The Honest Tips to Launch a Successful Business as a StudentPosted: April 9, 2012
This past week Under 30 CEO posted an article on 5 Tips to Launch a Successful Business as a Student. After digesting, I’ve came up with some more honest tips that can help you avoid pitfalls and succeed faster. I’ve launched two businesses as a student and now have left school to pursue entrepreneurship
Take all of these with a grain of salt. But I’ve been there. I’ve failed tons of times.
1. A business plan isn’t as useful as they say. You’re going to change it within 3 days of launching – I guarantee it. If you don’t, you’re not seeing the signs. Your original plan is NEVER flawless.
**While operating a food delivery company during my freshman year, I thought my pricing strategy was PERFECT! After a few weeks of deliveries I realized I was seriously undervaluing myself and my customers took advantage of it.Changed the pricing to show our quality and the rest is history…
2. The less employees you have, the better. Or at least find less people to delegate to. While needing delivery drivers and people to answer the phone and help with accounting…I thought I needed to personally delegate tasks. Instead, what I needed was 2 people who could run things and make decisions without me being there. No time for hand-holding.
3. Time management means everything. I can’t believe the original article didn’t touch on this. You need to know when to separate yourself from the business. When to take class seriously, when to skip. You need to know how valuable sleep is.
4. Master the skill of goal setting. I stole this from the Under 30 CEO. Immediately find out when cash flow will be strong enough to purchase inventory – set a goal to buy it. Set a goal to hit xxx amount of traffic on your site by xxx date. But don’t set a goal to succeed. By starting a business, you’ve already succeeded.
5. Value Relationships. This is the most important. As a college student with limited capital or experience, there is a good possibility you’re not going to be the best in your field. I know that I wasn’t the best delivery company. But I made sure to protect, enhance and value all of the relationships I did have with restaurant owners and employees. I usually was selling them on my effectiveness more than customers.
**”No one—not rock stars, not professional athletes, not billionaires, not even geniuses—ever makes it alone.” – Malcolm Gladwell
Be honest with yourself.