6 Crucial Student Entrepreneurship Lessons That Got Me Results

  • November 8, 2016 /

Hello there, student entrepreneur! How’s that awesome business of yours going? Yeah I know, I know; it is tough juggling school with your entrepreneur lifestyle. This is why it’s important that you must seek to learn from lessons shared by other entrepreneurs.

Learning from their experiences ensures that you avoid mistakes that they made. And in doing so, you save yourself money, time and energy that can serve in growing and scaling your business.

Are you struggling to come to terms with being a student entrepreneur? Well, here are 6 crucial student entrepreneurship lessons I have learnt that have yielded great results

Bearing this in mind, here are six crucial student entrepreneurship lessons I have learned that have helped me. I hope they add value to you.

1. School narrows your visions as an entrepreneur

The reason I have this at the top of my list is because most of us are victims of the thinking; “I have to go to school to be successful.” I have realized that the school system forces us to think in a certain way that tends to eat away our creativity. For instance, we are made to read notes to pass an exam. There is hardly any encouragement to think outside the box to come up with solutions. As a result, people tend to feel underwhelmed when they don’t make the grade.

Let’s talk about how the system works. As a student, you collect over $60,000 in loans for which you do not earn a cent back over the 4-year period. If you ask me, that is a terrible investment that will hurt you as an entrepreneur. Also, getting a degree does not guarantee you a good job. I know that many of you reading this will resonate with this statement. I remember registering for programs aimed at getting graduates into the workforce. But, these led to frustrations because I was told that there weren’t enough funds to progress in the program.

I could go on and on about how the school system fails people. Thankfully, here is a video that does this brilliantly.

 

I must emphasize that I am not against going to school. As an entrepreneur, you should strive to get anything that gives you an edge. But, when deciding on getting a university degree, you should assess all options carefully.

How much do I need to get that degree? What opportunities do I get from getting this degree? Does getting this degree ensure my freedom or independence? Now, independence here means calculating how much you are going to be in debt. If you can honestly answer these positively, then give it a go.

Remember that there are other ways to acquire knowledge. There are online courses, podcasts, articles and books that cost way less than the conventional school system. So, always assess your options.

ways-to-constantly-improve-google-search

2. “You don’t need a huge amount to start that idea”

“It takes money to make money.” This is a statement that’s common to us all. Unfortunately, this thinking stops most of us from taking decisive actions.

I was a victim of this thinking especially during my early years as an entrepreneur.”How do I manage as a student if I spent this amount on this project?” “How will I recover the money spent?” These were some excuses I used to prolong starting any idea I had in mind.

Thankfully, my liberation came by reading books. I discovered that what really makes money isn’t money but hustle, desire, and ideas. This means that if you have a great idea and a solid means to execute that idea, the money will eventually find you.

It is also important to note that you can start small. Starting small presents you with the opportunity to learn more about your potential market. Furthermore, it helps strengthen your execution strategies which will be very handy when scaling your business.

Here are some inspirations for you;

  • Hewlett-Packard (HP) started with just $538
  • Dell computers started with $1000
  • Threadless started with $1000
  • Spanx started with $5000

 

enough-money-to-start-infographic

enough-money-to-start-infographic

(Infographic Source)

3. Student entrepreneurship means being obsessed

Let’s be honest, being an entrepreneur isn’t the easiest of things. You have to deal with rejections, oppositions from families and friends. Sometimes, your health may be affected along the way.

Sadly enough, most people give up along the way as the pressure surmounts. The main reason behind this is because they lack a key quality: “obsession.”

Obsession gives birth to the passion that keeps you going despite the resistance. When you have your end goal in sight, you become obsessed. Therefore, it is important that entrepreneurs or aspiring ones should clearly define why they want to embark on an entrepreneurship journey.

One major thing I have noticed on my journey is that most new entrepreneurs have the illusion that entrepreneurship means guaranteed success. They see the success of their favorite business owner or start-up company and focus largely on their successes. They fail to realize the complexity of the processes involved in getting to the promised land.

