Whilst you might think to start a business whilst still studying is an impossible dream, many have made it happen. The most high profile of these is probably Mark Zuckerberg and Facebook. But closer to home, Informi featured two businesses last year, Custom Planet and RMP Filmmakers, that were both formed by university students.
Indeed, when you think about it, university is a fertile environment for creative thinking and problem solving – two key characteristics of successful entrepreneurs. Sure, it’s a challenging path to take, especially to start off with, but the rewards can be huge. With hard graft, it can lead to a ready-made career before you even pick up that diploma – and potentially something much bigger later down the line (again, think Facebook).
To get you started here’s some essential advice on how to set up a budget business, and balance it with your studies.
Use your spare time
Spare time is also free time. You should be using it wisely to focus on what you want out of a business and what you hope to achieve.
Here’s the thing. Once you graduate, you’ll probably be working the whole time. So make the most of your uni days, which can be quite leisurely by comparison!
Time management is a vital life skill and one to get a handle on ASAP. Look at how many free hours you have to work on your business and figure out a schedule for working on it a little and often.
It’s very important to get some rest though, so don’t burn yourself out by trying to do too much at once. A clear mind is better than a cluttered one.
Understand people’s needs
Research is a no brainer when it comes to things like essays and general studying. And exactly the same rule applies when setting up a business.
This may not have occurred to you. It’s all well and good having bags of enthusiasm but listening to people is more important than pitching your ideas. As the saying goes ‘we don’t learn from talking, we learn from listening’.
Not only is it essential in helping you work out a business that plugs a gap in the market, but it also gives you a sense of the public your product or service is aimed at.
Above all, it’s cheaper in the long run and will save you a lot of money you might otherwise spend on brainwaves that go precisely nowhere.