BY: OLUWOLE VICTOR
Business Tips for Startups & Aspiring Student Entrepreneurs
We compiled some of the best business tips for startups & aspiring student entrepreneurs from startup founders, Business moguls and CEOs on challenges they’ve faced and the mistakes they’ve made. Startup companies are on the rise and young people want to start their own businesses rather than work a nine to five job for the rest of their lives. It has been demonstrated, especially over the last decade, that “entrepreneurship” is no longer a term reserved for the technology gurus and the corporate executives. Compared to hard work and perseverance, the term has become very progressive, encompassing all aspects of social, cultural, political development, and is now a householder among the next generation of aspiring entrepreneurs
However, entrepreneurship is very risky with research data showing that 90% of startups eventually fail. Remember: No one said it was easy.
Here are some business tips for startups & aspiring student entrepreneurs to help minimize mistakes and maximize your potential for success.
5 Business Tips for Startups & Aspiring Student Entrepreneurs
- Find your motivation
With your list of extracurricular activities, school projects, and a semi-decent social life to maintain, how can you find the time to focus on your startup idea? Simple: Do what you’re passionate about. Choose a business idea that reflects your interests so well that you cannot believe that some people call it “work.” Following your passion reduces the risk of burnout and helps you create something you can be proud of in the end.
Have the courage to follow your heart and intuition. They somehow know what you truly want to become. – Steve Jobs
- Surround yourself with like-minded people
Most entrepreneurs forget that staying focused on their goals is half the battle. It makes a difference when you constantly discuss your goals and your progress with people who share the same goals. Ideas can come from anywhere when you are surrounded by people as motivated as you.
Surround yourself with only people who are going to lift you higher – Oprah Winfrey
- Find a mentor
You are going through a phase where you feel you know everything. When it’s your idea, you feel like you’re the only person who knows what to do. Sometimes it’s better to listen to advice. Surround yourself with mentors and people who have more experience as entrepreneurs and their advice might help save your dream.
Success is a lousy teacher, it seduces smart people into thinking they can’t lose – Bill Gates
- Build your network
“Your network is your net worth”. Tertiary institutions offer great opportunities for growing your social networking and business development skills. Participating in student empowerment programmes and networking functions organized for students, you can start building lasting relationships between your peers and potential clients.
Network marketing is the fastest growing business model in the world today – Robert T. Kiyosaki
- Continuously improve your skills and trust more in yourself
For young entrepreneurs, there will be many suggestions and ideas that could challenge the strategy in place. Inhibitions can start to create confusion and it is necessary to:
- Take a realistic view of one’s own strengths
- Understand the ideology of the company
- Pitch: This is a necessary skill that you must master if you’re really serious about achieving your dreams. It is imperative that you sell your idea of professionalism with a dose of your aspirations.
- Observe the success stories of other young entrepreneurs
The more you learn, the more you earn – Warren Buffett
- Do not give up
Your first initial plan will almost never work as planned. Do not give up! This is the best opportunity to point you to new things. There are always new perspectives to take on everything, so do not let failure prevent you from doing great things.
Starting a company is difficult, but with the right attitude, it can be fulfilling. Keeping in mind the tips mentioned above, many unwanted distractions can be avoided. Once a young entrepreneur starts a business, it is essential to persevere and keep a positive state of mind, which can lead to wonderful results for the company.
If you don’t give up, you still have a chance – Jack Ma
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