Feeling a little stressed out about money? Worrying about making ends meet isn’t a good feeling, but what you might not realize is just how deeply these financial difficulties impact your mental and physical well-being.
People who are financially stressed are more likely to suffer from headaches, poor memory, and sleeping issues. The longer this stress weighs on your mind, the worse your symptoms get.
You have your fight or flight hormones to thanks for that. Cortisol and adrenaline flood your system when a situation or predator threatens you. Once the perceived threat passes, these hormone levels should return to normal.
But if you’re overworked and struggling with bills and other unexpected expenses on a daily basis, the threat never passes. To your hindbrain, it feels as though a predator is always waiting around the corner, which means your stress-response system never lets up.
These are serious setbacks that can have a profound impact on your qualify of life. That’s why it’s crucial you learn how to take control of your finances. Learning how to manage your money better will help you feel better in body, mind, and soul.
The 6 Ways to Improve Your Finances and Beat Stress
#1. Draw up a Budget
Managing your money without a budget is a lot like taking a hike without a map. You might be fine, but you can very easily get lost. Except when you lose track of your money, you may end up overspending in ways that hurt your financial security.
Drawing up a budget helps you visualize your responsibilities and gets you thinking about your goals. This process empowers you to control where your monthly income goes, down to the last penny. It makes sure you prioritize your cash to cover your immediate needs first while still having some money leftover to save and have fun.
#2. Make Actionable Changes
Your budget may bring some alarming issues to light. The worst of them is when you’re spending outstrips your earnings.
This isn’t always your fault because you spent your paychecks on jewelry and cars. Sometimes, it’s because your earnings haven’t kept up with your basic cost of living.
If this is the case, it’s time to figure out what you can do to change your living expenses or income.
#3. Build up an Emergency Fund
A well-balanced budget will set aside savings in an emergency fund. This account provides backup when an unexpected expense requires more cash than you have on hand.
Knowing you have this back up can come as a huge relief if any thing goes sideways. You won’t sleep if you have to take your car to the shop. You won’t have to second guess costly medical treatment when you’re sick.
#4. Use Credit Sparingly
Credit can come in handy when an emergency comes your way before you can build up an emergency fund. Sometimes, an online line of credit is a safety net that catches you before you fall on your face.
But like any financial product, a line of credit has a time and place. Most credit experts recommend using these in unexpected emergency expenses when your savings are low.
Using a line of credit to afford the fun things in life — things like vacations, clothes, and cars — isn’t a good idea. A line of credit should also never be used to make ends meet, as this can only make your money trouble worse. Every purchase you can’t afford becomes a debt you can’t repay that’s also subject to interest and fees.
#5. Talk to a Financial Advisor
If you’re relying on a line of credit to get by, it’s time you speak with a professional. There are free counseling programs available that guide you through budgeting, debt reduction, and other financial concerns. Get in touch with a financial advisor to talk about your options.
Chronic stress takes a heavy toll on the body, but it doesn’t have to be a weight you carry on your own. Reaching out can help you understand this is something millions of people with struggle with. According to a recent study, 90 percent of Americans say money impacts their stress levels. Meanwhile, 65 percent of Americans are feeling overwhelmed by financial difficulties.
Even if you don’t need an official credit counsellor, consider speaking with a therapist or a loved one. Getting your fears and worries off your chest can come as a huge relief.
#6. Seek a Physical Outlet
While you’re working hard to tighten up your finances, don’t forget to schedule a time for your fitness. A walk, Pilates class, or swimming laps — anything that helps you get your limbs moving and the blood flowing will give your mental well-being a boost.
Physical exercise releases feel-good endorphins that improve your outlook on life. And, let’s face it — regular physical activity will increase your energy and stamina so you can devote more time to things you enjoy.
Stress, whatever its source, puts your body through the ringer. And it’s hard to take on such an important challenge like your finances when you’re already feeling tired, withdrawn, or ill.
How can you expect your mind or body to perform at its best if it’s distracted by stress? If you’re losing sleep over your financial situation, put these tips to work. Take back control of your budget to live a happier and healthier life.
If there’s something that I know for sure is that your body and mind are two separate entities that correlate perfectly to make human species top of the food chain. The reason why I like to emphasize that the mind and body are different entities is that they must be treated differently.
