7 Mistakes Every Student Entrepreneur Should Avoid

Published in

Triift Africa

5 min readJun 4, 2024

Mistakes are part of the learning process, but it doesn’t have to be yours.

This was why I asked some past/present student business owners about the mistakes they made in business, for you to learn from. Here are the answers I got. Let’s get started.

7 Mistakes to Avoid as a Student Entrepreneur

1. Wrong pricing system

Wrong pricing can manifest in different ways such as overpricing, underpricing, not increasing prices as costs rise, giving high discounts just to sell out, selling at the same profit margin for every product, etc.

When you underprice, you could be making a loss or even diminish the value of your products in the eyes of potential customers. On the other hand, overpricing can lead you to chase customers away, especially if they will get the same quality of product elsewhere at a lower price. So, in all you do, ensure you set an optimal price for your product that gives you good profit while still being affordable for customers.

2. Spending business money like personal money

Many student business owners started their businesses out of the need for more money than what they got from home as pocket money. This then leads them to not separate the business money from their personal money.

This mistake must be avoided at all costs because it can lead to the end of your business in no time. To overcome the temptation of spending business money like your personal money, open a separate bank account for business transactions, where you receive money from customers and make other business-related transactions. Then allocate a specific amount to be paid as your salary, instead of just taking from the business funds as you wish.

You should read: Following Up with Customers: 7 Ways to Do It Well

3. Not balancing your academics and business well

Like work-life balance is key for everyone, in the same way, academics-business balance is key for you as a student entrepreneur. You mustn’t make the mistake of neglecting your academics because of business, especially when you’ve become well-known and now receive large orders.

To avoid this, put structures in place to ensure that your business doesn’t affect academics. For example, ensure you set time for reading and focusing on school work and a separate time to focus on business activities. If you are ever found in a situation where you need to either choose your academics or business, it is best to weigh your options and prioritize what has the highest returns.

4. Not having a mentor to hand-hold you

Mentorship makes the difference between a newbie business owner who makes plenty of mistakes and the one whose learning curve is shortened, by learning from his mentor’s wealth of experience. With a good mentor, you see far beyond your immediate sight and catch opportunities beyond your reach.

With a mentor, your business knowledge can be broadened, you can gain more confidence from increased knowledge, and get the chance to sharpen your ideas before you launch. To choose a mentor, ensure the person is experienced in the business world and is willing to teach you all you need to grow.

5. Not honing your skills and increasing business knowledge

The day you stop learning is the day you start dying — the same goes for your business. The day you stop learning and honing your business skills is the day your business starts dying. So, don’t make the mistake of relenting in improving your skills and increasing your knowledge of how to run a successful and profitable business.

Want to correct this mistake, then you need to apply for START Cohort 2 ASAP. You will learn how to build a profitable business, effective marketing and sales tactics, how to price well and manage your finances, and how to access funding. Don’t miss out.

6. Treating the business like a hobby

This is another common mistake that can make your business remain small if it is not quickly detected. Running your business like it is a hobby is what will make you set prices that bring in little or no profit, simply because you don’t see the value in what you sell. It is what will also make you inconsistent since you are seeing it as something you do to pass the time or just to hold body.

In all you do, treat your business like the enterprise that it is. Put in efforts to market well, pay attention to your finances, build a viable structure, and give it all you have, to get the best returns.

7. Spending on unnecessary expenses

While some expenses are necessary for your business to grow, others are simply white elephant projects that cost a lot without yielding much value. For student business owners, who are mostly on a shoestring budget, it is key to differentiate your wants from needs, so you don’t incur unnecessary expenses

For example, buying a tool you don’t necessarily need, paying for subscriptions you rarely use, hiring an employee when your business cannot sustainably pay them with enough still left for you, etc are some of the unnecessary expenses you need to cut down on, to build a sustainable business.

Running Your business like a Pro

Business is not for the faint of heart. However, with determination, resilience, proper planning, and wisdom, you can reach your aim as a student entrepreneur and attain your goal of self-employment.

This is also why we’ve put together a business boot camp to ensure you are equipped with the needed knowledge, skills, and resources to take your business from hustle to Portfolio as a student entrepreneur or recent graduate with a business.

At the START Accelerator Bootcamp, you get the chance to learn the basics of starting a successful and profitable business as well as accessing resources, mentors, communities, and finance for growth. Apply for Cohort 2 today.