how to start your first business (as a student)

Summary

In this video, viewers are guided through six key steps for starting a business as a student. From spotting a problem to using available skills and resources, the video emphasizes starting small with a minimum viable product (MVP). It highlights the importance of feedback, getting your first users, and promoting your business using organic methods. The focus is on leveraging the flexibility and resources available as a student, such as AI tools like Claude, to refine and grow the business. By staying iterative and embracing the learning process, students can successfully navigate their entrepreneurial journey.

Takeaways

• 😀 Starting a business as a student is an excellent opportunity to take risks and leverage available resources, such as campus facilities and AI tools.
• 😀 Many successful companies like Google, Dropbox, Reddit, and Snapchat were founded by students while still in school, showing it's possible to turn small problems into big opportunities.
• 😀 Finding a problem to solve is the first step—look for inefficiencies or annoying issues in your daily life or campus that could be solved through a business.
• 😀 Your skill set, whether it's coding, design, or even soft skills like speaking, is enough to get started with a business. Don't wait for the 'perfect' toolkit.
• 😀 Use AI tools like Claude to generate business ideas based on your skills and interests. This can help pinpoint low-cost, profitable business solutions.
• 😀 Start with a simple version of your product, known as an MVP (Minimum Viable Product), to test the market before fully developing it. A quick demo or prototype can work wonders.
• 😀 Acquiring your first 10 users is crucial. Focus on feedback and iterate quickly, rather than worrying about perfect marketing or polished products.
• 😀 Feedback is key to improving your business—gather as much as possible and look for patterns to identify what users like and where improvements are needed.
• 😀 Marketing doesn't always need a budget. Organic marketing, such as social media posts and word of mouth, can be highly effective in reaching the right audience.
• 😀 Reinvesting in your business and continuously improving your product through a feedback loop will help your business grow over time. Focus on refining the product before worrying about aesthetics.

Q & A

Why is it a good idea for students to start a business while they are still in school?

Starting a business as a student allows you to take more risks, access world-class resources, and potentially tap into a network of support designed specifically for young entrepreneurs. Unlike after graduation, when responsibilities like a mortgage and family come into play, being a student offers more flexibility to experiment with business ideas.

What is the key takeaway from the story of Snapchat's founding?

The key takeaway is that successful businesses often start from small, simple ideas that address a specific problem. Snapchat began as an app to send disappearing photos, a simple solution to the fear of digital footprints, which eventually became a billion-dollar business.

How can students identify business ideas that are worth pursuing?

Students can identify business ideas by reflecting on their daily problems, asking friends and family for input, or using tools like AI to generate ideas. By identifying small inefficiencies or annoyances, students can create businesses that address these issues and solve real-world problems.

What is the significance of using your existing skills when starting a business?

Using your existing toolkit—whether it’s coding, writing, speaking, or any other skill—allows you to build a business without needing to master new skills first. The goal is to start with what you know and build a solution you can create, rather than waiting for the 'perfect toolkit' to appear.

What does the MVP (Minimum Viable Product) concept mean for new businesses?

The MVP concept encourages entrepreneurs to build the simplest version of their product that works, rather than spending months developing a complex product. It’s important to get feedback quickly and test the idea before investing too much time or money.

Why is getting feedback from the first 10 users critical for a new business?

Getting feedback from your first users allows you to understand the strengths and weaknesses of your product. This helps you refine your offering, prioritize improvements, and ensures that your product meets real customer needs before scaling it further.

How can AI, specifically Claude, assist in generating business ideas?

Claude can help by analyzing a student's situation and generating tailored business ideas based on their skills, interests, and student pain points. It can also provide profit potential assessments and suggest solutions with low startup costs, offering valuable insight into viable business options.

What are the first steps to take when trying to market your new product or service?

The first step is to focus on getting your first users through scrappy marketing, such as approaching friends, family, and strangers. The goal is not to scale initially, but to test your messaging and refine your offering based on real feedback from actual users.

How can social media play a role in growing a new student-led business?

Social media, particularly platforms like Instagram and TikTok, can help you reach a large audience quickly and organically. By posting content that resonates with your target audience, you can create viral moments and attract users without spending money on paid ads.

What is the importance of reinvesting in your business to scale it?

Reinvesting in your business allows you to continuously improve your product, scale your marketing efforts, and optimize user acquisition. By keeping the product feedback loop in motion, your business will evolve and become more attractive to a larger customer base over time.