Health means a different thing for the body as it does for the mind. For instance, our body needs a specific exercise and nutrition routine to stay healthy, while our mind needs good information and meditation to stay in a healthy, sane state.
The magical thing about them is the way they correlate both positively and negatively – meaning if you keep your body healthy, your mind will be healthier too and the other way around.
Therefore, if you want to improve your work results – which represents your mind performances – all you have to do is to make sure your body is in good, healthy shape. The best way to make sure of that is through fitness.
Well, just because it is not just about physical exercise – fitness is about nutrition too. The exercises and effort will be almost in vain if you don’t mind your nutrition and I believe that every coach will stand by my statement. With all of this being said, in today’s post, we’re presenting how fitness can impact your work results.
The 5 Key Benefits that Fitness has on Your Work-Life
#1. Overcomes Stress
We know for a fact that we live in an era of stress. It feels like we always have a plane to catch and a problem to solve. Stress is no longer part of our life – it’s actually our life. And yet stress is a factor that reduces our productivity and efficiency at work. Luckily, there are many things you can do to overcome stress.
Fitness is one of the greatest tools against stress because physical exercise releases endorphins which are well known for the good mood they come with.
#2. Boosts Your Performance
Well, think about it. You feel good because of the endorphins, and exercising will cost you energy but is also providing if you are not doing it for the sake of pumping your muscles.
As well, the nutritious food will provide your body will all the nutrients and vitamins needed. If we put it all together you’ll find yourself full of energy that provides a better focus, which is very much needed at work. So, more energy leads to better focus, and that leads to better performance – it’s that simple.
#3. Builds Confidence
Since you’re doing physical exercise and you’re choosing your meals and snacks wisely, it’s obvious that such a change will show on your body – which is a terrific bonus if you ask me.
Therefore, if you look better and you start improving your performance at work, naturally you’ll feel more confident. Now, confidence is the golden key to success. Confidence comes from proof that your skills are really great and you live up to your potential.
With that being said, confidence can only skyrocket your results at work.
#4. Increases Productivity
We already established that you gain more energy and focus, but let’s talk about another perk – productivity. In sport, we learn to be more disciplined and cut time-wasting activities from our life.
And this discipline we learn in fitness it will show on the way we live our life too – including our job. Therefore, with more energy, focus, and discipline, you can only be more productive at work. Am I right?
#5. Less Absenteeism and Fatigue
Last but not least, if you feel better in your skin, you are more productive and better performances, the chances are that you will miss fewer days from work. This is also because you are healthier and illnesses won’t stay in your way.
As well, you know that by 2-3 o’clock that fatigue state kicks in and your energy levels are close to 0. With nutritious food and physical exercise, that fatigue will drastically diminish. Therefore, here are two more problems solve that once used to stay in the way of your good results at work.
Proper fitness has its main focus on the health of your body – and we all know the saying “a healthy mind in a healthy body.” With that being said, our mind will have all the chances to perform better and at its best rate if we implement fitness in our life.
Above, you have just a hand of proven benefits of how fitness can improve your results at work. Therefore, the decision lies in your hands. Will you make the effort to live a healthy life and improve your work results and implicitly your salary (maybe), or you’ll stick with the average?
John Peterson is a highly skilled journalist and custom essay papers writer with over 4 years of experience. John is currently working for the London magazine “Shop&buy.” John's writing skills are showing in his amazingly written book, “His heart.” Besides writing, John has another passion. He is a professional mini-tennis player. If you want to get in touch with john, you can find him on Facebook.
You’re fresh out of college and ready to begin the next chapter of your life. There’s a lot of exciting moments ahead of you as a young adult—but there’s also plenty of hurdles that will come your way.
Whether you’re starting a new job, paying off student loans, or moving out of your parents’ house, your early 20’s can be full of financial instability and stress. But by familiarizing yourself with financial literacy, you can be better prepared for success as a young adult.
Here is a guide to beginning this journey:
What is financial literacy?
Financial literacy is the idea of being competent and knowledgeable in different money management skills, which allows you to take personal financial matters into your own hands. Obviously there are some situations where you may need the advice of a professional, but for the most part, you should be capable of managing your accounts and making sound decisions.
