Youth may be wasted on the young but, increasingly it seems, it is also no barrier to starting up a new business. And many students are taking the lead in the creation of new start-ups, balancing academic work with the joys of entrepreneurship.
That balance is a tricky one, and is greatly helped by discipline and self-awareness – two assets which make anyone in business see things more clearly. And for those running two lives, as students and as business-types, that’s even more true.
This infographic from the combined might of the Westminster Bridge Student Accommodation and Urbanest Student Accommodation covers what it takes to become a student entrepreneur:
Self-awareness: The ability to self-evaluate and see what you have as genuine qualities, strengths and weaknesses.
An idea: Often thought, with some foundation, to be the most important bit. What are you actually going to do/sell/deliver?
Understanding of the competition: You won’t be the only one doing it. What do the others do well, that you have to match, and do badly, that you have to be better at?
A business plan: Don’t just wing it. Plan it.
A mentor: You don’t know everything. Someone else will have been in a similar place before you. Use that wisdom.
A legal basis: Register your business. Make it legal. Pay your taxes. Don’t think you’re above all that.
Get all that right and you’re well on the way. When you’re a trillionaire, remember us little people…
Thumbnail by Hamad AL-Mohannna via Flickr cc