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By Katherine Halek
Just as entrepreneurs come in all shapes and sizes, so do they come in all ages. Many of today’s business leaders were dipping their toes into the entrepreneurship pool before they had even graduated from school. Just because you’re still a student doesn’t mean you can’t test the startup waters yourself.
If you have an awesome idea for a startup business, think the benefits outweigh the risks, and feel confident you can balance your studies with your other duties, take a page from many young entrepreneurs who started successful businesses while still hitting the books.
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1. Be Flexible — Both Mentally and Emotionally
This isn’t your One Big Idea; it’s merely your first big idea. If the business does well and you end up developing or selling it, great! If not, rebound and try something else. Don’t get fixated on the concept of becoming rich and famous from your first big project. Most wild successes have an invisible string of failures behind them that made them possible. Next Tip >
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2. Only Take On What You’re Able To
Start small — you still have homework and other priorities to take care of. Settle on a startup plan that allows you to work easily from a laptop and doesn’t require much initial capital. Next Tip >
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3. Keep Future Success in Mind
Remember that anyone who invests in your company now owns part of it and must receive a proportionate amount of all your future profits — unless you buy back their share. If you value having most or all of the control, don’t accept a lot of money that is specifically for your venture. Use things like birthday gifts and discretionary income to fund your startup instead. Next Tip >
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4. Keep Up with Current Trends
Based on current market trends, estimate how soon you will see profits from the amount of capital you initially invest. Next Tip >
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5. Protect Yourself
Incorporate yourself as soon as it is financially wise to do so. This will provide you with legal protection and help keep your taxes where they should be. Next Tip >
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6. Plan Ahead
Decide up front how big you want to get and if you ever want to hire others. You will obviously have more autonomy as the sole employee, and you can move on your decisions as soon as you make them. However, if orders start to pour in and you have a full class schedule, you’ll probably need help. Just having others there to share your frustrations and help you brainstorm can be worth the extra time you spend making decisions together. Next Tip >
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7. Learn from Experience
Intern with other businesses to get ideas for your own. See how their businesses are run, how they work with clients, and more. Take mental notes and use them in your future successes. Next Tip >
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8. Seek Improvement Through College Sources
Take advantage of the opportunity to apply what you’re learning in business class. If you’re not a business major, you definitely need to work in some business electives — you’ll only benefit. Reunions and banquets will give you the chance to meet alumni who had your professors and are interested in fostering student success. Your career services office is also a wealth of useful, free information. Next Tip >
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9. Use Your Current Network to Learn and Grow
Find a mentor you trust to listen to your ideas, provide suggestions, and tell you when you need to let something go. Friends can be great for brainstorming with as well, but don’t reveal too much to any one person if the uniqueness of your business model depends on playing your cards close to the vest. Save the full details for a secure log that you update frequently. Next Tip >
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10. Remember That You’re a College Student First — Or Are You?
Put your homework first. If your business is flourishing but your grades are suffering, shelve the business for a while — or decide what your true priorities are.
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And to learn about two young business owners who launched their business while still in high school, be sure to read Entrepreneurs Are Starting Out Younger Than Ever, and Here’s Why.
The post How to Launch a Successful Startup While Still in College appeared first on AllBusiness Experts.