This means being able to successfully take care of the basic necessities like moving money around from your paycheck, making loan payments, and maintaining a healthy budget. It also means being able to make tough, but important financial decisions for some of the large milestones of your life, like purchasing your first home or setting up a retirement plan.
Financial literacy is all about self-improvement and gaining knowledge, so it’s never too late to start, and there is always room for improvement.
Important milestones for young adults
Once you begin your adult life and find your first full-time job, there’s bound to be many other “firsts” for you along the way. While all of these milestones are specific to the individual, and some of them may not apply to you, others will and you need to be prepared for everything that gets thrown your way.
Here is a list of some important milestones for young adults, with a financial literacy tip or trick for each:
Once you start earning a steady paycheck, you may think it’s time to purchase your first car all on your own. So the question becomes, how much should you spend? The general rule of thumb is that you shouldn't spend more than 15% of your monthly take-home pay. For this reason, you may strongly consider leasing your first car rather than buying. Not only is a monthly lease payment cheaper than if you were to buy the car, but you’ll be able to get a newer model and are only tied to a three-year contract in most cases. Even with a lease, you can still negotiate the price, and if you want to keep the car at the end of your contract, you can usually purchase it for the remaining balance.
Starting a retirement plan:
Although your retirement may seem like it’s decades away, you really need to start planning as soon as possible. If you plan ahead correctly, the money in your retirement plan should grow over time. This means that the earlier that you begin financing your retirement, the better off you’ll be in the long-run. The first step is to take full advantage of the 401(k) program that your employer offers. Ideally, you should be contributing between 10 to 15 percent of your paycheck, but if you can afford more it’s even better. At the very least, you need to be matching your employer’s contribution, which is usually between 3 to 6 percent. This benefit is like free money, so taking full advantage of this will help you out in the long-term.
Paying off debts:
Time is of the essence when it comes to paying off debts. The longer it takes you to make payments, the more the interest will compound—this means it will take you, even more, time and money to pay off your debts. The key to paying off debts is to create a realistic plan and timetable by evaluating your overall budget. It certainly can be hard enough to keep up with the minimum payments, but you really should try to pay off even more if you’re able to. Unfortunately, this means that you may need to place a firm grip on your spending habits. To make things a bit easier, you can follow different debt management plans like the debt snowball or avalanche methods.
Becoming financially independent:
There’s not a more freeing feeling than becoming financially independent from your parents. Many young people receive financial assistance from their parents throughout college, and even into young adulthood—that’s nothing to be ashamed of. But being able to go out and do things on your own dime is a source of pride and accomplishment for young adults. One of the most important steps you can take to become financially independent is to set goals.
What expenses are your parents covering? How will your budget and save to start covering those expenses?
Having honest and open conversations with your parents can help you create a plan and learn along the way.
Financial skills that young adults should know
In order to guide yourself through early adulthood and all of the milestones that come with it, you need to be well-versed in various financial skills. Being able to save, budget, and invest are all important facets of financial literacy.
Here is a list of some skills that should be the foundation of your financial decision-making as a young adult:
You’ve likely already learned how to budget from the time you had your first part-time job. However, as a young adult with more responsibilities, and more money, it’s time to establish a more in-depth budget. If you haven’t created a spreadsheet that breaks down your monthly income and various expenses by category, that’s step one. But you really should try to budget for several years into the future. This is the only way to prepare for larger expenses in your late 20’s, such as buying your first house. If you want to have enough money for a down payment, the time to start saving is now.
Once you’ve covered your monthly expenses and set aside part of your paycheck for a 401(k), you can start exploring other investments. It may be tempting to spend any additional income on your “wants,” but making the right investments is one of the best ways to grow your income and earn more over time. If you want to make more long-term investments in a retirement plan, you can invest in a traditional or Roth IRA.
The main difference between the two accounts is when you pay taxes on the money—a Roth IRA is for after-tax contributions and a traditional IRA is for pre-tax contributions. A Roth IRA is better for individuals who expect to earn a higher income later in life, making it the preferential choice for young adults. If you’re looking for more short-term investments, popular options include money market funds and short-term CDs.
