From University Student to Business Owner
Embarking on the journey from university student to first time business owner is an exciting yet daunting transition. It's a path fraught with challenges, uncertainties, and valuable lessons which shape not only your professional life but also your personal growth. As a pair who have navigated this journey first hand, we understand all of the highs and lows which come as part of the process and hope to share our insights with others in our previous position.
Discovering Your Passions And Purpose
One of the lessons we learnt early on in the transition from student to business owner was the importance of aligning your business venture with your personal passions and values. While attending university was instrumental in providing us with a firm basis of not only knowledge but also social skills, it was instead during this transition period that we had to learn how to self reflect and identify true balance between what we love, we are good at.
Following this we were able to discover our niche by asking further questions such as - what services do people need in this sector? And how can we make money providing this? But it was the initial process of getting to know ourselves and what drives us which kick-started this process.
Learning To Cope With Rejection
The road to entrepreneurship is fraught with failure and rejection, and learning to cope with both is an integral part of becoming successful in your field. It takes a significant mindset shift to treat each setback as a lesson in resilience and adaptability. Coming from the competitive nature of university, it is easy to see your failures as a sign of incompetence, which only fuels your inevitable imposter syndrome when starting a business.
Though rejection is always hard to take, every no simply moves you closer to receiving a yes. Learning to master this mindset when owning a business and can sometimes be a hard pill to swallow when coming from a university setting of learning and improvement - often in business there’s not a reason for the rejection.
A “NO” in business, doesn’t mean its the end of the road. You should aim to keep in touch with your connections and reach out them as every now and again. They may not need your service or product, but they might meet someone down the line who does, and you want to front of mind when that happens!
The Power of Networking
As a university student, networking often revolved around academic circles. However, transitioning into the business world exposed us to a diverse range of professionals, mentors, and potential collaborators. Building and nurturing relationships made at online and in person networking events became instrumental in expanding our business opportunities, accessing valuable advice and resources, and providing potential for collaboration.
Initially we were looking for a quick fix and found networking to be a somewhat frustrating process. But networking isn't just about collecting business cards, it's about creating genuine connections and leveraging them for mutual growth which pays off in the long term. You simply have to remain committed and be open to helping others.
Its not just about how many Networking events you go to. You need to make those 121 connections out side of the the networking groups too.
Financial Management And Resourcefulness
From bootstrapping to securing funding, managing finances became a crucial aspect of our entrepreneurial journey. Unlike the predictable structure of student loans or grants, the financial landscape of business ownership was both hard to navigate and daunting. Learning to budget effectively, prioritise expenses and find innovative funding solutions became a useful skill.
Having the security of a student loan throughout university was both helpful and harmful when starting a business. Throughout our years studying, we learnt how to budget our own money effectively but had no knowledge of how to do so for a business or the hustle culture required when you don’t have a certain stream of income arriving every few months - let alone the complications of the tax responsibilities that were suddenly thrust upon us.
The Importance of Continuous Learning
Just as our university education provided a foundation of constant learning and evolution, entrepreneurship demanded a commitment to lifelong learning and improving our craft. Whether through seminars, online courses, or mentorship guidance, we sought to enhance our skills in both video editing and animation in order to stay ahead of the constant stream of emerging trends.
The dynamic nature of our industry means that if you fail to do this. It seems that complacency is the enemy of progress and we have had to remain committed to being lifelong students in our industry in order to stay relevant and competitive.
Our Top Tips:
Each no will move you closer to a yes
Networking is a valuable tool if you learn to do it correctly and have patience for results
Commit to being a lifelong student
Find the point where your passion and skills intersect with gaps in the market
Seek professional advice about taxes and finances
Key Takeaways
Transitioning from a university student to a business owner is a journey characterised by growth, resilience, and self-discovery. While the process may be challenging and you feel as if your peers don’t understand your struggles, it is important to remain focused and sure of your potential, as the journey itself is immensely rewarding. Each lesson learnt, and each milestone achieved will contribute towards your long term success. As w continue to navigate this journey, we remain grateful for the invaluable lessons we have learnt along the way, through both our own discovery and through the advice of others who have been in our exact shoes.