There are many students who want to start their business early on; however, they are prevented by the fact that they’re still in school.
Funding, resources and time are just some of the biggest issues that an entrepreneur in school has, but if you look closely, you can actually create multiple ways to find a balance between school and business.
It will definitely be difficult but if you have the passion and drive to persevere, almost everything is possible. You can balance school and start a business without having to choose one.
Here are 5 proven tips to find that equilibrium on how to balance school and business.
1) Set your priorities straight
You always want to make things happen and get the best of both worlds, but before you can do that you have to determine what your priorities actually are. School and your business shouldn’t suffer as long as you are aware of your priorities.
You have to understand that building a business takes time and effort. Like an infant, it may need your full attention and demand for your care. If you simply don’t have the willingness (or time) to give that, you might need to rethink your priorities.
While starting your business is a priority, finishing school might also be very important to you. So which routine should you follow? Will you prioritize making your business plan instead of your research assignment? It’ll be up to you to decide.
2) Manage your time effectively
Going to your classes, taking exams and doing other coursework is all set for you, but spending some time on your business is your responsibility, so you need to be disciplined enough to schedule a specific time to do all your business-related tasks.
Students typically have more downtime than working professionals, so the lack of time shouldn’t be an excuse. If you want to focus your attention on schoolwork, take care of your business tasks over the weekends or in between breaks as long as you don’t have exams or important tests coming.
You can also schedule a day or two within a week where you and your team can work together. Time management is essential during the initial phase of starting a business if you’re a student, so you have to keep a very close eye on it!
3) Use university resources to your advantage
Who says you can’t start a business because you’re still a student and you have limited resources? When you’re a student and starting a business, things are more affordable and easier than you think!
As a student, academic and technical resources are at the palm of your hands. Your economics professor can be a great mentor, your friends can be the perfect data samples, your computer lab can be your workspace and even your library can be the source of helpful business information.
Many universities also have industry partners that conduct entrepreneurial competitions and you may have the opportunity to find investors and funding. Pitch in your business idea to the right people and create a convincing business plan.
4) Understand that school and business are not mutually exclusive
If you’re a student-entrepreneur, there’s always that advantage when you’re trying to learn how to run a business. You can think about subjects or courseworks that can help you kickstart your business. For instance, if you’re studying the health sciences, you can always take some business subjects such as marketing or management.
You don’t have to be the best in a field, however, it pays to understand those topics that may help you manage your business in the future. This is actually a good idea because you’re not only learning through your course subjects, you are also learning how to become an entrepreneur through proven business resources.
In addition to your school resources, there are plenty of resources made available online. For instance if you need info on forming an LLC, here’s a step by step guide. If you need to build a business website, build it on GoDaddy. To create a solid business plan on a budget, look into LivePlan.
You have plenty of great options - make sure you know what they are!
5) Put business and schoolwork together
No matter how different these two are, you can always make some kind of connection that will help both of them. If you’re a business student, your professors will probably give you schoolwork such as case studies, feasibility studies and a lot more.
Why not study your own business when coursework like this is given? This way, you are able to strengthen your business while still being able to knock out your school work. Your school work and your business win!
Wrapping up and finding a balance
These are just 5 simple steps that you can follow and there is so much more that you can do. Remember, if there’s a will, there’s always a way. You don’t have to give up either school or your entrepreneurial dreams. Just make sure you are extremely focused and put in the time. There is no shortcut for hard work!
Do you have anything to add? I’d love to hear how you keep a student-entrepreneur life balance by joining the conversion on Twitter!