Many young adulthood milestones are much more financially feasible if you have good credit. Having a poor credit score will lead to higher interest rates on loans, which could cause even more issues with debt. Sometimes, you could even be denied access to a credit card if you have a bad score. According to a poll on credit card usage, this is one of the main reasons why more than 1 in 4 young adults (age 22 to 30) doesn’t even have a credit card.
Luckily, it is possible to still access a financial account without a credit check. These types of accounts offer the perfect stop-gap to access banking features until you are able to build credit. As you start off young adulthood, two things are critical to building and improving your credit score: making your bill payments on time and paying off debt. If you can do these things routinely, you’ll be on the right path.
How to practice financial literacy
Now that you’ve learned a fair bit about financial literacy, and how to apply these skills to your personal finances throughout young adulthood, it’s important to remember that you should always be practicing. Financial literacy is a mindset.
It’s all about gaining knowledge.
Take what you learn and apply it, but also never stop learning. Expand your knowledge and skillset by staying up to date with industry trends. Read books and listen to podcasts from thought leaders in the finance industry. Take your experiences as a young adult and carry them with you into your 30’s and beyond.
Never settle for your current financial wellbeing; there’s always room for improvement.
Business school is a great step towards the future of any student. Career-wise, there are a lot of possibilities on completion of a business program.
So, as a student, you might want to make the best out of your business school. We’ve gathered some of the tips for students undertaking their business studies so that by the end of it, they won’t have many regrets concerning what they should’ve done better.
Prioritize Your Studies
Business school demands that students give their best. You need to have clear objectives for your education before you even take your first class. What are you aiming to achieve? What are your goals, and how does business school fit into that plan?
After ironing out what you intend to succeed, you are more likely to put more of an effort. Prioritizing your studies means avoiding unnecessary distractions and dedicating a good chunk of your time to studying and other academic feats.
Planning is what comes after you decide you will take the program seriously. It is a step in the right direction for any goals an individual aims to achieve. For one, you need to plan your study time. Break down your time and allocate it properly, depending on priority activities.
For example, aside form class time, you need to have some free time to go through what you have learned every week. Planning is crucial for students who combine their MBA with another course or pursue a dual-MBA degree. Here, time is limited because one has to juggle between two fields. But with proper planning, you will manage your studies well and avoid fatigue.
Don’t Stress Too Much Over Grades
In business school, the essential thing is the learning and not the grades. It doesn’t mean you should neglect your exams or fail to study for them. It means you don’t have to struggle too hard to get an excellent GPA. Also, it would be best if you were not too discouraged about average grades, either. Take some risks while learning. For example, take extra classes without the fear of failure.
In the current world, knowledge and determination can take you far. However, the journey can be made easier by being well-connected. In business school, there are different types of connections you can create:
You are likely to meet some of your colleagues in the future, some of whom might be useful contacts in your career. Therefore, it’s good to cultivate meaningful relationships during this period and not just drinking buddies. Invest in people whom you share some core values.
Your professors are well-connected individuals since they have taught a lot of students, some of whom end up making it big in life. Good professors are likely to link determined students with contacts in the outside world when they graduate, which can be useful.
• The alumni board/office
Alumni associations are a great source of connections, especially for students who have a hard time making friends. Having these connections might benefit you in the long run.
Prepare to Feel Like Giving Up
Business school is not easy. There are loads of assignments to complete, exams to do, presentations, and other academic tasks. Sometimes, it would feel overwhelming, and you might find yourself saying, “I can’t write my essay.”
As a student, you need to toughen up and work through some stressful times and even anxiety in some cases.
You need to be strong-willed and see it through. The world is competitive, and in business school, students learn to adapt and become competitive themselves, which is an attribute that often gets individuals far in their careers when adequately nurtured. So, don’t give up on your first year just because things seem tough. Toughen up and rise to the challenge.
Join a Club
Business school is more than just focusing on the academic side. You can invest some of your time into something like a club where you would be in a better position to meet new people. Aside from making new friends, joining clubs creates a good source of connections. Furthermore, taking up leadership roles in clubs helps you stand out in the future to employers.
