Student Entrepreneurs Should Consider Carefully

By John Smith

So, you have had that idea burning in your thoughts for long enough - it is time to try and make the leap to student entrepreneur. Congratulations. You know it will not be easy, but foregoing the usual routes of Student Employment to carve your own path is a courageous move. But you should probably consider a few common problem spots before you commit entirely to your idea. You definitely want to start your business off on the right foot.

The number one thing to consider is whether you are mentally prepared to be an entrepreneur? Can you handle the risk comfortably? Do you have a realistic expectation of how much work is involved in starting and running your own business? Have you spoken to any entrepreneurs, to get a sense of what their work days are like? Do you have a decent network of supporters from whom you can get honest feedback and a mental boost, if necessary? When you consider that most, if not all, of the burden of succeeding will be on your shoulders, it is good to be ready to face that squarely.

Next, have you taken an adequate look at the competition you are likely to meet when you try to sell your goods or services? Have you got a good sense of what the existing marketplace is like - and, more importantly, where it is going? Do you know where you will fit in to that marketplace vs. the existing players? Are you confident that there is room for you, or that you can make room for yourself?

It might seem a bit unfair, but you should probably ask yourself where you think your first customer is going to come from. Maybe you are lucky enough to already have work lined up - maybe that opportunity is what convinced you to give your business a go. That can be a true boost to a fledgling business. But if that is not the case, hopefully you have a good grasp of where to look for that all-important first sale.

One last, basic thing to consider: are you ready to go? Has your idea fully gelled in your mind, or are you still weighing various directions you might go? Does your business have a name? Do you have a solid idea about logos and your advertising message? Once you start working under one name with a certain branding message, it is more difficult (and costly in terms of both time and money) to change direction. It is far better to "measure twice and launch once."

If, for example, the Summer Jobs London Ontario has advertised are not as enticing as the thought of making your own summer opportunity to better suit your situation, becoming a student entrepreneur is a distinct opportunity. But make sure you start off right.

About the Author:

John Smith is an independent online writer with a concentration on employment and entrepreneurship for young people. Student Employment, as well as the Summer Jobs London Ontario has to offer, are a special focus.