DETROIT – Are you a college student tired of constantly saving up for every little thing or just wanting to help your family financially? With tuition constantly rising, limited part-time and internship opportunities, and an extremely competitive job market, it’s difficult for students to combine work and study. But that doesn’t mean you have to choose between one or the other.

Many students today are trying to start their own businesses while in college. If you think about it, this is really the best time to find out if entrepreneurship is your calling. This way, you can better learn about your audience and find your niche. Secondly, as a student, you know what your generation expects from brands, so you can easily tailor your products and services to their needs.

However, launching a business is always quite a difficult process. As a student, you may have many limitations. As an aspiring entrepreneur, you need the right attitude and careful vetting of your own business ideas before you can implement them.

Availability of college resources

Colleges and universities offer free consultations and have access to better business research. College professors often participate in conference rooms, student startups, and other resources, some of which can be quite expensive outside the institution.

It’s easier to consult with professors or classmates and get information on how to create a business idea or develop a website. In that case, college can be part of the first market for your products.

After creating a website with the help of your colleagues or teachers, start creating content to attract your online audience. You can also find resources on improving website content to attract more potential customers and increase profitability.

Gain professional skills while starting your own business

Starting a business during college is ideal for gaining the professional skills you need in the job market. It will improve your time management, business papers editing, professional communication, teamwork and collaboration, creativity, and problem-solving skills

Starting a business is a way to prove that you have the above professional skills and are ready to continually learn. Some organizations are looking for graduates with an entrepreneurial mindset, so acquiring skills early can be the key to getting a good job. They prefer people who can add value to the business and change things.

So, if you’re in college and you’re feeling entrepreneurial, these are 10 practical tips to help you start a successful business while you’re studying:

1. Use your free time.

While in college, you if you have free time,  use your spare time productively and stand out from most of your classmates. It’s a great start for your own business.

2. Pay attention to those around you.

You should be interested in what the people around you are doing and buying. What do students need or want? If you can create a business that they like while you’re in college, you’ll be at an advantage by the time you graduate.

This kind of informal market research will really help you run your business because you’ll know how to deliver what’s in demand. If you’re a student, you’re surrounded daily by many people with a lot to teach you. Talk to people about the products or services you offer, and they might be interested in them. Or, if people don’t like your ideas, it may be a sign that you need to revise your plan. This is all part of the learning process.

3. Work with other ambitious students.

Most people go to college for one main reason: to get ahead. Therefore, you will probably be surrounded by similarly intelligent and ambitious people who are also looking to use and develop their skills. In addition, as colleges usually offer many courses, you will encounter people with a huge range of abilities.

There will be business students, people studying marketing, and others who spend all day in the art lab. The list is endless, so if your business plan requires some skills or knowledge that you do not have yourself, use it as an opportunity to build connections and work with others. That way, you can find the perfect business partner.

4. Spread the information everywhere.

College is where young people from different cities, countries, and even continents come together to study, but most people return home as soon as summer arrives. If you approach these people and tell them about your products or services and show them why your business is noteworthy, they can go home and tell their family or friends about it.

That may seem like an old-fashioned way to do things, and of course, you’ll still want to promote yourself using more modern methods like social media. But word-of-mouth advertising is still a great way to spread positive news about your business, and we all know that students love good gossip.

5. Use your college as a resource.

If you need something – information, equipment, or guidance – ask your institution for help. Upper management will probably do what they can for you because they want their students to look as employable as possible after they graduate.

So, if you are starting a project that will run in parallel with your studies, let them know. They should be able to help you; if not, they can point you in the direction of someone who can.

6. Give something to your institution.

Can you give your product or service to the college? Colleges are always looking for ways to promote themselves, and it’s great news if they can say, “Our former student now provides us with this.” As such, they will be more likely to support you than those from outside the university and may even promote your work.

7. Don’t be afraid to fail.

If you are in college, you will hardly ever have fewer responsibilities than you do now. Starting your own business can mean sacrifice and a lot of risks, so since you are unlikely to have children, a steady job, or a mortgage, use the freedom you have now to experiment with all kinds of things. If things don’t work out, the main thing is not to get upset because you still have your whole life and career ahead of you.

8. Do not forget why you learn.

Starting your own business while in college is a wise use of your free time. You still need to focus on your studies and deadlines – after all, that’s why you’re here – to ensure that you get the grades you deserve when you graduate.

9. Create a website.

Your business will definitely struggle to survive without a website – otherwise, how will people outside your social circle know about it? Find someone at your university who can create websites, and ask if he’d like to expand his portfolio by creating something for you. That way, you’ll both get something positive out of it, and maybe you’ll have a fantastically attractive website. Trust me; you’ll really need it.

10. Enjoy yourself.

Don’t let running a business in parallel with your studies become a chore, as it should serve as an escape from your weekly lectures and assignments. Just focus on getting the most out of it. Also, if you enjoy doing something, you have a much better chance of succeeding at it.

Creating a business in college is not easy, but for those with the right qualities, it can definitely pay off in the long run. Would you become the next Bill Gates, Steve Jobs, or Mark Zuckerberg? There’s only one way to find out.

This article was written by George Maybach