Students with a passion for entrepreneurship can often be overawed by the complexities of starting a business whilst attending university. However, some of the brightest and most lucrative ideas have been envisaged whilst studying.
Fred Smith
Smith outlined his business plan for an overnight shipping service whilst completing an economics paper at Yale University. Global shipping company FedEx revolutionized the sector on its arrival in the 1970s, solving several logistical issues that meant a supremely quick service could be provided at a low cost. The global shipping company earned $35.5 billion in revenue in 2009.
Michael Dell
Dell began selling IBM PC-compatible computers from his dorm room at the University of Texas at Austin at the tender age of 19. The founding name of PC Limited eventually grew to be the hugely successful Dell Computer Corporation, which now employs more than 100,000 people and reported revenue of $60 billion during 2011.
Nick Friedman and Omar Soliman
Friedman and Soliman began hauling junk in a cargo van during their time on campus to earn a modest amount of money. This small idea proved to be a huge success and the duo’s business, College Hunks Hauling Junk, has since expanded into a national chain with more than twenty locations in the United States.
Ally Perry
Perry and two close friends founded Inogen while studying at the University of California at Santa Barbara. The trio developed an oxygen concentrator that proved to be a pioneering device in the home medical sector and is now at the forefront of treating Chronic Obstructive Pulmonary Disease (COPD) patients. Inogen and its founders were recognized in 2005 when they received the Ernst & Young’s Entrepreneur of the Year award.
How to pursue entrepreneur ideas
Planning
If you are aiming to pursue your own entrepreneurial ideas then it is important you have a passion for your chosen venture. An idea, however big or small, that aligns with your interests is more likely to come to fruition in the long term. The next step is ensuring a detailed plan of action is in place. You must know what you want from the company; is it just a side project or something more? The answer to this question will determine your time management. Students often struggle to balance work with other interests, so it is important that you understand what you may have to undertake in a role as a potential business owner.
Organization
Student entrepreneurs should always talk to their local Tech Transfer Office (TTO). The TTO helps students turn their initial ideas into a successful, profitable business. If your venture is formed around intellectual property, it is also important to document your progress throughout your research path. This also lends itself to filing disclosures for any possible inventions.
Resources
Colleges in Miami and other higher education establishments are rich in resources, with a huge pool of potential employees and volunteers available and the expertise of professors on hand. The internet is also one of the most important tools in the modern age. Developing a social media presence enables students to build a strong network with potential partners and investors, customers and service providers. These relationships underpin the success of any profitable business and also help to inspire, motivate and direct.