Another university year is over — or maybe your university life has now come to an end. Regardless it’s time to enjoy the summer before either going back to lectures, starting your job search, or beginning that sought-after grad scheme. Whether you know your plans for September or not, one thing you should certainly consider is flexing your entrepreneurial muscles and trying out a business concept of your own.
Summer is the perfect time for a lot of things: barbecues, days at the beach, holidays, festivals — but with all that spare time in-between, what about starting your own company? Maybe you’ve had an idea nagging for a while, but just haven’t bit the bullet yet. So here’s why this is summer is the time to finally take the plunge.
Summer = more time
Summer presents a golden opportunity: a time to be creative, with fewer ties, and where exams are out of the way. If you have an idea you think you can make profitable, now’s the time to test run it. Make the most of your newly freed-up schedule, by putting your ideas down on paper and creating a business plan. Pair that with a timeline that spans your summer months and make a start. If it pans out, you can always continue alongside your studies in September or make it into a full time venture.
You’re surrounded by resources
As a student or recent graduate, you have a lot of resources at your disposal to help you on your startup journey. Whether it’s your university’s entrepreneurial society or a government funding scheme, you have a host of options for information and funding which may not be so readily available when starting later on in your career. Find more information on available resources at GOV.uk or on your university’s website.
Seek out inspiration
As a young millennial having grown up in the tech age, you will have seen people just like you make a career out of a bright idea: think Mark Zuckerburg (Facebook), William Shu (Deliveroo) or David Karp (Tumblr). You have the means around you to start out on your own path, all you need is the right idea. Find a gap in the market, think about something that made you think “there should really be a solution for that”. Create that solution.
Find your passion
University is a key time for your personal development. Coming out the other side, you have a clearer idea of where your passions and interests lie. Now is the time to grasp this individuality and use it to your advantage, before you get into the world of work and risk losing some of this fire. Take your idea, your passion, and go for it!
What have you got to lose?
You have time, you have ideas, and you have the drive. So what if it all goes wrong? Though it may be true that the majority of startups don’t find success, it is also true that most successful businesses are the owner’s second or third attempt: it is ok to not succeed. No matter what happens, trying to set up your own company will give you unparalleled experience going into any future employment. It is always something you can come back to, and you will have laid the groundwork over the summer.
Running your own business allows you the freedom to dictate how you live your life. It is not an easy path but will be worth it in the long run. Maintaining a better work-life balance is a key drive for entrepreneurs and is one of the reasons more and more people are going out on their own. Why not be one of them?
We have established the ‘why’ of setting up your own business — now for the ‘how’. There is an abundance of information online about how to set up a company as a student or graduate, and to help you on your way, The Formations Company is the perfect place to start getting some ideas and formulating a plan.
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