How did successful people make their biggest achievements? Have you ever asked yourself this question? How do you like this answer: because they did not know it was impossible. Strong desire, determination, and eagerness drive successful people.
This is typical of student entrepreneurs. These days, college students are not so keen on the corporate world anymore. Most of them want their own business – and they dive headfirst into it. Their enthusiasm brings positive results. Yet, their blind eagerness can also cause big risks and failures.
Everyone makes mistakes. But the cost of a mistake in business is much higher than the cost of a mistake in a course paper. Besides, when it comes to studies, you can resort to essay writer help from EssayPro to avoid unnecessary stress. You can also do the same in business – hire professional consultants.
But there is a significant difference. You can be sure that a professional writer will not let you down. In business, you cannot expect someone to do the job for you. Getting a consultation from a business shark is great. But you should also keep in mind the most common mistakes student entrepreneurs make.
We can give this “code name” to the first group of mistakes. Lack of knowledge and experience is not a crime. But you can prevent this flaw altogether.
1. Not understanding your business plan
You are not an artist; you are a businessperson. It does not mean that there is no room for creativity. But approaching things professionally is a must. Of course, a formal business plan is not essential. What you need to understand is more like a road map. Make sure you have a plan even if these are just colorful stickers on the wall.
2. Not understanding your market
It takes time to gain this experience personally. So seek advice from some old players on this field. Knowing your market also involves knowing your target audience and knowing how to promote your product to them. There are plenty of useful articles on this topic on the Internet. Pay attention to how recent the advice is. These days things change very fast.
3. Not understanding who you should hire
Starting a business with a buddy is easier in a college environment. A sense of someone familiar gives confidence. But it also brings risks. It is always more difficult to remember about subordination with friends. Do not allow this to affect your business.
If you decide to hire a stranger, make sure you do your homework. Ask a friend from HR to prepare you for a job interview with a candidate. With time, you will learn to trust your gut. A talented person may not always look brilliant on paper. But you will instinctively feel the spark. It is like falling in love if you wish.
Too Much or Not Enough
This is the second big category of errors that can occur. The daring nature of a student tends to maximize where one should minimize or the other way round.
1. Being too impatient
It is not your fault. It is typical of the whole modern society. And it is second nature for the young generations. One could call it “Tik-Tok Society.” We expect everything instantly, and success is not an exception.
If a website does not load for a few seconds, we close the tab. If we do not find what we want on the first page of a Google search, we lose interest. Marketing specialists know that very well. Whatever they create: a video ad or an SMS to kick-start your business, it should be short and eye-catching. They need to grab your attention and sell before you get distracted.
2. Being not focused enough
The amount of information we perceive during a day is overwhelming. A successful entrepreneur should be a good filter. Knowing what a goldmine is and what is rubbish is essential. You cannot afford to waste your time and resources. So stay focused at all times.
3. Fundraising too much
That may sound like nonsense. Raising capital is always the right way to go, isn’t it? The lack of experience is telling you this. Raising too much money can do serious damage to your company. The same goes for raising money at the wrong time.
Other Common Mistakes
We cannot classify all mistakes. At the end of the day, student entrepreneurs make so many of them. It is inevitable. So we put all other important things to be aware of into this part of the article.
1. Comparing yourself to others
It is human nature, But you should learn this lesson once and for all: it is a complete waste of time. You never know when other people started and what it took them to become successful. Instead of being jealous, focus on your strengths and weaknesses.
Admit what hinders you from developing. Recognize what your favors are. Spending time thinking of yourself is going to be more efficient for your business. On the level of energy, when you are thinking of other people, you are empowering them with your own energy. Do that to yourself instead! The only person you should compare yourself to is you a couple of years ago.
2. Trying to do everything by yourself
You do not know how you can trust anyone. You are sick and tired of reading tons of resumes in search of one ideal candidate. You feel stuck in a rut and find yourself doing all tasks on your own.
Running a company is not a single-player effort. You need a team. Besides, the ability to delegate tasks distinguishes a true leader. Because only they know the right people to do the job, even the smallest one.
3. Fearing a failure
Have you ever noticed that things we fear most happen to us? If you focus all your energy on failure, you will lose. It does not matter how detailed your business plan is or what people you hire. Starting a business with a loser mindset is worse than not starting at all.
4. Not starting today
It may seem a funny thing to say. But if you spend your time theorizing, you can lose the spark and the moment. Again, everything is developing super-fast. If you keep polishing your business idea for years, you may find that someone is doing that already. It could have been innovative if you were the first to launch it.
5. Lacking tolerance for negative feedback
A successful business person realizes the value of feedback. In fact, negative feedback is even more valuable. It is all advice for improvement. And yes, it is free. And yes, it may not be what you wanted to hear. You simply need to draw a clear line between criticism and constructive unpleasant feedback.
There are plenty of ways to unleash your creativity and personal skills. Dancing, drawing, standup comedy – you can do anything. But if you are sure that entrepreneurship is your second nature, direct your energy into this. Do not be afraid to fall – you will many times. But be prepared to stand up and keep walking after each failure.