9 tips for aspiring student entrepreneurs

Here’s the truth: the life of a student entrepreneur can be challenging and filled with tough decisions. Yet, despite the hurdles, it’s also a path that offers the potential for high rewards and growth.

Below are nine of the most common tips from successful student entrepreneurs at the UC:

It takes time, mental strength and endurance to pioneer your own startup while attending college. However, it’ll be significantly more enjoyable if you’re passionate about your business idea. Consider exploring your top interests and think of ways to enhance or innovate current processes.

Equally important as following your passion is recognizing your talents. What are you good at? These could be your strengths as a student entrepreneur; what you struggle with may be valuable as well. It’s worth knowing both your strengths and weaknesses so you can improve through self-discipline and identify skills that may be needed in potential team members.

Once you’ve decided on a vision for your startup, it’s time to set out a plan. Taking the time to draft a reasonable and well-thought-out trajectory for your fledgling venture will save you time, effort and money down the road. Getting into the weeds about your startup may not be exciting, but it’s a necessary step.

“A business plan does not have to be 500 pages,” Matthews said. “Keep it simple. Problem. Solution. Addressable market. Focus on the problem your idea addresses or solves. What is the value proposition? Who is the customer? Are the customer and the buyer one and the same? Planning does not have to be formal to be valuable, but it must be done to derive value.”

Launching a company without a comprehensive plan is akin to writing a book with no idea how it will end. In other words, it's not advisable. At the same time, remember to stay adaptable.

As noted above, adaptability is key. Even the best-thought-out plans will absolutely shift at some point. In fact, your initial startup strategy (you’ll have one, remember?) may need to be overhauled due to market dynamics, unexpected funding sources or guidance from newfound mentors.

There’s nothing wrong with tweaking or replacing your original business plan. A strong but flexible business strategy will help to keep your ideas rooted in the ever-changing business landscape.

Being a student entrepreneur means you’ve got a full plate, but the good news is that you don’t have to go it alone. In fact, there are probably more courses, startup resources and potential mentors and advisers at your university than nearly anywhere else in town. Take full advantage of them!

We’re proud of UC’s diverse set of innovation and entrepreneurship resources, but your college may have its own. Look for similar programs at your university, and you may be surprised how many opportunities exist to help you effectively ideate, plan and launch your startup.

As a college student, you’re probably aware of networking’s importance. Connecting with others could help you refine your idea, find business mentors or team partners and run into other student businesspeople or potential company investors.

Networking doesn’t just mean connecting on LinkedIn. Put in the work to establish genuine relationships with those who show interest in your business venture. After all, that faculty or community member you grabbed coffee with may end up investing time or money into your startup.

Student entrepreneurs are almost certain to run into roadblocks along their journeys. Because of that, it’s critical that you commit to your plan and keep moving during periods of low motivation or energy.

Giving up may seem easier now, but that means shelving a dream and potentially a postcollege role. Keep your focus on the long-range plan when moments of disappointment or apathy set in — you’ll probably regret having thrown in the towel if you shelve your plans based on today’s feelings.

You’re an entrepreneur, but you’re also a college student. That means taking classes seriously, participating in extracurricular activities, sustaining a social life and preparing for what’s next. Academic pursuits should always come first; that’s what you’re in college for, after all!

Remember that your class instructors are also mentors who could connect you with potential investors. You’ll also gain insights from university courses that will almost certainly help as you start and grow your own business.

You’re probably not enthused about dealing with legal matters and tax compliance. Regardless, it’s a necessary step as a business owner. Expect to spend some time and money setting up your company in a way that complies with government regulations.

As an upstart business, it may seem unlikely that you could face legal or tax penalties along the way. Don’t let this dissuade you from taking necessary measures to comply with government rules. You may even need outside help to explain hard-to-understand rules and regulations.

Being a student entrepreneur means getting onto a roller coaster ride of emotions. You’ll see it all from the highs of receiving funding for the first time to the lows of your prototype’s failures during testing. That means you’ve got to keep the right mindset throughout the process.

Entrepreneurs at UC mentioned two attitude shifts to shield startup founders: savor the wins and learn from the failures. In other words, it’s worth celebrating the victories. Take it in and enjoy the adrenaline rush that comes from success! However, failures may be even more critical; they’re a chance to rehash what went wrong so it won’t happen again.

“Remember to breathe,” Matthews said. “Simultaneously pursuing a college degree and a startup can take a toll on you, both mentally and physically. Stay organized, keep a calendar, journal and avoid becoming overcommitted. Remember that there are no failures if you learn from them.”

Highs and lows are inherent in the life of a student entrepreneur. Luckily for enterprising students, the victories typically overshadow the challenges that arise during the journey.

UC students live near the Center for the Silicon Heartland and are exposed to groundbreaking and innovative technologies every day. That ambitious spirit requires some risk, but the rewards — and student resources available — make it a journey well worth taking for aspiring entrepreneurs.

Featured image at top: Students meeting on campus. Photo/Adobe Stock