STARTING OUT FOR STUDENT ENTREPRENEUR
“Everything you see exists because someone, somewhere had an idea that they acted upon”
– Glen A. Mc Quirk
The beauty of a plan or desire is to start out. It is what you start that can proceed or grow.
Starting where you are with what you have is the key to a progressive life.
It is not wrong to start small; it is wrong to stay small.
There are various ways a student can start and grow his or her business.
The first thing you do as a student entrepreneur starting out is to evaluate your assets and liabilities, strength and weakness opportunity and threat. In the corporate world, it is called SWOT analysis. There is also PEST analysis i.e the Political, Economical, Social and Technological trends of your environment.
For example some schools encourage entrepreneurship activities. You can easily get or have access to a space and start out your business. Whereas some school don’t allow that. Therefore it is important for you to understand your school. Generally, you can start out your business anywhere whether in school or outside the school.
These tips will be of great importance
– Define the kind of business you want to do
– Subject your idea or business to scrutiny. Is it an economic idea or just an idea? Any idea that does not have an economic proposition is just a good idea.
– Are people willing to pay for this business or idea?
– A well written, detailed business plan is germane for the running of your business and also is a tool that can be use to attract investors when your are starting out.
– Gather the start-up capital
– Identify your customer.
– How many of the market do you want to control?
– Know your competitors. Don’t compete alone, create new things.
This starting out article is an excerpt form a book for student entrepreneur titled: Unleashing your entrepreneurial potential for Africa students,
Click here to Download this book now!
BUSINESS CONSULTANT- AUTHOR - SPEAKER - SERIAL ENTREPRENEUR - BUSINESS COACH
He is an alumnus of Enterprise Development Centre (EDC) of the Lagos Business School (LBS), Pan-Atlantic University (PAU). Through his training, mentoring, speaking and coaching programmes, he has empowered many young people over the years to start and grow their own business, build wealth, create multiple streams of income and achieve financial independence.
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