We’ve told you five reasons you should launch a business while in college.
Now, here are five quick tips for creating a successful college business:
- Innovation is good but it can also be overrated. Don’t feel like you have to come up with the next Dell, Facebook, Microsoft or Google to launch. You can start a simple business that generates a profit. And that’s the main idea.
- Pick an idea that has an immediate and obvious customer base that needs or strongly wants what you plan to sell.
- After the initial $200, or whatever you spend for startup, don’t put any more outside money into the business. That’s your test for whether you’re succeeding. The business needs to pay for itself and pay you so, once you start, the business should generate enough for you to reinvest into the business for a few months or the first year and then begin to pay yourself.
- Remember the business is a great experience but it’s not the main reason you are there. You are there to get a great education. So develop discipline and time management skills that will allow you to go to class, make good grades and still operate your business.
- Take advantage of every possible resource and opportunity you can access that will improve your business. Visit local and on-campus government business assistance resources, tap into the expertise of professors, apply for scholarships and competitions that focus on college entrepreneurs, study abroad to get international experience and new ideas, connect with students who are from growing economic powers like China and South America, and keep a written or audio journal of your business experiences — these will all come in handy.
Felicia Joy is a nationally recognized entrepreneur who created $50 million in value for the various organizations in corporate America before launching her business enterprise. She is the author of Hybrid Entrepreneurship: How the Middle Class Can Beat the Slow Economy, Earn Extra Income and Reclaim the American Dream and operates Ms. CEO Inc., a media, merchandise and events company that inspires women entrepreneurs to be savvy, profitable and bold in business. Follow Felicia on Twitter @feliciajoy or visit her web site feliciajoy.biz.