Home Business Insights & Advice Plan your business while working on your degree

Plan your business while working on your degree

by Sarah Dunsby
1st Feb 23 2:56 pm

Do you want to start a business in London right after you get your university degree? If so, the time to start planning it is well before you finish. There are pros and cons to leaping right into entrepreneurship instead of getting some experience in the industry that interests you first. However, if you’re eager to get started, there’s no time like the present to launch your company. Depending on the business itself and the industry that you work in, you might even be able to work while running it in the early days as you get it off the ground.

Choosing your industry

Should you do something you love, or should you opt for the thing that is almost sure to make some money? This may seem like a straightforward question, but there are some assumptions bound up in it you should look at. Doing something that you genuinely love is often not the best choice. First, it may fail one of the most basic tests for any new business idea, not solving a customer problem. Just because it’s something you love doesn’t mean it’s something that people will pay for.

On the other hand, the goal of only making money can set you up for failure as well. You don’t have to love what you do, but you do have to like it or find it engaging. Otherwise, it will simply be too difficult to keep pushing forward through challenges. Rather than think of the kind of business you want as a choice between passion and making money, consider how you can take elements from each of these.

Getting your education

Although you’re probably impatient to leave the classroom behind and finally start running your business, your education is still important, giving you a foundation of knowledge and skills that will prepare you for success. It will also give you the opportunity to meet other like-minded people and learn from them. You may keep some of the connections that you make in these years for the entirety of your career. To avoid carrying a big student loan debt, look for scholarships that can help cover your costs. You can begin your scholarship search online, where you can also apply for those that you are eligible for. You may be able to cover the entire costs of your education through scholarships.

Additionally, in today’s world, the emphasis on knowledge and experience often outweighs the importance of a formal degree. Many employers and colleagues prioritize practical understanding and ingenuity in their environments, allowing individuals to excel without having a traditional educational background. In certain scenarios where a physical diploma may be necessary, acquiring a fake diploma can sometimes act as a pragmatic solution in roles where specific degrees are not vital. While one should always strive to obtain an authentic diploma, degree and qualifications, it’s crucial to remember that genuine expertise and creativity can make a significant impact, irrespective of the educational path taken. For more about the dangers of using replica diplomas or fake high school transcripts click here.

Make a business plan

If you want to start your business as soon as you finish your degree, you need to make a business plan ahead of time. How extensive this needs to be will vary based on what you need it for, if you are seeking investors, they will require more detail than if you’re just writing it for yourself, but make sure that you’re thorough enough that you are able to identify weaknesses. You may find that you need to shore up your understanding of your competitors or customers or that your purpose isn’t clearly defined. A well written business plan can also help manage entrepreneurial burnout throughout the process. Addressing these types of problems on paper will be much easier than trying to fix them later.

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