Six Tips to Start Your Own Business at University

An excellent understanding of consumer behavior is absolutely critical for any startup to last longer than a few months. You need to thoroughly research any gaps in your chosen market, consumer needs and expectations, as well as the value your competitors bring, to identify your brand’s unique selling point. Don’t forget to familiarize yourself with trends within customer service, e-commerce and social media to reap the full benefits of digital transformation and enhance consumer experience and engagement.  

There are many ways to raise startup funding including, but not limited to, seed funding firms, angel investors and venture capital firms, and investment from friends and relatives. You’ll have to decide on the best approach for you and your business. Your university should be able to provide you with the best tools, contacts and training to fund your own company. IE University organizes a Business Plan Challenge, as well as bi-annual Venture Days, to give students the chance to pitch to angel investors, venture capitalists and local entrepreneurs.

You should get in touch with your university’s careers team to find out about any alumni networks available to you. Reach out to other entrepreneurs and local businesses to gain relevant startup advice and contacts. Speak to your teachers about your project and find a mentor to teach you the ropes. Join Meetup groups and startup events in your city to widen your network and meet potential investors, leads and co-founders.

Heard of Arianna Huffington? The 52^nd most powerful woman in the world according to Forbes circa 2014, Huffington is an American author, columnist and also the co-founder and editor-in-chief of The Huffington Post. She regularly shells out startup advice and best business practices to help young entrepreneurs.

Huffington was recently featured in an article by TechCrunch.com, informing startup founders that they should be mindful of the damaging impact of sleep deprivation on health and brain activity. “There is this kind of founder myth that if you are a founder you can’t afford to get enough sleep,” she said, but “the truth is three-quarters of startups fail and if founders got more sleep they’d have a better chance of succeeding.”

IE University supports young entrepreneurs and strives to create an environment conducive to game-changing ideas and successful startups. Students have many opportunities to network with likeminded professionals, as well as gaining support to develop their ideas, find startup funding, and present their business plans to investors and potential clients.

Are you ready to start your own business? Connect with IE University on Twitter, Facebook  and LinkedIn for careers guidance, student success stories and news about the university.