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10 Do’s And Don’ts For Students Turned Entrepreneurs

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do's and Don'ts

Being an entrepreneur is not easy. And if you are a student turned entrepreneur, chances are people will often underestimate you. It is upon you to not care of what others think and focus all your attention on your venture. Here is a piece of advice for all the young entrepreneurs trying to make their mark.

  1. Do Not Wing Your Pitch To Venture Capitalists. Rehearse What You Are Going To Say. Your interview and pitch will determine whether you are worth vouching for/investing in so practice what you are going to say. You may want to use an unbiased friend to help you out in this department and see what he or she thinks of your pitch.
  2. Do Not Hire Friends. You Might Lose That Person As A Friend Forever. Many young entrepreneurs turn to their friends in order to help get their business off of the ground because they will work for little or no pay. Let it be known that this is a huge risk you are taking and should not be done unless you are willing to lose that person as a friend forever. If you are on a tight budget, try to hire interns that will work for free or turn to outsourcing.
  3. Do Not Get Consumed with College Life. The transition from college world to working world is difficult for most and doesn’t happen overnight. But it’s imperative that you try to make the transition as fast as you can. Do not let your old college lifestyle affect your business in any way.
  4. Don’t rest on your laurels. Innovate! The study shows 33.5% of the top-performing companies regularly introduce new products and services, compared with just 21.6% of the rest. Innovation doesn’t always mean all new products; it also includes process innovation, such as improving the distribution methods, or adding new marketing channels.
  5. Don’t Hesitate From Making Mistakes. Learn from them instead! The most important thing about mistakes is what you learn from them. So instead of fearing them, we should learn to embrace them.
  6. Take Feedback. It Is Like A medicine!  It is hard to take in, but it is for your own good. In your pursuit for perfection, it is important to get and implement feedback from a fresh pair of eyes.
  7. Be Patient. You Won’t Get It Right In The First Go. Nothing great was made in a day. It takes endless number of  hours, constant sleepless nights and several rejections to make a great product.
  8. Research! Don’t Ignore What’s Happening In Your Target Market. Consumer preferences change, market demands shuffle. Stay connected to your target market and keep updating your product. rapid technological changes and globalization have made revolutionary change increasingly common.
  9. Ask For Advice. It Helps In Creating A Perfect Product. Moreover, it’s virtually impossible for you and your team to have the best knowledge in every situation.
  10. Measure Your Progress. Having a concrete medium-term plan increases your chances of becoming successful. Use multiple business performance metrics to measure your performance.

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