Thursday, 17 September 2015

How Entrepreneurs Can Balance School and Business

Although many student entrepreneurs may think it’s best to wait on their budding business idea until they graduate, some savvy entrepreneurs are jumping into business while still in school. How do they manage both?  
These are few things that those who are making waves in their business are doing even though they are still a student.  

Figure out your priorities.

Some student entrepreneurs try to have it all (a good CGPA and a profitable business), this is really possible but you have to set a priority. Setting your priority involves streamlining and weighing what matter most to you.
Your academic is more important, though the business is also, but two rams cannot drink inside a small pot, one will injure the other. Therefore, it is reasonable to make your academics your priority and make your business as a subordinate activity.
It is advisable for students to engage in a less time consuming business in order to have time for their academics, which will later be a boast for the business in the future.

Create a schedule to manage your time effectively.

As a student, you have to attend class, do some assignments, read for test and exams and even go for field works. These may consume most of your time and may defer you from attending to your business.
Setting a schedule on how you will use your time (time management) will be of great help. This will allow you to be active as a student and also maintain your business. Writing out your activities for each day and even for the week will give you a clue on how and when to attend to your business. This will give you an avenue to maintain and sustain your business pending the time you are still in school.

Take advantage of student discounts.

Being a student also gives you access to free or discounted services. Various opportunities are available for students who engage in one or other activities, either a profit-earning businesses or non-profit organizations.
Getting grants from the government, profit making organization and non-governmental organization (private companies) will ease the stress of getting the capital to start the business or developing it. This will save you as a student entrepreneur from time consuming activities in terms of capital acquisition since the capital needed for the establishment or developing of the business can be access from those channels.

Make use of university resources.

As a student, you have access to a vast network that you will never see again in your life. Expert faculty members, academic courses and student organizations are all at your fingertips, so take advantage while you can. Professors often make great advisors and can be well-connected, helping you to make introductions to contact those that can help you grow your business.
If you’re looking for co-founders, getting involved with student organizations can help you meet like-minded people. School can also be a great place to get some startup capital. Many universities hold business-plan competitions that dole out prize money or can help connect you with potential investors. A friend of mine and her partner entered a competition during her first year in university which ended up netting them their first investor.
Dylan Osborn, CEO of NiLi, a nightlife app, says school gave him the opportunity to come face-to-face with seasoned entrepreneurs who provided critical advice and introduced students to influential guest speakers. “I was lucky enough to have Elon Musk as my commencement speaker for graduation and he gave us some bits of advice,” he says. One tip Musk gave his graduating class was to take advantage of youth and the opportunity it provides for you to try something huge and fail.

Integrate your business into your schoolwork.

Who says school and business have to be separate entities? Taking courses that support your business is a great way to gain the knowledge and expertise you need to be a more effective business operator. As an economic student, you have the opportunity to write the feasibility study, a proposal, business plan and finances, using of 4Ps to expand your business and a lot more.
Not every student entrepreneur can combine their academic works with a business. Creating a balance environment for your academics and business all boils down to your potentials and ability of the individual student. Therefore, look in deep at yourself and check your potentials .”THINK BEFORE YOU ACT”!!!!  

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