The true definition of entrepreneurship is all about the willingness to develop, organize and manage a business venture by facing the risks in order to make a profit. Entrepreneurial spirit is calculated by creativity, innovation and risk-taking factors, It depends on your ability to ability to succeed in an ever changing and increasingly competitive global marketplace. Student entrepreneurship is the new emerging demand of today’s young society. Entrepreneurship is all about ideas and who better than the students to think of the weirdest yet the most beneficial of ideas. But as the newbie of entrepreneurial world, student entrepreneurs should avoid the following entrepreneurship mistakes to enhance their corporate skills.
Getting 1st rank in graduation, studying hard, attended a reputed university doesn’t helps to become a entrepreneur. These things might work in corporate world, but not in the entrepreneurship.
A student having no knowledge about business and doesn’t have a MBA degree may have more chance of success than anyone who have a MBA degree. Give more value to certificates would be count in entrepreneurship mistakes . All start from scratch and have to build their empire from that.
But if you had what it takes to do great in university I believe you’ll have the confidence & determination to make your startup business as a successful student entrepreneur.
As stated above in the world of entrepreneurship mistakes a degree doesn’t mean anything. Only theory is not going to make anyone success. Entrepreneurship is more likely to act than to plan, though planning is a necessary part of it.
One need to be perfect in practical side to be a successful student entrepreneur. The early you start acting on this the more chances of being succeed.
C. Over-Invest in Legal Work
Most of the student entrepreneurs invest much in the legal works. If you are looking at a patent or trademark, then don’t do it! They don’t make sense for most businesses that are just starting.
D. Hesitate Starting
Most student hesitate to start a business as they think the right time has not come yet. But the perfect time to start is when you are a student. Your mind and body both acts fast when you are a student. Never think about if you are going to succeed or not. No one can succeed overnight. Just give your best towards your goal and you’ll gain success in no days.
E. Concentrate More On Developing
On of the entrepreneurship mistakes is that many students spend most of their time developing products at labs, but doesn’t give time to promote and sell the products. They stick only to the betterment of the project or product closing the eyes towards the marketing field. If you spend too much time trying to perfect a product before getting customer feedback, then you’re going to waste precious time that you could be spending interacting with your customers finding out what will get them to write you a check and to come back for more.
F. Hire Short Term Needs
Most of the young and student entrepreneurs hire employees on a short term basis. You need long term employees to work with you. Sometimes it happens that if there is any bug found in the product prepared by the short term hired employee then there will be a huge difficulty to fix it as only that employee knows the mechanism of the product.
G. Hiring The First Interviewer
Hiring the first person form the conducted interview would be count among great entrepreneurship mistakes. Because most student entrepreneurs who are in need of some helping hands hire the very first person they interview. As they have absolutely no idea about this so the find the first people being capable of the job. But this should be avoided and first all the applicants should interviewed and then the capable person should be selected.
H. Think Yourself A Customer
Never think that you are your own customer because you are using your product The way you would use something is not necessarily the way that your customers will use it. Let the product to be used by outside people, if people are not willing to pay from their pocket for the product then you might neef to change the tactics of the business model and adopt a new one.
I. Avoid Customer Communication
Student entrepreneurs sometimes love products more than customers. Doing adequate market research will help you understand if you are actually meeting the needs of your customers.
J. React To Constructive Criticism
Young entrepreneurs sometimes fail to realize that constructive criticism is an invaluable tool for them as they develop their businesses. It is one of the biggest entrepreneurship mistakes by young minds. Learning to see it as positive feedback can be largely beneficial.
K. Can’t Afford Failure
The most important thing in entrepreneurship is one must afford to fail. If you fail on the first attempt never hesitate to try for the second time. This is a big mistake which young entrepreneurs do is they drop the business model if it fails for the first time.
L. Rushing Into Funding
Student entrepreneurs often pursue any and all sources of money before they have thought through their venture. Planning always leads to more intelligent use of funds.
The above entrepreneurship mistakes should be avoided by student entrepreneurs to not only enter successfully in Business world but also creat e their own brand.
This is a guest post by Ashish Kumar Das.