I’m sitting in a café in Durham, North of England – the frosty air sweeps in whenever the door opens, it’s snowing outside but nice and snug in here. I take a sip of my strong expresso.
It’s been 2 years almost to the week that I graduated from my Masters degree in Durham University, a romantic ancient city with a castle and cathedral in the North of England – and I’m back in Durham for a visit. For me, University = good times. I matured, got fit, fell in love and got some brains. However I’ve learnt a hell of a lot in the short time since I’ve left – I wanted to share some of that with you.
Are you a student entrepreneur? Or in a student startup? – this article’s for you.
I believe there are few harder transitions than when you graduate from the structured and secure world of university – to the unstructured and risky world of entrepreneurship. And you learn some big hard lessons, fast.
I previously wrote an article on why Entrepreneurs should not bother with an MBA. This article is different. It’s written for those currently in university and planning to pursue entrepreneurship afterwards. It’s a collection of the biggest lessons I learnt since leaving university and what I’d do if I was in your shoes and back there now.
Here’s my 7 lessons to
1. Expectation
Think you deserve to be successful because you got a 1st, or studied hard, or went to a good university. This thinking might work if you’re going corporate – but not in entrepreneurship my friend.
When you start your business – you start from scratch again. Nobody owes you anything and your college degree means nothing. The guy who never finished school has the same chance of success as you do. It’s quite humbling when you realise this.
But if you had what it takes to do great in university I believe you’ll have the confidence & determination to make your startup business a success.
Top tip: Be humble – and be prepared to roll up your sleeves and get your hands dirty.
2. Think you know it all (you don’t, trust me)
Following from the previous point – just as in the world of entrepreneurship a degree doesn’t mean success – so too, knowledge of all the theory in the world, also doesn’t mean success.
Entrepreneurship is more about action than planning (or at least a healthy mix of both).
I never suffered too much from the first point of ‘expecting anything’ (see above) but I did suffer from thinking I knew it all (and probably still do to a degree – this is probably not a bad thing for an entrepreneur, but that’s a different topic).
I learnt all the theory in university, knew all the models to forecast growth and won 4 business plan competitions for a business I went on to launch in my final year of university – I was sure success was a formality.
The business went on to fail.
What I learnt is that this theory is good, but it’s not enough on it’s own – you need to learn just as much (probably more) on the practical side as you do on the theory side. The earlier you begin this, the better
Top tip: Mix theory with practice as much as possible by putting products on the market – even if your university course doesn’t require it
3. Wait till your finish college to startup your business
As a student, everyone wants you to succeed – and no one worries if you fail.
You’ll never a get a better opportunity to test things and experiment. Start a business and use every support resource available to you (there’ll be lots).
Top tip: Get started now – enter every business plan competition going (but just refer to point 1 above when you win)
4. Believe that writing an amazing business plan means you’ll have a great business
It doesn’t.
Top Tip: Stop writing. Put your idea out there today and see if anyone will buy it
5. Put your faith in advice from text books
If you’re interested in anything remotely to do with technology – by the time you’re reading a university approved, chances are they’re out of date.
Top tip: Instead read anything by Steve Blank, Eric Ries and Seth Godin
6. Ask academics for help
They mean well – but unless they themselves have grown a successful business, they’ll give you the wrong advice
Top tip: Only get advice from people who have done what you’re trying to do
7. Not have the time of your life
All this does beg the question – why go to university at all if you plan a road of entrepreneurship? It’s a question I’ve grappled with frequently.
Would I be further in my entrepreneurial journey now – if I didn’t spend 4 years of my life, aged 25 – 29 going through university?
Ultimately that’s a question no-one will ever know the answer to.
However I firmly believe that university has given me the foundation to build something solid upon. I feel infinitively more confident in my abilities now than before I started University. And I had a great time too, which doesn’t hurt 
Top tip: Enjoy it
Your Turn: Are you a student entrepreneur – what are you learning about Entrepreneurship?
Have you left university – What have you learnt since leaving? Tell us in the comments below
February 21, 2012
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