We all understand that money can be a powerful motivation.
Most of us don’t realize it, until we starting making some money by ourselves at regular intervals of time.
Students can be enterprising, independent and smart.
The question is how ?
They can do a lot of multi-tasking with their studies, researching into unknown territories, coordinating events, excelling at extra-curricular activities and so on.
Well that gets one, some good experience, dedication, time management skills, and people management.
However, students may be “Independent” financially.
Not because they are deprived of finances, but because it helps them understand the principles of generating money by their ideas.
How to convert an idea into a money making machine… ?
The product/service which probably may qualify to be a successful startup has certain characteristics such as:
- It caters to a specific need of a larger community or immediate smaller group
- It is easily accessible by different means (consider online access and never forget the traditional way)
- The demand for it is perpetual (lasting an indefinitely long time). It need not have to be in super high demand. It needs to be asked daily. E.g. Bread.
- It does not require a lot of investment at the beginning
- Can be coupled with other existing products/services (especially useful while starting, e.g. you can bundle your product or service with some other product/service. e.g. Think DELL and Microsoft)
- It can be started in a garage or in the basement. (no huge real estate requirements)
- Can be started with a single individual or two. Two is preferred.
- It can be described easily to an average individual
- Takes less time to monitor by the business owner (Spending an hour or two at the beginning should be suffice. Remember your primary objective is still to succeed at studies)
- Should be able to diversify
- Being aware of financial lessons which are not taught in classrooms, but gained by experience is a HUGE advantage when one graduates.
The idea here is not to make ONLY money, however in a long run, be able to learn how to shape an economy.
Once one masters certain principles of making money, money just keeps flowing.
Keep the input and output flow of money at almost the same rate.
Keep the money always flowing, never keep it static.
Otherwise one runs a big risk of not making more or even losing it.
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