Starting a Business While at University; A Hot Opportunity
Starting a business at university is one of the best things you can do to yourself because in your student life you have the gift of time, and research facilities on your side. And, in fact student entrepreneurship is a rising trend across the globe and the stats are highly motivating for students in the UK too. According to a recent Santander Universities UK report 24 per cent of current university students are running a business venture of some sort and they are quite successful at it.
If you’re reading these lines, you must have already developed interest in starting your own business while you complete your education. You might also have explored some best small business ideas for students that do not require huge capital. You may also have an awesome business idea that you’ve been dwelling on for months, and believe me, it gets more exciting as you proceed.
Yes, it can be daunting at first, especially when it comes to business setup, but, I can assure you, years from now, you will be proud of yourself. And, by the way, you must not worry about funding as today you have more options than yesterday and these opportunities are growing constantly, i.e. here’s a list of some of the best startup funding sources for university students, and that’s not all, you can rely on other grants, bank loans, crowdfunding etc.
Well, first things first, If you are planning to start a business, you have an idea, but you are afraid of failure. Don’t worry! Failure is just another step to success and most successful companies generally learn from their own as well as competitors’ mistakes.
Secondly, doing business means taking it serious, and relying more on market validation than myths. This is the only way for you to save your two most valuable resources: time and money.
As you start operations, you will realise unique challenges and you are going to face different challenges in the every stages of your business. Let it be lack of capital, knowledge, or support, the only way to meet the challenges well is to quickly prioritise what’s required. Various entrepreneurship courses can be of great help in learning the business skills faster.
The Bottom Line:
Starting a business while at university can be a great way not just to gain financial freedom while you are studying, but it can also prove to be a lifetime business if you do it rightly. There are lot of online business opportunities for students without investment even, but success depends on doing business the right way. If you are serious about your venture, assess your market, create a small business plan, and then look for capital (friends or family, crowdfunding, or a bank loan, government grant) to make your idea a reality. And, above all get ready to learn a new thing every day!