You’ve identified a problem that needs solving. Better yet, you think you’re the person to solve it. The product or solution is clear in your mind, as is the market it will serve. But you’re a student, with a full schedule of classes and no experience starting a business. What, if anything, should you do next?
ENROLL IN A CLASS OR TWO
The entrepreneurship programs at the Driehaus College of Business are one of the top-rated entrepreneurship programs in the country. Take advantage by enrolling in an elective entrepreneurship class or two, even if you are already committed to another major. In these classes you are guaranteed to learn the basics surrounding how to take your idea to market. In fact, recent research suggests that taking entrepreneurship classes has direct benefits for student entrepreneurs’ venture survival and revenues.
Think of these courses as a lab for developing your idea. Most will give students the opportunity to research a topic of their choosing as part of the coursework. This is an amazing opportunity to solicit feedback from your professor or classmates as well.
FIND A SUPPORT SYSTEM
Even if you can’t make room in your schedule for an additional class, you can still utilize the network of experienced entrepreneurs and business leaders on campus. Network with professors, who will more than likely be excited to help and consult you on your journey. As a professor of entrepreneurship at the Driehaus College of Business, I’m often approached by students for startup advice. Just like a sports team, our college wants to rally around our student entrepreneurs and see them succeed.
How you reach out to a professor for advice – whether via open office hours, email or via an introduction by another professor who already knows you—is not as important as what you say. Realize that your first conversation will be focused on introducing your business idea and explaining the stage of development. You may be inclined to think that a quick and specific question about your business will be simple for a professor to answer and save everyone’s time, but this is not the case. Without understanding your business basics first, professors do not have answers to questions like:
“Should I patent my product?”
“How much should I pay a developer to build my app?”
“Should I take this $10k loan to pay for help?”
Answers to these and other questions all depend on your specific idea and circumstances.
UTILIZE THE COLEMAN ENTREPRENEURSHIP CENTER
The Coleman Entrepreneurship Center (CEC) is a valuable on-campus resource for all students at DePaul University, not just students within the business college. The center regularly hosts business idea competitions where student founders can acquire actual cash to move their ideas forward. Once your idea has been recognized on campus, you may even be invited to compete against teams from other universities.
These CEC programs – like the Innovation Expo, Purpose Pitch and University Pitch Madness – are all excellent ways to flush out your idea from start to finish. You can visit the CEC website for a host of other opportunities and resources to help you on your entrepreneurial journey.
CONSIDER A CO-FOUNDER
There are so many instances of co-founders coming together to bring their business to life in college. As juniors at the University of Wisconsin, Chris Johnson and Tim Keck launched the satirical publication The Onion, which later sold for millions. Meanwhile, I recently witnessed the launch of ReusaBowl, a sustainability-focused business started by Kellstadt Graduate School of Business students Virginia Head and Teagen Andrews.
Finding a business partner who complements your strengths and offsets your weaknesses may turn out to be a critical component of your future success. When you enroll in entrepreneurship classes, utilize entrepreneurship-related campus resources, and enroll in extracurricular programming related to entrepreneurship, you will find like-minded students who are also exploring their next steps as entrepreneurs.
USE YOUR STUDENT STATUS
Successful business people love giving advice, especially to students who could really use the guidance. If you decide to reach out to entrepreneurs for a few minutes of their time, make your student status known to them. Chances are, even perfect strangers will be willing to tell you their secrets for success. This will work even better if, instead of cold-calling, you approach them with a warm introduction through your university’s entrepreneurship center or a business professor. The CEC, for instance, has a mentoring program you can tap into.
GIVE YOURSELF DEADLINES
In entrepreneurship, perfect is the enemy of the good. Give yourself deadlines, stick to them and deliver. The danger of the college environment is that it teaches you to be analytical of everything, including your entrepreneurial idea. However, in business, action becomes more critical than another analysis.
In fact, many classes teach this concept, emphasizing that by focusing on taking small, incremental steps, new entrepreneurs can methodologically begin to build a lean startup. Ultimately, you will never feel fully finished. But it’s more important to get your idea out into the world than perfectly aligned, only to live in your laptop. Every step you take makes your business more substantive, and provides you with valuable feedback that can only come from real world application.
DON’T WAIT
Launching a startup as a student may seem daunting, but it can actually be the perfect time to start your business. As a student, you will likely have less commitments or responsibilities compared to later in life when they inevitably begin to pile on. The time you use to learn, think, analyze and put ideas on paper now can directly benefit not only your education, but also your future business and life.
Written By: Maija Renko
Maija Renko is a professor and the Coleman Chair of Entrepreneurship at the Driehaus College of Business, where she teaches entrepreneurship and social entrepreneurship courses. Renko also serves as director of the Master of Science in Entrepreneurship Program.