If you want to wait until you graduate to launch a startup, there’s a chance someone will enter the market with your idea.
Most startups are initiated by those who have full-time jobs. If you are looking for inspiration, there are plenty of examples around us of students who launched successful startups.
Let us take a look at a few of the steps that can be accomplished in a few months, even when you only invest part-time in your startup.
Validate the Concept
What makes a startup special is the unique insights put towards solving a problem. Much of the time, the founder is an “audience of one” and sometimes tends to overestimate the scope of their market.
For instance, when Essay Help emerged, the market was not saturated with similar options. Eventually, the startup was a success. But now, the market situation is no longer the same.
In other words, founders might assume that their problem matters to enough people at the time to form a substantial market. This is one mistake you want to avoid early on. You need to test your idea before moving forward. At the very least, you need to ask as many potential buyers as possible about their needs and expectations. The goal is to uncover the urgency to create a better solution.
Go for a Second Scan
The problem with new ideas is that the excitement of your potential customers might fade away quickly. They might be thrilled when they first hear about the concept but not so much later on. Since building your product will take time and financing, you can sketch your idea and run the product designs by the audience.
This simple approach can help you eliminate any problems or bias in the feedback. The feedback will also help you identify the scope.
Build the Right Team
Your hiring choices could be the most expensive decisions you make as you launch a startup. Contrary to what one might think, the right partner is not always the one who will nod along to everything you say. You need someone who will challenge your assumptions, clear your plan, and develop ways to execute it.
If your fellow founders are also students, evaluate everyone’s priorities. Are they willing to commit to the business just as much as in academics? Can they allocate enough time to the startup? These questions need to be answered before bringing other people on board.
Find Objective Advisors
Students might find it tricky to navigate the business world with no previous experience. Being a startup founder can be challenging as you cannot share your idea with everyone. On top of that, you might also have a significant knowledge gap. You need informed support, not only from friends and family, but from experts.
As a student you might have more access to resources than you know. Your professors and your school’s alumni might be able to help you or lead you in the right direction. But make sure that you select an advisor who can gel with you, understand your project, and help you clear expectations.
Finding the Right Investors
Now there is no shortage of ways or platforms to find investors. The trick is finding one who is willing to take a chance with you. Your success in this regard will rely on the homework you do. You have to first find out which investors and sectors are investing in projects like yours.
It will also require you to perfect your pitch. While investors are certainly interested in profitability, that is not their only concern. While you might be well-versed in the technical vision, you also need to have an idea of the project’s long-term potential.
You need to show research on figures of consumers, markets, and other relevant statistics. Consider hiring a designer or use the assistance of freelancers. Your journey and ambition matter equally to investors.
Time Management Around Your Studies
Perhaps the most crucial concern for students is how to manage academics while trying to launch a startup. In the initial stages, you are mostly a small group of people, if not a one-person army. It would be challenging to schedule meetings and find the time when you have assignments pressing on you as well.
Academic platforms such as essay writing services will be able to help you take a big load off your shoulders. However, you also need to manage time for business too. Look at it this way: quality always trumps quantity.
It doesn’t matter that you spend two hours on a plan if you are working effectively only for 30 minutes. Focus on the things that matter at first, such as customers and marketing. Whenever needed, do not hesitate to employ automation tools to your advantage.
The Bottom Line: Face the Challenges
Even when you have penned the plans to the tee, things could always take a wrong turn. Launching a startup always comes with challenges, whether you are a student or not. It can help you pave the way for the future, but you should also be mentally prepared to face the hurdles that come along the way.
It may be confusing at times and you may find yourself in chaos more often than you want. You may feel that you are unable to balance your studies and your startup.
It may be tougher than you thought to get funds. More often than not, you might consider giving up. The feeling of helplessness and dissatisfaction could be a prime demotivating factor.
Always keep in mind that these issues will occur regardless of when you choose to launch a startup. Being a student is only one aspect and one that you can indeed handle. That is precisely why you also need the grit to be successful as a startup founder along with knowledge and research. Above all, you need to step up and act on your decisions.