Stories about young entrepreneurs do not impress the public anymore. Even quite the opposite. The digital adaptation of the business environment has increased young people’s chances of success. After all, they feel much more confident in this space. The story of the founding of Facebook, which turned the main character into a twenty-year-old billionaire, is the most famous, but not the only example of it. Many people want to make money, rather than sit for hours writing boring term papers. And that’s understandable. Young people have more reasons to get economics homework help, and instead spend their time making money – as if it were their own business or an ordinary job. In addition, many students need work due to a lack of money. The latter case sometimes leads to the ironic story of how need turns a person into a millionaire.
However, despite the lyricism of some success stories, not all students dream of following the same path. The combination “work + study” often seems unrealistic, because it is impossible to manage everything at once. That is why many still want to get a quality education without being distracted by external factors not related to their studies. To some extent, both are right. Business isn’t just about hard work. It’s also a fortunate occasion. And so if such an opportunity happens to be during your college years, you shouldn’t give it up. It is better to think about how not to lose the chance.
Why do I need to go to university if I can do business now?
University (institute, college) is the next element of the standard chain of adulthood after high school. And even though higher education is being criticized more and more every year, no one is going to give it up globally. Anyway, nowadays the value of higher education remains unchanged. What is changing is how it is interpreted. The technological world has a demand for narrow-profile professions. No one cares what is written on the diploma – it is much more important what a person can do. Higher education has lost its nominal value. If an institution does not offer practical knowledge, it is useless.
This trend has also transformed the educational program. Many universities offer business courses. The list of disciplines is replenished with subjects relevant to the current agenda: Internet marketing, project management, entrepreneurship. So even if you think that staying at university is a waste of time, you should not deny the accompanying fact of benefit. Business practice is valued most of all. But the value of theory has not been canceled. Your business is not going to suffer if you listen to a series of lectures about accounting, marketing, or management. At least this knowledge will allow you to understand what kind of environment you are going to be diving into.
Should I combine business and work?
Before making this important decision, be sure to consider the pros and cons.
- Extra finances that will help cover living expenses, meals, and out-of-pocket expenses;
- Experience that is sure to be useful, even if something doesn’t go according to plan.
- New skills, knowledge, and abilities that are sure to be useful in the future.
- If you work immediately after your studies, you will have limited time to do your homework and rest.
Of course, the idea of making money is always a great one. But don’t forget about your primary mission: learning. If you do decide to combine, then try to pay enough attention to your studies, and also do not forget that everyone needs a rest.
Where to start if you have no experience?
The first step in starting your own business is to create a business plan. This advice is clichéd and obvious. Nevertheless, many people reject it. It does not matter whether you are making a business plan for yourself or for investors you want to attract – it must include basic information about the company. What is the service or product? How much money do you need in the first phase? What is the payback period? In addition, you need to analyze the market, make a marketing plan and define the goals you want to achieve in a given period.
But the main thing that should be in your business plan is specialization. What is the uniqueness of the offering? What kind of consumer problem do you want to solve? You can understand this by carefully studying the market: whether its demographics match your target audience and how similar services are represented in it.
You shouldn’t forget about your exit strategy. Planning a negative outcome for your business may seem illogical and pessimistic. But at least this way you’ll prepare yourself for a difficult situation and avoid making random and irrational decisions.
Where do I get my start-up capital?
Start-up capital is the main problem with almost any business idea. It determines to what limits your imagination can develop. And its absence is often perceived as an obstacle to starting something at all. And how true this depends on your ability to balance opportunities with expectations. Start a business with nothing is possible, but at the same time, it is necessary to understand that the big income will not come right away. This factor is the very argument that encourages early entrepreneurship. The student has two resources necessary at the initial stage of building a business: time and lack of financial commitment. The second is what makes up for the lack of start-up capital. Yes, the student has no money, but he or she also has no debts, loans, or other significant expenditures. This allows you not to focus on the desire for quick profits, but to develop the business slowly and in stages.
At the moment, many activities do not require start-up capital. Or at least allowing a small amount of it. The business has migrated to the Internet, where any expenses are quite small. Even such an important tool of online entrepreneurship as a website has become a cheaper (and sometimes free) alternative in the form of social networks.
This has made more accessible platforms for distributing services, making it easier to find a target audience and, most importantly, made marketing cheaper. In addition, a huge layer of profile information became available. It is possible to find the advice you need, listen to a training course, or study a successful case for free on the Internet.
Internet globalization has unified experience, generalizing not only business trends but also the market itself.
Are there any other options?
Of course, an enterprise with an initial investment has a much better chance of success than without it. But you should not give up on your idea just because there is no money for it. What’s even worse is not taking advantage of the opportunity to get it. There are plenty of venture capitalists willing to consider new ideas. Obtaining their favor, of course, is a daunting task. Every day, hundreds of people from all over the world apply for venture capital. But if you consider that on the other hand there is a pass to the world of big business, the attempt looks quite justified. In addition, there are government subsidies and preferential lending programs for banks, which together form a policy to stimulate entrepreneurial activity.
What type of business is suitable for beginners?
There are no specific industries that are right for beginners. The choice comes, as mentioned above, from the resources you have. These can include your knowledge, interests, and contacts. But not just them. Knowing what your target audience wants is an important success factor that will allow you to leave your competitors far behind. You can determine this by carefully examining your surroundings. If you are studying, your environment is students. Understand what they want, what their needs are – that’s the key to creating a unique offer. From there, choosing your niche will be much easier.