Starting a business can be hectic and time consuming. College alone canals be as hectic and time consuming as starting a business. Imagine being a college student while also being an entrepreneur at the same time. Being an entrepreneur in college is definitely possible and achievable if you avoid some common mistakes.
Avoid procrastination and finish assignments during the first opportunity to do them instead of pushing them off until later. The time that is available in the future to do the assignment can be used to handle business plans and projects.
“Time management is very important. I usually do assignments the day my professor assigns them because I know I will be busy later. Keeping a schedule of when to do assignments and when to cater toward my business helps me get things done as well as passing the semester,” said Zachary Gilchrist, student at Florida A&M and owner of Safe Buddy, a business that prevents sex trafficking.
Take advantage of the resources and students around you. There is a large pool of people around you. The students who attend your school are potential buyers.
Campus life is also a good way to spread the word of your business. Students talk to one another and advertise simply by recommending your brand when someone they know sees value in the product that is being sold. Being a college student makes it easy to build brand identity because of the consistent flow of students.
“Word of mouth is popular on campus. Getting the word out about my business is easy,” said Zafir Furqan, a student at Florida A&M and co-owner of Threez Company, a paper supply company.
Avoid allowing your friends to receive a lower price than what the product is worth. Oftentimes friends will pull the friendship card to try to negotiate a lower price. Although, it may be hard to say no, you have to bite the bullet and say the prices are not nonnegotiable.
“If it was someone else they did not know, they would never ask about a discount. They will pay full price so I always tell my customers to have to pay the full price,” said Jakevia Fitts, a student at Florida A&M and owner of Lucurysollco, a hair extensions, mink eyelashes, and other beauty products business.
Starting a business in college may seem challenging, but that should not keep you from trying. Time management, taking advantage of resources, advertising, and price control are all ways to make starting a business efficient and effective. Avoid the common mistakes student entrepreneurs make and any business can flourish.