The Young Entrepreneur: Starting A Business While Studying
Being a university student is often about studying hard, making friends, and preparing for a future career. But what if you could also start a business while still in school? Sounds exciting, right? In Sri Lanka, where entrepreneurship is increasingly becoming a key part of the economy, there’s never been a better time to take the plunge.
I should know — I started my own digital business while I was at the University of Jaffna from 2009 to 2014. Despite the challenges of being in a rural area with a 56Kbps internet connection, I was able to successfully kickstart my entrepreneurial journey.
The University of Jaffna Experience
When I started my degree at Vavuniya Campus of the University of Jaffna (Currently University of Vavuniya), Jaffna and Vavuniya are far removed from Colombo, the capital city. With the infrastructure developments it takes 5–6 hours from the capital city now, but I am talking about 2009, immediately after the civil war of 30 years. When I was there, resources were scarce, but that didn’t deter me. It was a perfect training ground to become resourceful and innovative.
Why It’s Possible for You Too
- Limited Resources, Unlimited Potential: While I had only a 56Kbps internet connection, that was enough to start. Today, you likely have access to better resources with 5G and 100Mbps fiber connections.
- Location Is No Barrier: Being in a rural area might seem like a setback, but in the digital world, location is less and less important.
How I Funded My Startups After University
After graduating, I moved to Colombo and worked at two different companies (Codegen Int and WSO2). While these jobs gave me valuable experience, my primary aim was to raise funds for my own startup projects. If you’re serious about entrepreneurship, sometimes you have to make strategic career moves like this to support your long-term goals.
Being a Self-Made Entrepreneur
Developing Mobile Apps
While still at university, I started developing mobile apps. It’s a skill anyone interested in the tech industry should consider learning.
Using AdMob to Generate Revenue
To monetize my apps, I used AdMob, a mobile advertising platform. It was an eye-opener to realize that I could make money from free-to-download apps just by displaying ads.
Scaling into a Business
From the income generated through AdMob, I could finally bootstrap my digital businesses. And you can do it too!
Finding Funds for Your Startup
- Personal Savings: Consider starting small and using your savings for initial costs.
- Family and Friends: A small loan or investment from someone you know can give you the initial push.
- Work Experience: Just like I did, consider working for a bit after university to collect the necessary funds.
- Grants and Competitions: Keep an eye out for startup competitions and grants offered by your university or external organizations like ICTA
Steps to Start Your Business While at University
Starting a business as a student can feel overwhelming, but it’s more manageable when broken down into steps. Here’s a detailed guide to help you navigate the journey.
1. Find Your Passion or Problem to Solve
The first step is identifying a business idea that you’re passionate about. You’ll be investing a lot of time and effort into this venture, so it’s crucial to choose something that excites you. Alternatively, look for a problem in your community or among your peers that you’d like to solve.
How to Do It:
- Brainstorm a list of ideas or problems you notice.
- Talk to friends and family to validate these ideas.
2. Market Research
Once you have an idea, the next step is to ensure there’s a market for your product or service. This is vital for the sustainability of your business.
How to Do It:
- Conduct surveys among peers, teachers, and family.
- Use online tools to check the demand for your type of service or product.
3. Draft a Simple Business Plan
You don’t need an elaborate business plan initially. A simple outline of what your business will be about, how you plan to make money, and what your expenses will be can be incredibly helpful.
How to Do It:
- Outline your business objectives.
- Make a list of your initial costs.
- Sketch out how you plan to attract and retain customers.
4. Utilize University Resources
Many universities offer invaluable resources for aspiring entrepreneurs — take advantage of them.
How to Do It:
- Attend entrepreneurship workshops and seminars.
- Consult your professors or academic advisors who have business experience.
- Use the university library for research.
5. Start Small, Think Big
The trick to starting a business, especially as a student, is to start small. Don’t worry about making it big right away.
How to Do It:
- Test your product or service on a small scale — perhaps among friends or at local events.
- Use feedback to improve.
6. Legal and Financial Planning
Before you fully operate, make sure you have all the required legal paperwork. It’s also a good idea to open a separate bank account for business-related transactions.
How to Do It:
- Consult with legal advisors for necessary permits and licenses.
- Open a separate bank account for all the business transactions.
7. Launch Your Business
Once everything is in place, you’re ready to launch. Start by spreading the word among your friends and family, and use social media to reach a broader audience.
How to Do It:
- Create social media pages dedicated to your business.
- Leverage word-of-mouth by asking satisfied customers to refer others.
8. Balance School and Business
Remember, you’re a student first. Find a way to balance your academics and your business.
How to Do It:
- Create a daily schedule that accommodates both.
- Use weekends or holidays for business-related activities when possible.
9. Monitor and Adapt
After the launch, closely monitor how things are going. Be ready to adapt your business model as needed.
How to Do It:
- Keep track of sales, customer engagement, and feedback.
- Make necessary adjustments to your products, services, or marketing strategies based on this feedback.
Being a student entrepreneur, especially in rural areas like Jaffna and Vavuniya, can be challenging but it’s far from impossible. The experiences, both good and bad, teach you lessons that no classroom can offer. So if you’re a student in Sri Lanka wondering if you can start a business — take it from me, a self-made entrepreneur: You can and you should!
Visit my website and join with me as a business partner — Madusanka Premaratne — Entreprenuer | Founder & CEO at Knovik | Director of OECSL
Join 20,000+ Followers on Facebook — Madusanka Premaratne | Facebook
Join 4,000+ Followers on LinkedIn — Madusanka Premaratne — Venture Capitalist — Cresuma | LinkedIn
Join 2,000+ Followers on Instagram — Madusanka Premaratne (@madusankapremaratne)
