Full-time entrepreneurs have a hard time taking on all the responsibilities associated with running a business. It is unsurprising that ‘studentpreneurs’ experience double the pressure. Juggling your studies and entrepreneurial dreams is nothing short of finding your balance on tiptoes. Something will compel you to allow one to dominate the other. Would it be school or business? If you belong to the 57.5% of students who wish to run businesses, here are some potential issues to expect and how to overcome them.
- Time management
Logically, your usual lecture hours are during the most active times of the day – morning, afternoon, and early evening. There is also the time you must commit to personal studies. What time is left to dedicate to your business? Time management is a huge challenge many student entrepreneurs face. It can put you in a tight position, confusing you about which of these two passions holds more value. Many online portals say it is for you to create the time for school and business. However, it is easier said than done. The key is to find your rhythm and not to copy someone else’s. First, assess your schedule to understand your busy lecture hours. You will likely notice free hours to commit to personal studies or your business. Scheduling will be easier when you rely on digital tools to plan and track your day. The key here is having clear priorities. By prioritizing what matters most, you can overcome the problem with time management and enjoy both worlds.
- Financial challenges as a student
Many college students can identify with money problems, and it’s usually unpleasant until those stories become anecdotes after graduation. As a student entrepreneur, you will feel more pressure because you constantly overstretch your limits. Your piggy bank has experienced more seesaw movements than an actual playground swing. One minute, you’re investing all you have in your business, and the next moment, you’re probably counting coins for textbooks. This financial frenzy often takes away your concentration on your studies. What can you do? Is there a way out of the doldrums? Yes, there is. First, create a budget if you don’t have one already. If you have one, do you stick to your limits or overspend? The latter may be why you continually find yourself cash-strapped with nothing left for emergencies. As a student entrepreneur, separating your business expenses from your personal funds is vital. This is a crucial business habit you will gladly adopt while you cut your teeth in business. By separating your business costs from everyday spending, you will have a better chance at managing your finances. Moreover, thanks to digital tools, you can explore lazy ways to make money online to find the best options within your skillset and schedule. The good news is you don’t have to be present at an online job because everything is remote.
- Problems with seed capital and funding
Before considering a business, investors are concerned about whether the product is trustworthy enough. The US has no short supply of investors and ready partners, but the truth is that they all want to be associated with a product that holds great market potential. It takes a daring investor to take a chance with a product you offer as a student entrepreneur. Other times, investors want a prototype of your product, which also requires money to produce it. Where do you get it to convince a potential investor who wants to be convinced about your product? This is a problem many student entrepreneurs have sleepless nights over. Thankfully, avenues like crowdfunding, student venture funding, and other small business loans can resolve problems with capital.
- Finding the right team to work with
It’s hard enough to start or run a business as a student, but another tough one is finding the right people to believe in your dream. Even as the originator of this dream, you need help from other quarters, and that will come in the form of friends and acquaintances with the necessary skills. For instance, your online business needs a graphic designer to create a catchy and functional website. You will need another with IT skills to ensure the smooth running of the site, and so on. There is nothing wrong with lacking certain specialized skills, but ignoring their relevance to your business can harm your dream. Get your curiosity into action and search for a few brands that started among friends. Steve Jobs and Steve Wozniak (Apple), and Bill Gates and Paul Allen (Microsoft) are a few examples of many friendships that made it onto the stock market and made billions of dollars. With that in mind, look among your friends to see how their skills and interests can propel the business to greater heights.
- Staying motivated
Many college students dropped business ideas because they lacked the motivation to pursue their dreams. It’s easy to think the pressure of school and business took the wind out of their sails. While that is true to some extent, it has more to do with motivation or the lack of it. In this case, however, many factors account for the lack of motivation to stay with these business dreams. All the points mentioned above can culminate in losing the drive to run a business in college. As already discussed, it’s no child’s play managing two major responsibilities, such as college education and business. How can you get around depleting motivation? It helps to have a personal mission statement that compels you to always look on the brighter side of things. Business has high and low moments, and it’s easy to be overwhelmed with the latter. However, a personal mission statement can be a reset button to motivate you. Read more inspirational entrepreneurial stories, join a college entrepreneurs club, and do not overwork yourself. It may sound counterproductive, but the latter is a quick way to lose steam.
Anticipating the above challenges will help you prepare adequately for them as a student entrepreneur, increasing your chances of overcoming them and positioning your business to thrive.
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