Complete Guidebook Of How To Start A Startup In College Life?
Life is what happens when you’re busy making other plans – John Lennon
At a certain stage of life, everyone has to think about what they have to do in their life. In order to make your own space in such a competitive world, everyone has to step forward with something different to offer. It would be a different technical product or service, same product but different approach, a different awareness program, or any other thing. So, how to start a startup in college life?
Before, I explain every concept of how to start a startup in college life, who need to understand the importance of your role in making it happen. When we spoke about coming up with different ideas, the person behind all these, also needs to be different — a little crazy, a decision maker, real-time problem solver. And, if you’re a person looking for a change, that person can be you!
How? All you need to do is think! You could be the successful entrepreneur, but before starting any business, you need to refresh your brain. And, get mentally prepare to face the tough challenges of starting a new business. Ask this set of questions to yourself, which will help you mentally prepare to face any challenges during start-up.
6 mental shifts every entrepreneur has to go before starting a new business
These mental shifts are important as these processes make you mentally prepare before starting any new business. So, these are mental shifts to the question asked how to start a startup in college life.
1. Can you provide the majority time to your business?
With 100% discipline and dedication, you need to serve your business. Remember, new business resembles to a new born baby, who needs lots of care, delicate touches. Don’t expect too much at the start and you need to work very hard.
2. You may lose some friends
Every person on this path has to face this dark side of entrepreneurship. In order to work hard to provide change, you may seem to get left alone. Your friends may not understand you, and would carry on with their lives. You may have to move on too!
Your journey may seem to be like passing through a dark tunnel, don’t worry, there’s always light at the end of the tunnel.
3. Saving money is the key
Entrepreneurship is more than doing good business. It provides us the strength to stand against everyone, the strength to unleash a beautiful mind, and an opportunity to live a life in a complete different way.
It would matter the most, if you live a life on your own norms and against society’s expectations. It would be really easy if you ask for money from father or friends. At the very end, the only thing will matter the most is how you lived your life at your utmost potential!
4. You may be less socially active
Skipping some parties, ditching some night outs, people pointing you’re less socially active. A change from “last weekend party pics” to “project weekend” are all common symptoms of a simple change in life.
Being missing from your squad’s latest party pics will hurt, but you would have to miss out something in order to gain something.
5. Get over the past, you would be busy making your future
The Past can sometimes be tough, people may intentionally/deliberately taunt you with your past failures, mistakes. The best you could do with the past is to face it, accept it, and get over it!
This would not help to face others taunt, but also it would give the strength to move on in bad time. You need to be strong!
6. You may find a hard time finding success, money or customers just won’t pore in
Expectation is a good thing, but high expectation can be dangerous. If you one of those, who believes in overnight success. I would request you think twice. I would like to explain this concept at the end of the article called the law of diffusion of innovation.
But, before you spread out your startup idea, you need to understand change takes time. People to understand your business concept would take time too. Do not keep high expectation.
If you accept these mental changes in your life, you’re a step closer to start with starting a new business. So, what do we need to understand to how to start a startup in college.
7 Steps to how to start a startup in college life
Note: We aren’t here to explain you the concept of how to register your business. These steps are prior before registering your business — these steps will help you create a best of product/services in the market.
How to start a startup in college, timing is the most crucial factor behind every start-up or business to succeed. You can easily make it out, how? Consider the example of Friendster, they were backed up huge funding, good business model and also had a unique idea. Even though they failed, only reason experts found behind their failure was the timing. Friendster was released when the World wasn’t ready for it, a few years later Facebook made a boom.
Another example of two companies, which from nowhere found incredible success.
Airbnb: Many of the investors rejected this idea, saying — “nobody rent a space to a complete stranger in their house”. In spite of such rejection, Airbnb founder Brian Chesky found success. The only possible reason behind their success was they launched their idea during the time of recession. People desperately needed to earn some extra money.
Uber: Another company, which found success in such unorthodox way was Uber. They perfectly launched their company, when all drivers needed a way to earn extra money. Uber provided them the chance.
So, if your idea is based on trend make sure you think twice about it. Make all the preparation needed to launch your perfect idea, when the time strikes right, go for it!
2. Dedicated team
Yes, it’s necessary to have a team who works with you, but it’s more important to have a team who works with the same vision. Please be careful, there’s a thin line between it, but makes a whole lot of difference. When hard work, different brains, and different methods all get into the same idea, magic is created.
It’s true the team, the execution, adaptability, matters much more than the idea. Because when different brains work on the same vision. More and more essential routes came out of the same idea.
Mike Tyson once said – “Everybody has a plan, until they get punched in the face”
These completely apply to businesses as well. Many of us have a plan, until we get punched by the customers. The customer is the true reality. So, it’s important to have a team that sticks together and fights the bad time too. So, how to start a startup in college life — make sure you’ve a good team.
The idea is the most core part of any business. Therefore, the idea is classified into 2 categories — existing and innovative. If your business idea has an innovative idea, it all depends on the customers, how they react to it.
But, if the idea already exists, then execution of your idea matters the most. Your core part of the business should focus more on innovation as it would help you compete with the competitors and grab some of their customers.
For example, Apple: At the current stage of time, every other smartphone companies are based upon the same smartphone concept. Only those companies make a difference, who believes and brings innovation in them. And, those are the companies which makes the difference. So, how to start a startup in college — make sure you’ve own idealize factor as core part of business.
