9 Tips for Student Entrepreneurs

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Being a student entrepreneur might just be the best thing. You’re exposed to a different way of thinking. You observe what students would actually pay for since they’re on a tight budget. You see what services or products are lacking in other students’ lives and even your own. This could be the best time for you to start your own business. What do you have to lose? Your house isn’t collateral for your mortgage. When are you ever going to have this much free time in your life? Obviously you’re busy with projects, term papers and school itself, but when you graduate you’ll be focused on finding a job, you may have a family, and you won’t have as much time as you did in your undergrad.

Here are our top 9 tips in starting a business while still in school:

1. Evaluate Yourself & Do Research

Before you start brainstorming a business idea, first write out your skills. What are your strengths and weaknesses? What skills can you bring to this business of yours? Do you need partner whose strengths are your weaknesses? After evaluating yourself, try brainstorming and researching business ideas.

Once you have your idea, start researching: 

• The industry. What are some key success factors within this market?
• Who are your main competitors? What can you learn from them? How many competitors do you have?
• What makes this market fluctuate?
• The terminology used in this sector
• If your idea is feasible in this type of environment.

This may seem like a lot to think about right now but don’t worry, every entrepreneur knows that the beginning stages are always the toughest. 

2. Start Somewhere

After doing your research, start by creating a business plan. Before you jump head first into a new business you want to make sure you know what you’re getting yourself into and if it will be profitable. By creating a business plan you will enable yourself to truly see if your idea is worth doing. Consider asking your parents for help because they might give you a perspective you might not have thought of. Some key points that should be included in your business plan:

• A description of the product or service
• The market
• The target customer
• Competitor analysis
• Marketing plan
• Location & operations
• Organizational structure
• Financials

By completing these eight points, you’ll gain a better understanding of how your potential company will run in the future. For further explanation of the importance of a business plan and all the factors that are included in it check out this page on writing a business plan.

3. Take Advantage of Social Media

Today’s business owners need to understand how to use social media as a tool for their business. This is where being a student is an advantage. You’re part of the social media generation, so you know how to use the platforms to your advantage.

Being a student on campus makes spreading the word a little bit easier if people like your business. For example if you make a few social media pages and share them among people on campus, they’re more likely to share with their friends and it really turns into word of mouth. 

“Social media is great. Starting a business in school and using social media is awesome because you get to tap into a new pool of customers that you wouldn’t have had access to before.” – Anastasia Ribeiro, Founder of ‘Yours Truly, Anastasia’

If you’re just starting out and do not have a big budget for marketing, social media is a great tool that’s free!

“Your customer reach is a lot larger and you get to save on the cost of marketing.” -Anastasia Ribeiro

Community engagement is so important today. Having the ability to talk to your customers directly and at any time is a huge advantage. Customers love knowing that their opinions are heard (especially by the CEO). Having your brand recognized as one that listens to their customers and is always active can lead to greater brand loyalty.

Need more information on social media? Check out some of our other blog posts.

• Why your Small Business Needs Social Media
• 11 Tips To Get The Most Out of Facebook For Your Small Business
• Entrepreneur’s Guide: Social Media Content Management 

4. Use your Endless Resources

Have we stressed enough how great it is to be a student entrepreneur yet? As a student you have access to a number of resources to help you with every aspect of your business. You might be questioning what these resources are. Well, have you thought about resources or your successful professors on campus? What about your classmates? 

Don’t forget that there are even more resources off campus. Here are some of our favourites:

Provincial

• Entrepreneurship funds and resources for people under 30  
• Ontario Network of Entrepreneurs (ONE)’s List of Helpful Resources 

Federal

• Checklists and Guides for Starting a Business 
• Starting a Business Guide
• Grants and Loans by Region
• List of Grants and Loans for Small Businesses (Government Funding Program) 

General

• Cornerstone has created a massive resource guide for anything ‘Entrepreneur’ related. 
• MaRS 
• Futurpreneur 

5. Attend Networking Events 

‘Networking is the No. 1 unwritten rule of success in business.” – Sallie Krawcheck

Networking is so important because you never know who will be able to help you in the future. As a student, professors are always emphasizing the fact that you need to be networking and they’re right. But network in your own way. Make connections with people from your industry and other industries because you never know what you’re going to need in the future and what path life might take you. Knowing the right people is a valuable asset that some entrepreneurs don’t know they need.

Stay in touch with the people in your network by sending monthly emails or seasonal messages to see how they’re doing. Ask them about how things are going from them, or if they are looking to be introduced to someone from a specific field that you might know. Opportunities could come out of these connections that you might have never thought about.

Post-Secondary campuses are always hosting networking events, so take advantage of them. See if there are other student entrepreneurs on your campus or in your area and network with them.

Quick Networking Tips:

• Make your business cards unique
• Prep a 30 seconds pitch about yourself 
• Go to networking events with questions already in mind
• Check out Ten Thousand Coffees 
• Update your LinkedIn regularly 

6. Find a Mentor

Mentorships are priceless because you can gain so much out of the right one. Don’t be afraid to ask for help. Most post-secondary institutions have mentor programs run by their alumni services. There are also sites like Ten Thousand Coffees, where you can send an invite to high profile individuals for a coffee. Futurpreneur also offers mentoring tools.

“If you want to go somewhere, it is best to find someone who has already been there.”-Robert Kiyosaki

7. Manage your Time

Managing your time as a student and an entrepreneur is one of the most important skills you’ll have to learn. Don’t get distracted with new projects. Aim to finish one thing at a time so you don’t get overwhelmed. The top two tips for managing your time:

• Organizing your calendar by colours that relate to work, school and your social engagements
• Create a daily and weekly checklist (checking items off your list is a great feeling)

8. Take Risks & Make Sacrifices

Successful entrepreneurs will tell you that in order to succeed you have to be willing to take risks. You’re a student, you don’t have anything to lose except for sleep! 

Being a student entrepreneur, you’ll learn that you might have to sacrifice going to a social event to further your business. Balancing friends and family will be tough, but hopefully they will be supportive of you.

9. Have fun!

You’re in school and these are suppose to be the best years of your life so enjoy them! Don’t go into a business just because there’s money in it, do it because you love it. Always make time for the people you care about and take care of your health. Take days off to go to a concert, hang out with friends, or go see a movie, because you’re only in school for so long.

Juggling school and your new business can be tough. But don’t forget that if it was easy everyone would be a student entrepreneur. Make sure to take a step back once in a while to see everything from a broader perspective. There are so many resources at your disposal it’s up to you to find them and use them to your advantage.

Starting a business? Need a website? 411 has you covered. Check out our website services.

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