July 12, 2018
Getting into Entrepreneurship as a student
By Nana Zuke
Image source: Unsplash.com
Image alt text: A person paying their bills on a mobile phone
What is entrepreneurship?
According to Google, the formal definition of entrepreneurship is the activity of setting up a business or businesses, taking financial risks in the hope of profit. Taking the time to draw up a business plan, seek advice and invest money into the business or the idea you have, that is entrepreneurship.
More students are now pursuing business. There are a lot of platforms that are open, offering support to entrepreneurs in their business ventures. For distance students, it is a bit easier to juggle academics and managing the business. This gives students enough time and flexibility to effectively thrive doing both.
When you are studying business management, you get to understand the theoretical part of it. Having your own business that you are managing gives you the chance to put all the fundamental information you are getting into practice. It also helps you become more strategic in your planning and how you want to proceed in your business. A Business Management diploma from Damelin Correspondence College will give you the competitive edge as well as all the crucial information you need to know in order to turn your business into an empire.
The world of business comes with many benefits and opens up many doors to explore other commercial ventures that are unrelated to what you would have originally intended. Being an entrepreneur gives you the chance to focus on building your own personal empire, while doing what you love. Essentially, you grow as your business thrives.
What does it take to be an Entrepreneur?
More students are now pursuing business ventures because of the platforms that are available to them. There are a lot of opportunities in the entertainment industry, and retail where social media is the main medium used for advertising. There is also quite a lot of young people gravitating towards using social media to showcase their talents and their business capabilities, these include YouTubers and influencers. These individuals are new age entrepreneurs who are breaking all barriers.
Most people who have gone the business route failed the first time. This doesn’t mean that you have to quit and never become an entrepreneur. It simply means that you go back to the drawing board to see what you did wrong, what didn’t work in your business plan and how you can improve and learn from what you did previously. When people venture into business the second time, they are most likely to succeed because they know what they did wrong and exactly what they need to correct.
Entrepreneurship requires in-depth knowledge and research. You need to know the market you are getting into. This helps you to identify the risks related to the market as well as the rewards associated with it. By knowing your direct competition, the advantages and the disadvantages will allow you to have line of sight as to what you must look forward to. After all, the main objective after you have started your business is to make money.
What do you need to start a Business?
Also, starting your own business requires you to have capital. Capital is what makes the business operational, grow and move forward. Having capital sets the tone for everything that you want to do in your business. The wise thing to do when you are sure of what your business will offer is to start saving money to inject into the business. You may even begin saving before you start up the business. It’s never too late to start saving for your dream or passion.
You also need to have investments. As much as you might have your capital or the loan that you got from the bank, at the end of the day what you need is investors who are going to assist you in the growth of your company. Investors are not there to steal your business idea or control the business undertakings. They are there to support your dream and vision by providing you with the monetary support you require. In most cases it is good to have investors that way you have people who will also help steer you in the right direction where the business is concerned.
More and more people are advising that getting into business is the route to go since it is becoming increasingly difficult to survive only one income stream. There are so many business avenues that you can get into as a student from becoming a social media influencer, marketing, public relations, media and even engineering. You just need to really think about what you are good at and where your passion lies.