It’s tough to launch a startup, and even tougher for those of us women who are studying for a degree. According to certain research about startups, the accepted statistic that 90% of global startups are doomed to fail is something that may discourage your own venture. But while startups have peaked in other cities, Asia is still beginning to form its own startup ecosystems in Singapore, Bangalore and Hong Kong and is presenting unique opportunities to recent college graduates and current students to enter the conversation.
While there is definitely a draw to quit school to solely focus on entrepreneurial gains—and there are even scholarships, like Paypal founder Peter Thiel’s fellowship of $100,000 to 20 students who drop out to begin startup ventures—it may not always be wise to abdicate education. Receiving an education that inspires your business ventures and complements your long-term goals is sure to be monumental in your development as an entrepreneur. Finding a way to harmonize your time devoted to business and school is a guaranteed way to pave your way to success in the future.
Managing Your Time and Capital
One of the first steps in finding harmony between your educational and entrepreneurial pursuits is to learn how to manage time and capital. One of the downsides to studying for a degree while attempting to launch a startup is the effect on your bank account. But there are many ways to consolidate student loans and expenses so that the financial pressures do not propagate to an extent that seems insurmountable.
Once you find the capital needed for your business plans, you can focus on developing effective time-management skills. As a student, you will be able to capitalize on downtime that you may not have as a young professional. Make sure to design a schedule—both in terms of your coursework and your business development—that reflects an equal focus and devotion to the two pursuits.
Use Your Resources at University
A fantastic benefit of enrolling in university while growing your business is all of the resources that come with being a student. You will instantly have access to a wide variety of individuals and experts that can connect you to other entrepreneurs and business professionals. Developing your entrepreneurial network early will help you set your startup in motion, so it is important to take advantage of these connections and all of the student organizations associated with business.
Additionally, you can integrate your startup into your coursework. Take courses that supplement your business ventures, such as a financial management class for entrepreneurs. Courses that are business-oriented will give you an advantage in the future, as you will learn many avenues to success and gain knowledge of various entrepreneurial strategies.
By finding the means of managing your time, capital, and coursework, you can develop your skills as a budding entrepreneur in ways that set you up for future success and plenty of hands-on experience.
Lucy Wyndham is a professional freelance writer with many years experience across a variety of sectors. She made the move to freelancing from a stressful corporate job and loves the work-life balance it offers her.