5 Useful Advices for New Student-Run Startup

Do you know Jeff Nobbs? He is a student-turns-to-be-startup-founder who builds Extrabux. He founded Extrabux during his student life at the University of Southern California in 2006. He and his co-founder, Noah Auerhahn, worked on the project while they were still in school. After two years in junior year, they submitted Extrabux to USC business plan competition. Winning the first place, they got $25,000 to leverage their business. Now, Extrabux generates revenue up to $10 million.

Another successful student running a startup is Mike Mothner. Mike started building Wpromote when he was in sophomore year. During his senior year, Wpromote already had hundreds of clients and its service was generating thousand dollars of revenue per month. However, Mike was not sure if he can grow his business so he worked for Goldman Sachs. Inspired by Sachs and other successful founders, Mothner was interested in generating more revenue so he decided to build a bigger business out of Wpromote. Up until now, Wpromote generates more than $10 million in profit.

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Those two examples of successful student-run startups are among thousands who never give up and eventually pave their way to success. They are also two of many examples of successful founders who create new business from scratch without dropping out of college or school. Very inspiring, isn’t it?

Unfortunately, following their footsteps to victory could be challenging and not so easy. First of all, managing time and juggling task between running your business and studying as a student is not a piece of cake. That being said, if you want to follow Jeff’s and Mike’s success and be the next multimillionaire at an early age, here are some useful advice you should listen.

Advice #1 Know your priorities

Being a student and founder at the same time is a daunting responsibility. You should know your priorities over and above all. Help yourself to do so by understanding your long- and short-term goals. Write down your objective and next move, as well as time needed to achieve those goals. Most importantly, all successful founders are those who can beat their procrastination habit. Remember don’t wait for the right time, sometimes you need to create the right time.

Advice #2 Connect, always connect

You cannot succeed all by yourself. There will always be supporting medium and helping audience behind your success. So, join an event or social gathering as this kind of togetherness can help you learn independence as a way to succeed in your business.

Advice #3 Acknowledge yourself

Michael Wolfe, founder and entrepreneur at Galdly, advised that before you begin your journey as a startup founder, knowledge is required. You will surely be able to cut years of wasted time off of your career by reading these following books:

Advice #4 Join competition

Remember Jeff and his partner, they joined a competition and won thousand dollars to fund their startup. Same like them, you should test your idea and join a competition to know whether your idea is worth a multimillion-dollar or not from experts’ eyes. Additionally, by joining a competition, you can meet more successful individuals and this probably could help you stay creative and motivated. Know success won’t always find you, you should come looking for it.

Advice #5 Talk to expert and open-minded people

Tom Field, an entrepreneurially-minded student, commented that in order to grow, you should get involved with like-minded people as they can help you hone your entrepreneurial skills. Not only do they give a new insight into new world in your industry, talking to experts can give you the courage to actually start your startup as well. They might also help or advice you when you are at the bottom of unsuccessful ideas.

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