Many people think they have what it takes to become a successful entrepreneur while they are studying. Unfortunately, the majority of people are put off achieving their dream because of imaginary stumbling blocks. It does take a lot of guts to put yourself out there with your own business but the rewards can be handsome. Even if you do not become the next Richard Branson, the experience will help in your future career and look great on your CV. The website WBSA have produced a brilliant resource giving tips on how to become a student entrepreneur. I would like to expand on some of the points made on that infographic here.

Evaluate Yourself

The best ideas in business come from people seeing a gap in the market and exploiting it. More often than not, people spot these gaps when they work in the particular industry. This is where evaluating yourself is so important. If you have experience in a particular field and you are blessed with the creativity and motivation you are likely to be able to add something to that marketplace. Having said that, the uninitiated can bring a fresh perspective on an industry and have the best ideas so you don’t have necessarily let a lack of experience put you off. Either way, it is best putting in the research and analysing what you can bring to a market.

Have a Good Idea

Continuing on the same theme, the infographic takes you on a flow chart from the birth of an idea through various potential problems. This is where your research will come to the fore. From identifying your target market through the unique qualities of your product/service to the legal implications of your idea, these questions will out you on the right path to a fool-proof business plan.

Research the Competition

This is a very important part of your entrepreneurial preparation. The best question to ask yourself is how your product/service is better than those already out there. It could be cheaper, deliver better results, or have a whole host of other advantages. Comparison sites such as Yell are great resources for looking into similar existing businesses.

Make a Business Plan

Taking into account previous research, your business plan will be a road map (fittingly demonstrated as such on the infographic) to a successful business. There are also some tips on where to apply for funding from organisations such as The Princes Trust, Start-up Britain, and New Entrepreneurs Foundation.

Seek a Mentor

While you want your company to be truly original, there is no shame in having a business figure to look up to. Many people in business are only too pleased to help out those who are starting out on their career path. Do not be afraid to contact people and ask for advice. SMSF setup guide Melbourne is your significant financial decision.

Register Your Business

Once you have registered as a Sole Trader, Limited Company or Business Partnership, the hard work (and exciting bit) begins.