Did you know that some of the most successful brands today were started by student entrepreneurs who entered the market and learned from the mistakes of the competitors? One of such companies is Facebook which was launched by Mark Zuckerberg while he was studying at Harvard. Before he opened this social media platform, he had released a college app for choosing classes.

Building a business plan while studying is one of the best things you can do in life but it is not that easy. The greatest advantage of college life is that there’s plenty of time to do other things besides completing assignments and attending classes. You also have access to a wide range of research facilities. Do you want to take a plunge into starting your own venture while at the university? You must be worried about the startup capital. Sure, you are going to make a lot of sacrifices like foregoing parties but you won’t regret your venture many years from now. To cut the chase, let’s look at the best ways college student entrepreneurs can build successful business plans.

 

The right way to plan

To set yourself up for success, you need an attack plan. Avoid putting too many goals on the table because they are more likely to distract you. Instead, focus on one area of your life at which you are good. Spend your time outlining exactly what you need to do to achieve a specific goal. Suppose you need an extra 2 hours to accomplish your duties. Then you must be willing to wake up early and stop wasting time after classes. Once you have a clear view of the type of business you want to delve into, write down the steps you need to follow in the next two weeks. Then create a daily schedule that will get you closer to achieving your goals. Don’t forget to train your mind to think positively. And that is how you can start planning the right way.

 

Taking a focused action

At this stage, you already know what you want to do. It could be opening a salon, selling tickets, creating content for websites, running a cafeteria, etc. The problem with most students is that they love to make spectacular plans but they aren’t that excited when it comes to the gist of the business plan. There is no shortcut to your desired success except by taking an action. One of the best methods of taking a business action is the Pomodoro technique. Here, you concentrate on a single action for a particular period of time. Then you take a break and repeat the process. This allows you to stay focused and get more done while increasing your work quality. You will be ready to start your business if you take meaningful actions each day. Keep your checklist close by to know the next thing to do all the time.

 

Bootstrap your way to success

Many students think that they require tons of resources for entrepreneurship say $100,000. This is a myth which we are about to debunk. The truth is 80% of startups that succeed are self-funded for $10,000 or less. Note that starting with a small capital reduces the risk. If you don’t have money to start a business while still in college, don’t worry because there are several options you could try. Bootstrapping is one of them. This method involves starting a business with limited resources and no investor involved. With bootstrapping, you don’t have to endure the pressure of a rich investor bossing you around or second-guessing all your moves. Here are some great tips for bootstrapping.

 

  • Create a business plan around your budget instead of wishes
  • Stick to an industry you are passionate about
  • Delay opening an office space until you get a good clientele base
  • Employ team member who will work for equity and not cash
  • Negotiate business terms with distributors and suppliers
  • Ask for deferred payments from vendors and advance on royalties

 

Take advantages of school resources

There are many free resources you can make use of at the university including free WiFi, a school library, copy and print services, etc. Moreover, you can request for discounts on student software. For promotional materials, check the writing center at the university if there is one. You can also ask your friends at school to help in promoting your business. Keep in mind that almost a quarter of your budget will go to technology. Since you are most likely to fund your own business, don’t hesitate to maximize on the free resources.

 

Author’s Bio: Wallace works with early-stage startups to create future-oriented solutions for women-centric businesses. She is also a renowned motivational speaker and has been featured in various women magazines and Entrepreneur TV. Ca.Edubirdie.com is one of her online co-creation. Catch Susan on a volleyball court in her free time.

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