4. Work schedule
You wouldn’t need a business model at such a stage of your business development. But, one thing would matter the most is the schedule.
For example: If your idea is based upon IT industry, you need to work on tight schedule. When would your beta version be ready? Is the design proper? Does the design support the idea? When should the testing be done?
All you need to do is schedule the whole process. Work in a disciplined approach with your team and bring the best out of it.
5. Money fueling your initial progress
The money you saved would be used here to make sure your growth doesn’t stop. You could afford to pay off the initial payments which would lighten the burden of starting a business. It’s all fun, as you get to experience a sense of responsibility upon your shoulders. Making payments on time, arranging money for services to buy, all can really make you feel your efforts on your business.
When you would start working for your startup, you would seem to go days and weeks without thinking of anything else other than your work. Short-term, this is fine. If it becomes permanent, it is not healthy for the person, nor for the startup company.
You have a responsibility towards your company. Part of that responsibility is to stay in shape — physically, mentally and motivationally. You must allow yourself to regularly disconnect from business and connect with other things you love. And, also make sure your team doesn’t go through too much pressure and deadlines, as they would be forced to leave your side. Have fun while working, and create deep bonding as these small factors will help you reach greater heights.
There’s no place where strong leadership is needed more than in a hectic startup environment. You’re the one responsible for your team mistakes, problems, growth, and failure. So, you need to step up to the task of handling everyone. Also, you need to make sure, your team doesn’t find difficulties.
These are the qualities of a great leader:
7.1. Set the path: You’re the visionary of your business. You’re responsible to set the path for your team, either it would be the long-term strategies or the day-to-day strategies. You would have to create a business culture in which people feel a sense of ownership and efficacy in growing the company.
7.2. A boundless passion for work: The term 9 to 5 doesn’t suit in your dictionary, these kinds of words ill-suit the entrepreneurial environment. Even after leaders leave the office, their minds are churning for new ways to adapt and innovate, which makes them exude an excitement for their company that’s palpable to every employee.
7.3. A 360-thirst for knowledge: It’s been said that good leaders must be good learners, and good learners must be good listeners. It’s a motto that really resonates with me. Leaders must keep their eyes and ears open to feedback from their staff, their clients and their industry.
7.4. Act like a leader, not like a boss: People choose leaders, following them to hell and back, whereas bosses are foisted upon them. Lead your team, support, learn from them, and correct them — don’t be a boss giving order and checking at the end of the day work. Appreciate your team efforts, as even leaders understand they could have never made it this far alone.
How to start a startup in college life, why college?
The best time to start a start-up is anything between high school and college, as one has the majority of time to spend in it. Apart from classes to attend, the student is considered to be free from all responsibilities. Therefore, the students has majority of time to spend in. The more time you spend, the more you’ll understand the process.
This period is the best time because you’re exposed to majority of knowledge, and understanding to handle real-time situation more clearly. We also recommend you to understand that age is just a number, your maturity would be defined by experiences not age.
Another advantage of starting anything at a young age is, you get to figure what you love and what you don’t? You get to experience majority of things in your life and lessons to learn from it.
Here, the statistics of people under the age of 30, when asked “when did you decided what you wanted to do in life?”
The Law of Diffusion of Innovation
In order to understand the market and customer, you need to understand the Law of Diffusion of Innovation. The law will help you understand, how your customers are divided into different categories. And, based on these categories they buy your product or services.
- Innovators (2.5%)
- Early adopters (13.5%)
- Early majority (34%)
- Late majority (34%)
- Laggards (16%)
What should be conversion rate and who should be your customer?
It’s easy for all of us to assume that in college, there are a majority of chances your idea would be loved by your friends, teachers and greater chances of finding quick success. But, we’re really sorry, the probability of finding such success is too less, or I would say 1 in 10.
It would be proper if you concentrate much on the product rather than making your startup famous on campus. If they really liked the idea, they would respond to you.
As per what the Law of Diffusion tells us, if you want mass-market success of an idea; you can have it by achieving the tipping point.
What is tipping point? The tipping value is considered to be the 15-18% of market penetration. It is only then the system tips i.e. you found success.
So, what should be your conversion of the new business? Your conversion for your new business should be above 15-18% of market penetration. And, it’s only possible if you target the proper customers.
Who should be your customers? When we see the graph of the Law of Diffusion of Innovation, we get to see:
That the innovators and the early adopters are the type of customers, who can risk in buying a product before anyone. Why they do that, simply because they love innovation. And, hence the name “adopters”.
While, on the other side of the tipping point are the early majority and late majority. They are a type of customers who are influenced by the first 2-types of customers (innovators and early adopters). Nothing much can be done about the last-type laggards.
So, the question comes out, who should be our customers? Your customers should be above the tipping point with a conversion rate of 15-18%. But, if you really need to make an impact, you would make sure the early adopters and innovators are highly impressed with your product.
As, they in turn the attention of those 68% customers (early majority and late majority) towards you. Only formula of getting attention of those 68% customer is to believe in what you do, and the other would believe in you too.
Top 10 business ideas for how to start a startup in college? [Infographic]
Whether it would Microsoft, Dell, Napster or Facebook. Each one of them had started their business in college. We can’t say what would be the next big thing, but starting similar business idea, can make you successful. So, here are the top 10 business ideas for how to start a startup in college.