In essential words, an entrepreneur is an individual who creates a new business, carries out most of the business risks, and enjoying most of the rewards. The entrepreneur is mostly an innovator, a source of innovative ideas, services, and business or procedures. Student entrepreneurship may take several forms, the most important of which are:
- Educational cooperation.
- Business counseling.
- The organization of research programs.
- The creation of organization by researchers and different factors.
The main reason for the students with an entrepreneurial mindset is responsible for their actions, and most importantly, they know very well how to execute. Entrepreneurship helps in developing assertive communication and sales skills. Those are the critical factor of today’s business. The latest study has shown that qualities such as a desire to be in one control and a interest to innovate are strong in young generation entrepreneurs. Important Key factors in becoming a student into an entrepreneur:
1. Gender
Entrepreneurship has been traditionally connected with a sentiment like risk-taking and the desire to be a high achiever. Today’s women’s ratio is increasingly becoming entrepreneurs now than in the past, with research in the different countries showing there was little difference in the entrepreneurial goal of students, whether they were male or female nowadays.
2. Age
The entrepreneurial goal is most vital in the young generation, with those aged up to 35+ more willing to take a big risk and try something innovative in business. Research shows that this strong willingness to invest time and effort into taking a chance reduces as old age people when they have more to lose..
3. Stream of education
Formally studying business and management is shown to increase the likelihood that a student will want to become an entrepreneur. According to the Indian Institute of Technology survey, 60% of entrepreneurially-inclined students were on a business course rather than on a non-business course.
4. Family business background of Businessmen
A family history of self-employment and entrepreneurship has shown to be the most crucial factor in students going down a similar path. The survey showed that 75 % of the students with an entrepreneurial desire came from a family background in business. But that does not require that young people always follow in their family’s footsteps.
5. Personality traits
Special personality features are shared among entrepreneurs or new businessmen. Those who are interested to convert an idea into a workable business have a higher internal base of control, believing that they are in control of the events in their lives.
Top Tips for becoming successful Student Entrepreneurs
1. Be Open-Minded
Be open-minded to creative ideas. You can never actually source what your innovation will be and where your idea will come from. Listen, read, observe and learn. Maybe your big idea could come from an industry or sector outside of your interest. It may be related to latest technology, health industry, fashion, food industry, or childcare. If you are learning business or technology, your communication skills and knowledge can be most important towards any product sales, service, or innovation in any industry.
2. Choose the best Product or Service of Interest to You
The unique thing that is of interest to you will inspire, motivate and challenge you for business. You may consider below steps:
- Starting a business in an industry that inclines you
- Using the powerful skills and updated knowledge in your degree to build a business
- Making a change in your community
3. Write a proper Business Plan
A business plan is complete document that describes the objectives of your business and strategies for achieving them. Prospective investors in your future business will evaluate your project, so it needs to be perfect. The business plan is required to describe your product or service and discuss the current organization. You are then required to do some market analysis to determine who will be your customers, where they are, and currently what products or services they use. You will need to include a business income statement, cash flow statement, and balance sheet detail in the financial sector.
4. Learn as Much as Possible
You will require good business, marketing, finance, accountancy, technology, and human resources. In the beginning, you may be working from your home or small space. Still, if you want to fulfill your goal of becoming an innovative entrepreneur and build a successful booming business, your business and finance knowledge will require basic.
5. Start Networking
Making a solid professional network will help you in every stage of your future business by giving you different opportunities in the way of help, advice, contacts, friends, and future business. Your university or college may have arranged networking events, meet-ups, or societies for student entrepreneurs. It is a place where to connect, make same-minded friends, collaborate, and learn. Some organizations arranged workshops for entrepreneurs and small businesses. Check out those workspaces in your area. They have organized events and workshops for entrepreneurs.
6. Student Entrepreneur Awards, Competitions, and Grants
Invest free time and effort in researching different competitions, grants, subsidies, and awards. Here some companies and organizations who look to invest in ideas that have prospective. A place to start where there are any funds or programs available for student entrepreneurs. Some universities and institutes provide financial encouragement and a wealth of resources.
7. Common practical tips
Learn about the industry and gain your knowledge. One appreciable way of doing this is to become an intern at a company. It will qualify you to apply your academic learning to real-world situations, build your knowledge and developing skills, and create a valuable insight into your interest. Don’t be nervous about failure. You may require spindling several times. Each loss gives experience and helps you to correct mistakes and try again.
In the beginning, keep your business small and don’t overspend. Find a consultant to advise you at the beginning of your business. It is exceedingly valuable to have someone with more knowledge and experience to give you some guidance.
Don’t give up on your studies in the future. Use it to gain the knowledge base, skills, and experience that you will require making your journey successful.
The covid-19 pandemic has changed the education system for school and college and university work forever. MBA students who select to work as an internship can expect to earn half what those who select to intern with big firms take home. They do research and work on state or international articles. Money browsing for your business that may be more difficult than initially expected. Building a strong social network using LinknedIn, making a video on YouTube, and write a blog. They will help you in every stage of your future career by giving you opportunities in the way of help, advice.using the skills try to increase your subscribers.
