Frederick W. Smith, Bill Gates and Mark Zuckerberg serve as good examples of how a simple idea or startup by a college student can end becoming the worlds' most sought after product/business. Thus, if you're thinking of following the same path, you need to be mentally, emotionally and financially prepared. In essence, the key tips on creating a startup in college include:
1. Brainstorming and Giving Each Idea a Shot
Assuming that you are the creative type, every second you spend in the dorm, library, lecture halls or restaurant will present you with an idea you'd like to turn into a business. It's therefore important that you take notes of the different startups that strike your mind and share them with close friends. Brainstorming on each idea's potential will help give you an unbiased perspective of its potential. If it seems promising, launch it and see how it's going to perform.
2. Taking Advantage of College Resources
Unlike in the work world where you'll have to book appointments with professionals or, pay for research and consultations, in college, you can take full advantage of the available resources which are offered for free. These include the libraries, computer labs, students who share the same passion as you, free space and of course, the professors. Who knows, your fellow students or professors could become your business partners or financiers.
3. Being Cautious When Raising Capital
Whenever possible, only rely on your own savings or your parents'/sponsor's finances. In case this isn't possible, pay extra attention when raising the capital. This is in regards to what percentage of the business you are willing to give up in exchange of the capital – never give away too much ownership. That way, you'll be able to retain ownership of the business and remain the main decision maker.
4. Finding a Mentor
To become successful in what you do, you'll need a mentor. A mentor is basically an individual whom you admire, respect and trust. You can find one by joining a mentoring program at your college (most colleges' link students with notable alumni). Once you have found one, take them out for a cup of coffee and let them guide and offer you advice regarding what it takes to become successful.
5. Taking Courses That Matter
Never shy off from taking courses that will help in growing your startup. For instance, if planning on selling a given product, enroll for a marketing or entrepreneurial course. Also, consider signing up for internships that will help you learn how to effectively build a startup into a successful business.
6. Never Giving Up
Since there's no guarantee that your startup is going to be the next big thing, if it doesn't work out, let it go and try something else. Alternatively, you may sell it and use the money to finance another startup. Above everything else, remember that real entrepreneurs don't give up. Instead, they give it their all.
7. Getting Protected
If you truly value your startup, you should form a Limited Liability Company (LLC) as soon as possible. Also, take time to file for patents, copyrights, trademarks, logos, brand and company name before anyone takes advantage of your creation.
In addition to all the above as you're creating a startup, use your money wisely, be self-disciplined, remain goal oriented and, be patient, hopeful and enthusiastic. To read more articles on a variety of college-related topics, visit?http://easyscholarshipsnow.com.