Acquire an Internship
Business students need to be well-rounded in terms of their studies. It means being able to apply what they learn in class to the real world. Internships are a great way to do precisely that. So, you should apply for several internships until you find one that accepts you. Research about firms that are related to what you are pursuing. You can even ask academic advisors or professors who might know about such opportunities. It’s always good to begin the hunt for an internship early since there is still some competition, just like for job openings.
Choose Your Major Well
Choosing your major is a critical thing. There are different factors involved when choosing a major, but it all comes down to your preference. It is advisable to speak to an academic advisor before choosing because they have a good understanding of each focus and will provide a more straightforward decision making a route for you. Academic advisors can show you what you might expect and help you find the best fit for your business major.
Include Some Foundational Courses
From choosing a major, you also need to select your classes well. For most of the first semester, it is usually general information and some prerequisite business courses. If you are taking business without any other prior business background, the foundational or prerequisite courses are a great place to start. These are the background areas such as statistics, economics, and accounting.
Various business schools provide students with exchange programs where they are provided with the option to take the time to study abroad. You should always take such an opportunity. It is because it is almost the best time to travel since, in most cases, one does not usually have a lot of significant responsibilities keeping them grounded.
Furthermore, studying abroad gives you the exposure you need about how things operate in various countries. Besides, you get to learn the different cultures, and hence you will have the chance to clear up any stereotypes you might have heard. Travelling also builds connections in foreign countries, which makes you well-equipped if you ever go back to the country where you studied. Furthermore, studying abroad will expose you to some unique opportunities.
Make Use of the Resources
There are a lot of resources available to students in the business school. They include the professors, student advisors, the libraries, the clubs, and other extracurricular activities. Make the most out of these resources since you have paid for them.
Wrapping It Up
Business school can be intimidating, especially in the Ivy League institutions. However, you need to accept the challenge and rise above. Challenge yourself to be better and be ready to face any discouragement in your pursuit.
Strive to be better, but don’t engage in pointless competitiveness with your classmates. Remember your main goals and live by them.
Besides, don’t be afraid to study abroad. If such an opportunity arises, consider taking it as it would expose you to other good things and connections. Finally, always treat your colleagues in school like future partners in business. They are part of the contacts you might have in the future.
With all the possible courses that one can pursue, there is always the choice to take on a business course or add a business degree to your accomplishments.
Over the years, the hiring requirements have evolved, and currently, a lot of positions demand specific skillsets. Business courses are famous for providing a variety of essential skills that might benefit learners even after they graduate.
This article will thus enlighten you on why you should consider taking a business course.
You Can Combine It With Your Passion
One main advantage of business courses is that they are not as demanding as most top-tier courses. It means you don’t have to be obsessed with a career in business, but you can acquire a business degree and still pursue your passion. You can combine a business course with any program you are taking and complete it as a double major.
Several universities offer such options, and taking such opportunities further strengthens your resume when you graduate.
The Skills You Learn Are Transferable
Business courses equip students with a lot of essential skills. These are skills that individuals get to apply in their future careers or any positions they might hold. When learning business, one becomes good at the following:
Also, with courses that involve accounting and management, students learn the essentials, which will help them be better at handling finances and even handle managerial positions properly. With a business degree, a lot of what you learn serves you in your everyday life.
Great Potential Earnings
Do business courses pay well?
Yes. As a student, one of the main features you probably check is the monetary gains that would come after completing your course. Some courses are known to pay quite well immediately you join the job market, while others require a lot of experience and time to yield good earnings.
With business courses, the gains are quite good. For example, graduates get starting salaries as high as from $55,000 a year. It means that you would be set to earn well right after graduation to later years in your career path. It should be an encouraging factor since it means you will be able to start paying off your loans early and be in an excellent position to begin investing.
A lot of collegians don’t usually have it all figured out: some are generally not entirely convinced about what they want to follow as career paths. Business courses provide the flexibility one needs while they figure it out.
For example, a student might have the aspirations of owning a successful motor vehicle garage in the future. In such a case, being a good mechanic is just one of the requirements you might need. If you want the business to thrive and have full control of it, you will have to learn about capital, how to improve profits, losses, and other essential business operation procedures.
