Many associate college years with fun and carelessness, but this is not entirely true. Most students combine study with work. For some, the main motivation is the lack of money. Others seek to gain practical experience in a future profession and develop soft skills. But there are also those who think about starting their own business.
There are many business ideas for students, so everyone will find something for themselves. However, this path may be quite challenging. In this article, we explore why running a business is exciting and demanding at the same time.
Benefits of Student Business
More and more students decide not to be traditional employees, so they choose an alternative and take the risk of starting their company. With proper planning and a correct strategy, you can greatly improve your life. Of course, the advantages of being your own boss are obvious to those who are not afraid to take responsibility and make serious decisions.
1. Motivation
When working for hire, some of us carry out duties without much enthusiasm. However, when we work for ourselves, everything is different. After all, the effectiveness of the results (and therefore the profit) depends only on us. This teaches us concentration and productivity.
Here, there is no boss who will evaluate your work and decide about bonuses. You are completely focused on your efforts, customers, and their feedback. And new orders are the best reward.
Of course, when expanding your client base, you can forget about some of the school chores. In that case, it’s best to turn to PaperWriter and ask professionals for help. While they complete your assignments, you can concentrate on tasks that have paramount importance.
2. Burnout Prevention
Choosing a niche that you adore, you turn your hobby into a way of earning money. This allows you to do the job well and enjoy the workflow. No chief’s instructions, no orders, no comments from the colleagues – just you and something you truly love.
3. Self-Improvement
Working for yourself upgrades a ton of skills. Running your business, you test all of your values and rules. You will certainly gain insights into how determined, creative and hardworking you are. You will see whether you’ve got faith in yourself and trust in others. All this will help you see your strengths and growth zones.
4. Flexible Working Hours
Did you catch a cold? Or is there an urgent matter you need to settle down? You no longer need to ask your boss whether you can go home earlier. With your own business, you organize your day yourself.
But still, a flexible schedule does not mean a lot of free time. Students who run their businesses often struggle to finish their papers before deadlines because of loads of work duties. Luckily, it’s easy to find essay writing services on Essay-Reviews.com these days. Delegating and outsourcing is surely an amazing way to manage it all.
5. Being A Big Boss
When working for someone, you deal with superiors and employees that you may not like. However, when you run your business, there’s no need to interfere with someone you don’t trust. You define your environment, make decisions independently and autonomously. And most importantly, don’t depend on anyone.
6. Freedom
All companies have established rules for staff: dress code, lunchtime, schedule, job responsibilities, a certain hierarchy. Working for yourself eliminates the presence of frameworks and restrictions. Of course, you still have responsibilities, but you assume them the way you want to.
Drawbacks of Running Your Own Business
Unfortunately, every medal has two sides. Running your own business also has as many drawbacks as pluses.
1. Business is Time-Consuming
No matter how perfectly the business process is organized, it will take a lot of time. If you are just starting your company and the number of employees is not big, then the main job will be entrusted to you.
You literally have to work day and night to get your business running. And even when you’ve got a regular income, don’t relax yet. You need to monitor the company’s performance and motivate employees.
2. Great Responsibility
As a business owner, you are responsible for the entire system that includes other people, material resources, and financial flows. Previously, you could blame your boss, colleagues, or other factors for something. However, now the responsibility for all the failures is on you.
3. Struggle
Competition is something you have to keep in mind 24/7. How can we be better than competitors? What are market trends? What do financial analytics say? How can we reach our clients and stay closer to them? All these questions become key to any businessman.
4. Expenses
Any business requires investments, and most likely, there will be no profit for a while. Even outstanding projects break even during the first four months.
Financial instability scares many young entrepreneurs. After all, what generates income today may bring a loss tomorrow (especially during a pandemic). For your student loan, you might want to consider getting lower monthly payments through student loan refinancing. Here is a guide on refinancing student loans with a cosigner.
5. No Guarantees
Will the business be successful? Even if you have attracted millions of investments, have developed an excellent strategy, there is still no 100% guarantee that your work will generate a steady income. This is the greatest risk.
6. Constant Tension
Any young entrepreneur is regularly stressed out because of endless duties and worries. Businessmen’s income is probably never stable as it depends on many factors. So, it’s rarely possible to fully relax and forget about all the rush. Also, if necessary, entrepreneurs have to spend their savings to pay unforeseen fines or other expenses.
To Sum Up
The main student problem of all times has always been a lack of money. In the modern world, everything has changed. Today, undergraduates can start a business legally and without even leaving home.
Basically, everything that generates income can be considered a business for a student, but the best field is probably the one that brings you joy. Now that you’ve learned about the pros and cons, you can evaluate risks and benefits yourself. So, is student business worth it?
As it was mentioned earlier, starting your business requires certain skills, including the ability to make non-standard decisions and react quickly to change. If this does not scare you, then why not?
This article sheds light on an important topic: the balance between academic responsibilities and entrepreneurial ambitions among students. Running a business while studying is no small feat, and the insights provided here are invaluable. For students who’ve successfully navigated this journey, what strategies did you find most effective for managing both your educational and business commitments? And, in hindsight, what would you have done differently to make the process smoother?