9 Back to School Lessons for Entrepreneurs

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For students across the country, the lazy days of summer are coming to a close and a new school year is right around the corner. As an entrepreneur, you can learn a lot more than you think from back-to-school season. Here are 10 school-inspired tips to apply to your business strategy.

Do your homework

While no small business is guaranteed to be successful, one thing that will improve your odds is doing your "homework." For an entrepreneur, this means thoroughly researching your competition, financial options and target market, as well as putting a solid business plan in place before you launch your startup. You'll have a much easier time passing the big tests of a startup — the elevator pitch, your marketing strategy, the first sale — if you're thoroughly prepared.

[Tips for a Great Elevator Pitch]

Go for extra credit

Providing exceptional customer service and going the extra mile for your customers can make all the difference in getting repeat business. Respond to questions and concerns quickly express your appreciation for their business and take the time to talk to your customers to learn about them and what they want. Friendly, personal interactions will earn you a solid "A" in your clients' minds (and probably a nice profit in your bank account, too).

[7 Ways to (Really) Know Your Customers]

Teacher knows best

Mentorship is extremely important for entrepreneurs, especially when they're first starting out. You can really learn a lot from someone who's been in your shoes. A mentor can put you in touch with industry connections, help you through your startup growing pains and give valuable insights for your present and future business goals. Even if you don't agree with all the advice you're given, respect your mentor's willingness to share the time and energy to help you learn and grow as a business owner.   

[How to Be a Good Mentor]


You can't be too prepared

Remember when you moved into your first college dorm and thought you brought way too much with you, only to discover that the extra screwdriver you packed came in handy mid-year? Similarly, you can never be too prepared when it comes to running a business. Even if it seems like you're overthinking, it's good to be ready for even the most unlikely of situations. What will you do if you don't raise all the funds you need? What if one of your team members unexpectedly bails on you? What if you need to rethink your entire branding strategy? Knowing what to do in the event of a crisis will help you navigate any obstacles you might encounter.

[8 Ways to Prepare Your Business For a Personal Crisis]

Make connections

College students are constantly told to network with professionals in their future career fields. As many grads — and entrepreneurs — have learned, the right connections can open up opportunities that would have remained closed otherwise. Take every chance you get to reach out to other small business owners, whether it's to get a few tips, do a small favor or just have a friendly conversation. You never know who might be able to lend a helping hand to you at some point down the road.

[5 Tips for Building a Solid Professional Network]

 
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