With a business degree, therefore, you would be able to plan financials properly and to manage other aspects of the business. With an adequate background in commerce, you would achieve your goals easily.
It Balances Theory with Practice
For many courses, a lot of learning is theory-based. Students tend to spend much time in classes absorbing information, with the hope that they will get to apply it all in the future. The numerous assignments even make one become a good paper writer for the concepts taught.
However, with business courses, students are exposed to both theory and practical application of what they learn in class. Many reputable schools of business have significant ties to local companies, and hence students are provided with real-life applications and experiences. Internships also offer a similar experience, and thus, students are usually well-balanced by the time they are ready to graduate.
Continue to Higher Levels of Education
When you have completed a specific degree, you always have an option to continue with your studies in the field of business. A lot of degree holders who pursued courses aside from business tend to complement their education by pursuing an MBA.
No matter what career path you might have taken, an MBA will complement the qualifications you already have. What’s impressive is that the classes are usually convenient with the schedules of most students. For example, you can choose night classes or even weekend classes depending on your availability. Then, if you are already employed, some employers provide some programs to help with tuition for the students worried about the costs involved.
Better Skills in Communication
When undertaking a business program, one of the core skills one learns is communication. Communication becomes an essential skill in the future since one will have to interact with others in any career path they take. Students learn the basics of communication and related skills such as listening and reading body language, which will facilitate their approaches to specific situations or interactions.
The Chance to Branch Out on Your Own
A lot of employed individuals often dream of becoming bosses and having no one to answer to in the hierarchy. However, for some, it just becomes a dream, but others manage to make it a reality. Business courses are the best when it comes to helping individuals branch out on their own.
Starting one’s own business can be challenging regardless of what course you took, but having some experience in the industry helps a lot. One becomes wiser with money and decision making. With a related background in business, individuals can craft better paths toward their independence.
If you are bent on conquering, a business degree is one of the theoretical trophies that you will benefit from in the future. If you are looking for a challenge such as combining your course with another, a business course is a great choice that will prove lucrative when you graduate. Getting an MBA is not as easy as it seems. It requires focus and hard work. So, it’s the challenge you might need in your life.
Learn How the World Works
There is a lot of business involved in a local and international basis. Knowledge in business helps individuals have a better understanding of how it all works. For example, understanding the economy and how money works help individuals make better decisions financially. Furthermore, various business programs involve students traveling to study abroad. Such individuals get exposed to different cultures and how things work in different countries and continents.
Great Chances of Employment
Students want courses that will lead them directly to jobs without having to wait too long. Some learners can wait up to 2 years without employment opportunities related to what they studied. With a business course, you would be in a better place because of the healthy demand for graduates with business-related expertise. On average, business students land employment opportunities within six months after graduating.
The business world is always welcoming for new graduates, and collegians have an excellent opportunity to become entrepreneurs after graduating. With business degrees, individuals are better prepared for the world with all the necessary skills.
Furthermore, business courses are not that demanding in terms of a student’s qualifications. Moreover, the fact that there is the flexibility to the point that you can combine a business program with another course is a bonus for any student as it helps to expand career path.
College is a fantastic time to start working on your dream career. Actually, many CEOs had their breakthrough ideas while in college. Mark Zuckerberg, Michael Dell, and many others launched their businesses back in college.
You can also emulate these entrepreneurs and be successful. But how do you manage to balance schoolwork and still pursue your entrepreneurial dream? You might ask. The two don’t have to be mutually exclusive.
You can acquire relevant and hands-on skills that are vital in running a business while taking your course. In fact, it’s advantageous to start your entrepreneurship journey while in college, mainly because you have lots of resources at your disposal, from supportive lectures who can be your mentors, like-minded students to share ideas with, to free resources like free the Internet to do your research and learn more.
So how do you develop entrepreneurial skills while in college?
Take the Right Courses
Being in college provides you with an opportunity to select from a pool of courses. To make good use of this opportunity, you should select courses that will benefit your business model. When you attend such classes, you meet both lecturers and students. It enables you to learn more about your venture early on. You’ll also get more time to practice and learn from your mistakes.
Some of the startups you see today began as school projects. The products began as prototype designs for project-based entrepreneurship classes. Usually, it’s the professors who provide guidance and advice to perfect your project and make it a success.
