BECOMING AN ON-CAMPUS ENTREPRENEUR
Since the days of selling lemonade on your parent’s front lawn, you’ve known you have an entrepreneurial spirit. Now as a student, that call to create a side business on campus is growing louder.
So how should you begin this new journey of making a few extra toonies on your own terms?
“I would say that they should look to start something that either draws on what they have learned through their studies,” says Leanna Verrucci, entrepreneurship manager in partnerships and applied research at Algonquin College. “Or if they have a hobby or skill that they can turn into a side business.”
“For example if they are in the office administration program they could look to becoming a virtual assistant or if they are taking creative or professional writing they could proofread papers or final presentations for fellow students,” she says. “If they are in graphic design they can rent a table and sell their designs. If they are in the photography program, they could do the same or sell their photos online.”
Dr. Leo Wong, professor of marketing and strategy at MacEwan University, runs a course in which his students develop and run a business for five weeks, on a five dollar loan. Proving that entrepreneurship can be born of creativity and dedication rather than massive funding, many of his students have gone on to keep those small businesses afloat well after graduation.
“A group of students created StudentHire.ca, and their concept was to help other students get employed,” says Dr. Wong, adding that students check out sites like these as a means of finding a side gig suitable for them. “They went on to be quite successful.”
If a student has a bright entrepreneurial idea that expands well beyond just campus walls, Dr. Wong’s immediate advice would be to consider building a team to rally around them.
“You need to know what your skills are and your weaknesses are and then find people to compliment your skill set,” he says. Don’t ever think you need to be the best at everything.”
And if the business a student has in mind appears as if it would benefit the school population, Verrucci encourages any entrepreneurial-minded student to run the idea by Algonquin’s administration.
“We sit down with them to discuss their idea, both to be a sounding board but also to steer them in the right direction,” says Verrucci.
“The college does have a set of guidelines as to what and how to operate on campus they are required to be followed.”
Verrucci gives the example of an entrepreneurial young man who was providing haircuts in the campus washroom but, unfortunately, his business was short lived as it did not meet the criteria set out by the risk management department.
“It’s always best to check before setting up shop.”