If the student understands what it takes to start up something and knows most businesses fail but is caught between finishing school and jumping all in into a venture,what would your advice be?
Simply put, If under 18, I'd instruct the student to persuade his parents to start a LLC, Trust, or Corporation. Analyzing what would be profitable and locating passion projects within the venture.
I'd show the student how easy building business credit is when you have a business and how much leverage you receive financially by doing so. In 45 days one could go from $0-$100,000 in business credit. That's far more powerful than anything else I can think of. There's more but that's a start.
This is a good job. Do not give up studying, but continue your work. It is a good thing to link study and work to make money as well as develop yourself, but be sure not to waste all time at work and give time to study. I wish you success
You need to value the new venture. Have a business case in place to see if it is worth pursuing. That is, a financial valuation.
My one advice is, do NOT self-fund. If your case is strong enough you can find angel investors and venture capital funding.
And yes, agree with others do not drop out. Don't give your business idea but make sure you have a strong case first.
Let me give one example. A student in Hungary once hired me to do a valuation and business plan for his idea of en eco-friendly school in Estonia. What seemed to be a good idea in his view showed a negative 1.5M Euro after three years of operation after I did his financials.
I wd say dont be into starting a business while studying, earn your degree as it matters, meanwhile think over what you really want to do, get clarity on your passion, businesses fail mostly due to lack of passion n strength to take it forward due to absence of skillset, team up with a friend to start a side hustle rather, most of millennials are online, see what you can easily sell, some are great chefs, some are good at reselling, try what fits your time as well, hope it helped!
What are a couple subjects/things you LOVE to talk about?
Something you'd be excited to talk about and share on Tik Tok?
Also, start following Gary V on youtube
As someone who has spent their career with startups, I would say go for it, but not all in ... make sure to finish high school as the new venture may not pan out. At a minimum, they will learn the ins and outs of entrepreneurship. Valuable, lifelong skills.
I've mentored college students, and starting up a business while a student is one of the best times to do it. Most students have little to lose when starting a new business. No mortgage payments, no family to support, few bills to pay, etc.
There are also many resources available to help students. Some high schools even have entrepreneurship tracks, many community colleges and universities have advisors and other resources that may help. There are also business plan competitions and grants available to students that can provide funding.
Starting a business as a student can be very rewarding and give you a strong sense of purpose. Just don't sacrifice the high school education for it though. Get support when and where you can ... advisors, mentors, parents, and partners.
The answers lies ultimately in what's the biggest pull for the student.
Have they validated their business idea from by testing their product (or service) in the market and received feedback that there is demand for this product (or service).
The validation can be done alongside their studies by planning out their time each week and allocating time towards both their studies and testing the business idea. This will mean sacrificing other commitments (social or otherwise),which comes back to what the biggest pull is for the student.
If they are committed then they can study and start the business at the same time by being disciplined. If the business takes of to such an extent that the opportunity of growing and scaling the business to profitability is greater in the long run than finishing their studies then that is a decision only they can make in light of the information infront of them.
If the business has lesser success and enables them to finish their studies in the meantime before fully committing to the business then this is another decision that only they can make in light of the information infront of them.
Education is important and so is the concept of nurturing creativity and taking calculated risks. Evaluating the scenario comes down to opportunity management and deciding on the option that is the best fit for the student once a full assessment has been made of the options.
Also bear in mind that just because the student might quit their education right now to pursue the greater business opportunity (once their use case and product/service has been proven) doesn't mean that they cannot return to their studies at a later stage as and when they decide.
Wish them all the best and if they want to talk things through further, I'd be happy to help.
Education is the most important aspect of life. Not for the content, but to be able to learn how to critically think. If a student wants to start a business, encourage them. But, let them know that a business is a 24/7 job - so, going to school will be his primary functions as a business owner. They can then work on their business after hours. If they don’t like the thought of working 15 hour days, advise them to find a job. That is 9-5 and A LOT easier. As a banker, I’ve worked with several businesses and an owner doesn’t take time off. Even during a holiday, they’re still on the phone, checking emails, answering to issues at the office. So, focus on education first and business second.
Hello Otatade Okojie here the first thing I'd say is lean in on your strengths and research, research,research. Research your niche. Research what your interested in, which markets you would like to deliver a product to, what you see as your strengths and how you can cater to a gap in the market. What is your unique selling point? For example Max has a passion for blogging and delivering content. He decides he likes we design but also he'd like to learn how to design templates and themes for blogsites and websites. So he does some research first,does a course, masters his craft, creates his own website and starts developing a database of clients. What are his potential clients looking for, what could he use to attract them, and have them engage him in a dialogue about his offering. Where can he find them? Through an add campaign,through a social media reach out, advertising in groups, advertising in magazines, chat groups, engaging them in the comments, posting links, introducing his services in chatrooms.
Every student needs to start some business to be economically independent. But sometimes you really don't know what kind of business to start. In college, I was very good at writing essays and when I graduated, I went to work as a writer for educational companies, you can find them here https://www.yahoo.com/now/8-best-college-essay-writing-095222117.html. I think that eventually I will be able to start my own company and it will be my own business.