Some Suggestions For College Students' Entrepreneurship

Under the background of economic downturn, university graduates have to face severe employment situation.

Nowadays, college students' entrepreneurship is not limited to traditional projects.

On the contrary, many college students are using high technology to start their own business in dormitories.

Do you also want to start a business at college? Here are some suggestions.

Write down

Business plan is the roadmap to follow in the whole business process.

First of all, you have to identify a series of problems.

For example, what kind of service or product should be provided? How much is the cost of production? How much is the price of the product in order to get profits? How long is the processing time?

Even if the business to start is not large or limited to campus, you have to figure out how to pay for start-up costs, including advertising, marketing and basic production cost.

You also need to ask yourself if you have enough time to start your own business.

And the purpose of entrepreneurship is to earn zero money or to accumulate capital to create bigger businesses.

Fortunately, there are already some agencies that can help you sort out these problems.

For example, the small business owners' Protection Bureau is an American government agency that can provide services for entrepreneurs.

Seek advice from others

Many universities are currently holding competitions about entrepreneurship.

School teachers or local businesses will evaluate students' entrepreneurial plans in the competition.

Eric's software product for school cafeteria earned him $1000 in the school competition.

Such competitions usually require participants to show their business plans to the judges and the audience, providing a good platform for students to trim their plans before raising funds.

Competition bonus sometimes even equals one semester's tuition.

For example, University of Calif Santa Cruz recently awarded $12 thousand to a group of students who developed organic baby food.

The Walton School of business at Pennsylvania university has also awarded a group of MBA students an award of $20 thousand for infrared wound detection.

Fully developing campus resources

Even if you do not win the support of the competition, you still have the opportunity to find ways to make use of all the resources available in schools to help you achieve success, such as using school studios or alumni contact for guidance and financial assistance.

Drexel University's pioneering projects provide conference places and shared studios for students. MBA students from Columbia University can be funded by an alumni funded $1 million fund.

Some universities also provide students with an exchange of views and opinions.

Social networking is also an increasingly important part of school entrepreneurship.

Many schools provide students with a list of alumni who are willing to help. Entrepreneurs can seek their advice, get financial help, and even some alumni are willing to start business with them.

Use technology to reduce costs

One of the biggest difficulties faced by entrepreneurs in most dorms is capital.

Because of the rapid development of science and technology, it is probably a good solution to take advantage of the hi-tech means that have already been developed and even not yet used by the enterprises to reduce costs.

For example, some pharmaceutical start-ups can use computer algorithms to help test compounds, thus saving investment in construction laboratories.

If a few years ago, the cost saving method could not be realized at all.