Starting a Business While In College

June 8th, 2015 by Pearson

At college, most of us dream of coming up with something even better than Facebook, making millions and going from rags to riches. We imagine ourselves as the next Mark Zuckerberg or Bill Gates, talking to reporters from Forbes about how we achieved our success. However, it’s not as simple as it seems in Hollywood movies, and a snappy montage won’t help you build an empire.

If you’re planning on starting a business, here are a few things you should consider.

1. Are you committed?
Every mind is, arguably, worth millions, but you can only tap into the resources you have once you decide to go the distance. If you’re dedicated, very little can discourage you from going out to get whatever you want.

2. Be prepared to face negative criticism
Starting a business won’t be a walk in the park; you will face unconstructive comments from friends and family. They’ll tell you that your idea is not going to work, and only a lucky few make it. However, even if they’re right, you can’t let such remarks deter you from making your dreams come true.

3. It will take more than just commitment
Apart from the dedication, starting an empire will require that you make sacrifices – both social and financial. Unless you have a trust fund or financially supportive guardians, you’ll have to cut down on some of your luxuries in order to inject much- needed cash into your start-up venture.

4. Have you researched your audience
As an aspirational entrepreneur, you may have identified a ground-breaking idea but, if it doesn’t have potential customers, it’s pretty much useless. Evaluate your target market and make sure it’s going to support your venture. You can do this by distributing questionnaires regarding your product or service on campus, and speaking to your peers.

5. Promotion is everything
Getting your name out there is essential. Your target market should know that your product or service exists. This means you must look at the latest ways of promoting your brand, including social media and other technological advancements. You should use platforms with large followings to disseminate information that is helpful.

Your mission to start a life-changing venture is highly unlikely to be an immediate success. What’s more, you may not see the returns within the first couple of years. You should plan for failure and sacrifice, and continue trying to build your company. One day, you’ll look back, sitting on your yacht in the Maldives, and smile because you’ve made it.