To all the engineers and handy students out there, now is one of the best times to start a business. Not only is finding a problem and creating a solution and business around it one of the world’s most loved DIY projects, but it’s also the ideal time for it. Your college years will be some of your most creative, inspiring and exciting in your life. You owe it to yourself to take hold of that inspiration and run with it. Start a business! What better place to do so? You have all the resources and research around you. There are hundreds of excited students who can help you too.
If you’ve had a spark of an idea, use your time at university to take this further. Develop your idea and turn it into a viable business plan. Use your tutors as mentors and figure out if it has universal reach. Take advantage of the equipment and resources available to you to build prototypes and test designs. You’ll never have this much time or access again. Convinced yet? Let’s take a look at some more fantastic tips on how to capitalise on this time.
Sparking and developing an idea
The first thing that all entrepreneurs need is that first idea. This will often come to you at the strangest times; in the shower, on a run, or in your sleep! You can’t force this process, but, there are ways to make this spark appear. First of all, get deep into your circle of students and colleagues. Talk about the issues and problems in the engineering world or the construction world. Think about what would make the process easier or better. Use textbooks and follow real life developments. Look to the future and see where your industry is heading. Can you exploit a movement or a trend. Keep these in mind at all times, and a great idea will come to you.
Space to work
For any hands-on entrepreneur, you’re going to need a space to work. This is where you can take advantage of college facilities. Use the workshops after hours or get into the research labs with supervised access. Most tutors will be willing to allow this sort of access. If you’re feeling ambitious, you could set about turning your dorm room into a workshop. We know plenty of engineering students who have tools and metal lockers in their dorm rooms! They work on their own projects through the night, and so could you. Take this time to develop your idea and build prototypes.
How to turn this idea into a business
Now comes the hardest part. The idea and prototype is just the start. After that, you need to turn it into a viable and profitable business. The first thing to do is establish the need and demand for your invention or business. Use the vast resources available to you to help determine this. Get feedback from your tutors and fellow students. Don’t be afraid to ask for critical feedback. It will help you hone the design and product further. Start to build a full business plan. Make a budget and figure out how much money you need to take this forward.
If all this is getting your brain whirring with ideas, what are you waiting for? Hit the notebook and start making plans!