Team up With Other Students
College provides students with a lot of free time. In addition, it’s a multidisciplinary institution. Why not use your spare time to connect with other students? Spending time with students from various disciplines will provide you with diverse and innovative ideas. Students from other disciplines will also bring onboard different sets of skills that you require for your entrepreneurship journey.
Mark Zuckerberg, for instance, teamed up with his college friends in developing Facebook. He didn’t do it on his own. These friends are now part of his team. So if you are an aspiring entrepreneur, always have a diverse team of like-minded friends to share concepts and unique insights.
Find a Mentor
Getting a mentor is a crucial step when pursuing entrepreneurship. Your mentor should be an expert in your field to provide you with practical guidance. Executive research carried out in 2013 shows that 80% of CEOs participating in a survey admit that they had received mentorship.
The best way to get a mentor is to approach your professor. Most professors have operated business ventures or have been part of many startups and, therefore, have the practical experience to offer guidance. Also, they are well connected and might help you find a great mentor.
There are also lots of local experts who can make great mentors. Finding local experts is a great way to network, because it may come with additional opportunities such as internships.
Enroll in a Club
Entrepreneurs are supposed to be social beings. You must not isolate yourself. Go out and network vigorously if you want to get new opportunities. You can easily do that by joining an entrepreneurial school club or any clubs in your locality.
Clubs will enable you to gather with other like-minded people, collaborate, and even discuss your entrepreneurship plans and challenges. These clubs also organize events such as fairs that can provide an opportunity to tap for support. Besides, it’s an opportunity to promote your business if you have one.
In entrepreneurship, you learn better through experiential learning. So, do something entrepreneurial, even if it’s small in size. You can begin with something simple like a laundry business or an essay business and offer a dissertation service. Starting with an established business model will expose you to challenges of running a business and get to learn business techniques that you can apply to your business venture.
While starting with a venture you are passionate about is an option, you are more likely to get into losses. So, learn the ropes before you venture into your passion. And when you do, don’t fear failure. Failure will always be a part of startups and any other entrepreneurship ventures. In fact, failures will teach you better lessons and give you valuable experience for future success.
Make Good Use of School Resources
One of the biggest challenges entrepreneurs face is a lack of resources. On the contrary, most colleges offer free resources, including business advisers, library materials, free Internet, copy, and print services, among others. You also have student grants, mentors, and technology. Why not take advantage of these free resources and build your entrepreneurship skills?
Most startups spend a lot of money when starting. You can cut a huge percentage of these expenditures when you make good use of the free school resources.
Intern at a Startup
An internship provides a valuable experience that will come in handy when you start your own business. You should choose an internship based on what you admire. Besides selecting an internship in your area of interest, startups should be the preferred interning area for entrepreneurs. By interning at a startup, you get the skills of running a business from scratch. You get the experience of starting your business, forge professional connections, and it can also be a great opportunity to get people who can be your mentor.
Most startups are involved in various ventures, including seeking funding and marketing. When you are in the middle of these operations, you will know where to look when you start to operate your business.
It is a no brainer. You have to learn from others if you want to be successful. You can’t always learn from your mistakes. Take time to read what other successful entrepreneurs have done to be where they are. Besides learning some lessons, their stories will motivate you to work harder on your dream venture.
You can also research about competitors in the field you are passionate about. Learn about their startup phase, what they are doing at critical stages of their business, and how they identify their market. Researching will equip you with different ideas to better understand the market you intend to get into. With such information, you’ll be in a better position to compete with competitors and even crush them.
Take Free Online Classes
Adding one more class to your already busy schedule can be hectic. But it may be what you need. For business owners, learning never stops. You should always strive to keep updated about business trends and technology. It is because these are crucial factors that are ever-changing. Staying updated will, therefore, keep you a step ahead.
There are lots of online courses that you can learn at your convenience. Register for these courses and take time to learn something at least every other day.
For entrepreneurs, school is an opportunity to learn soft skills that would help them become all-rounded and successful business people. It is not about the piece of paper alone. It is about taking advantage of all the programs available to acquire skills and the time factor of starting early enough. So, use the tips above to hone your entrepreneurial skills now.