market, competitors, resources and data that can be used further. Researching on the market and customer demands allows creating service or product that matches expectations of the clients.
You can perform this step in several ways
- Searching for the needed information via the Internet;
- Investigating the printed advertisements, magazines about your industry;
- In person visiting different trade shows, companies, asking the questions.
While doing such an investigation, you should evaluate what they are doing rightly and wrongly, how they work, what they do to attract customers, what clients opinion of their service. As a result, you can compare your ideas and see what you need to improve or totally change.
Step 4 Develop a business plan
A business plan is your path from the start to finish where you should outline your goals and describe in details how you are planning to achieve them. It is necessary to set long-term and short-term objectives in your plan. Your business plan must be very detailed, and all the information has to be outlined. It should include the business concept, markets, and competitors, sales and marketing, management team, financial requirements, risk assessment, etc.
Step 5 Create a brand
Creating an interesting brand is a strong tool for getting customer attention. It has to be catchy, sound good and brings trust. The perfect slogan and bright image will make your brand easy memorable and recognizable. Then placing your advertisement in the local magazines, journal and internet will help to get yourself known.
Step 6 Decide on the location
Location plays an important role in the business. If you are going to run a café, you will definitely not open it across the popular local restaurant. The placement has to be useful for everyone in the chosen are and provide the unique service or product that is in demand.
The appearance is another point that you should take into consideration while setting your building. It has to be relevant to your industry field.
Step 7 Get registered
After accomplishing all previous steps, you need to register your business in order to avoid any problems with the law. Every kind of business has to pay taxes, however, as all of them are different registration, getting the license may vary. So, before registering to find out all the information about your case.
Step 8 Create a team
Perform everything alone is a very difficult task for everyone. Seek for those who share your ideas, and you can rely on.
Step 9 Seek out a helpful mentor
Finding a professional or just experienced person for consulting in your target industry can help greatly. Receiving advice and tips from the frontline are very valuable.
Step 10 Raise funds
Starting with a small can be a good solution until you get funds to expand your business. If you would like to start from something bigger, then you should try of getting small grants or loans. There different ways to raise funds for a startup. One of the most modern ways is crowdfunding.
In the end, after accomplishing every step, you will eventually be ready to start your own business and face challenges of reality.
Bio: I'm Christine, I'm a journalist. I used to see the meaning of life in creating news so that people knew the whole truth. I tried to work promptly, impartially and qualitatively. Now I'm writing a blog in which I describe about my experience and knowledge. For example, perfect competition examples you can find out on my site. I hope this will be useful to someone.