Most set goals and plans without mental preparations. The moment they come face to face with the complex reality, they lack the mental toughness to be resistant. Thus, they give up in the process.

your-plan-reality-obsession-google-search

 

So, how do you become obsessed? Well, here are some tips;

  • Set an ultimate goal (This is your endpoint)
  • Write out at least 10 steps you intend to take to get to that end goal
  • Make sure that there is a goal at the end of each step
  • Reward yourself after completing each step (This gives you the momentum to keep going)

The idea here is that you should break your goal into chunks so that you do not get burnt out. I also recommend reading “Be Obsessed or Be Average” by Grant Cardone.

4. Feed your obsession

Over the course of my journey, I wondered why the most successful entrepreneurs seemed to be always energetic. I was obsessed as they were, yet sometimes fatigue seemed to set in. Upon reading books and asking questions, I realized that they constantly fed their obsessions.

Just as your body needs food and water for energy and survival, so does your obsession.

It is extremely important that you constantly reinforce your goals. Remember that your mindset is what you have to convince.

Athletes train daily to achieve top performance. Likewise, as an entrepreneur you need to feed positivity to your mind. Here is a daily routine that has helped me in this aspect;

  • Make a habit of repeating your goals at least 50 times three times daily. Ideally, in the  morning after getting up, afternoon and night just before bedtime.
  • Make a list of 10 things you want to achieve for the day. This could be making someone smile, sending that follow-up email or networking.
  • Make sure you grade yourself at the end of the day.
  • Reward yourself if you completed all tasks.
  • Work on disciplining  yourself to completing tasks if you fall short.

Paste your goals where you can see them. For example, on your dress or bathroom mirror and your fridge. This will serve as a reminder to what you want to achieve.

5. Invest in yourself

Another great quality I noticed with successful entrepreneurs is that they invest in themselves. As a student entrepreneur, I know that this is another “money issue” most face. The idea of taking risks to improve themselves.

Due to this fear, many are reluctant in getting a mentor or taking an opportunity  just because they feel that they’ll have to pay so much. Unfortunately, they fail to realize that the greatest asset in their entrepreneurship journey is themselves.

I strongly believe that this is the most important aspect that determines the success of an entrepreneur. Getting a mentor (one that has achieved what you want) ensures that you can use a system that has been proven to work.

Getting a mentor (one that has achieved what you want) ensures means that you can use a system that has been proven to work. This also ensures that you can achieve results faster without spending so much on time and energy.

With regards to investment opportunities, do not be afraid to take them by the scruff of the neck. There are two things that can happen either you succeed or you fail. If you succeed, that’s great. But if it results in failure, it is not the end of the world. The failure will present you with opportunities to learn what went wrong, thus, preparing with better strategies to achieve success.

“It is better to try and fail than not trying at all.” Therefore, Invest in yourself. You can afford it

6. Connect with other entrepreneurs

No man is an island. If you are serious about entrepreneurship, networking should be second nature. By networking, you have an army that will back you on your student entrepreneurship journey.

Your networks become a great resource when you hit a roadblock. In addition, you could form strong partnerships that can result in work distribution.

For me, I struggled when I tried to figure things out on my own. I would become frustrated when things did not go my way. But, once I started networking with other like-minded individuals, things became less burdensome.

Right now, if I face any difficulty, I know that I have a great resource in my networks. Just like mentors, networks save you time and money. Thus, I recommend you start networking right away.

Pro Tip: You can start building your networks by joining these great Facebook groups.

Conclusion

Being an entrepreneur is never an easy task. To achieve success, you need to give something in return. That is why you have to figure out the best systems that work. In doing so, you can give the necessary requirements that yield the best outcome.

Being teachable and learning what has worked for others ensures that you do not spend time figuring out what works. This means that you have ample time to come up with an execution strategy. Hopefully, the lessons I have outlined in this post will shed some light on your own journey.

“Go and conquer. I am rooting for ya”

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