5 things I wish I’d known as a student entrepreneur
I always knew I wanted to start my own business. I just didn’t know what to do! I see a lot of students now and some are keen to start a business, but never seem quite certain what to do. So that is my #1.
1. Don’t worry about what you do. We cannot all come up with a Facebook or Google. If you won’t settle for less, then you just won’t start. The important thing is to start. Find something you like and understand and then just do it better than anybody else.
Once you have started your business, you will begin to dream. Dreams are good, but you must remain realistic. Set yourself a target. What are you trying to do? Where are you going? Once you know where you are headed, then make sure that every step you take takes you one step closer. That is my #2
2. Have a long-term vision. Decide where you are going and don’t wander.
It is very easy to give away too much equity for very little money in the early days. Test, experiment, don’t be rushed. It is not a race. Prove the concept and the business. Don’t give equity to helpful friends either! You will never get it back and you end up losing control. That is my #3.
3. Hold onto the equity. Don’t be forced into raising “cheap” finance in the early days. You will end up giving away too much equity.
It is not about the money. It is about creating something that you love and are passionate about. It is about doing something you love. It is a way of life and you need to love doing your business as much as you love anything else in your life. When it goes well, then money might follow. That is #4
4. If it is just about the money, then don’t do it
Patience is a wonderful thing. Compound growth is the 8th wonder of the world. Ask Warren Buffett! Be patient and keep going. It is incredible what you can achieve if you keep going. Just getting better and better. That is #5.
5. Compound growth is the 8th wonder of the world.