TRICIA PHILLIPS

Students can struggle to find employment once they finish their studies but maybe more should consider taking the plunge and start their own business.

If you’ve got a good business idea then have a look at NACUE’s Varsity Pitch competition which is on the lookout for the best business ideas from current students at UK universities or colleges, and recent graduates.

All finalists get mentoring from business experts during the competition who will challenge your thinking and ask questions on issues that you may not have considered. The winner gets £10,000 as well as considerable networking opportunities.

There are many challenges in setting up a new business. Tips for budding entrepreneurs provided by previous winners and finalists include:

Ryan Robinson of Aeropowder (which uses chicken feathers for insulation): “Don’t wait for things to be perfect, and make use of external advice. It’s not as scary out there as you think, so seize the opportunity.”

Raissa de Haas of Double Dutch Drinks (sells drink mixers): “Launch your product as soon as you have something. Get feedback while testing products in the market as you will learn a lot faster what your customers actually want.”

Joanna Montgomery of Little Riot (its first product, Pillow Talk, enables users to hear the heartbeat of their partner): “Just start. Try testing or validating your idea. Show up every day and do something, anything, to move your business forward. You don’t have to be proud of every single decision.”

Applications for this year’s NACUE Varsity Pitch competition open on Tuesday at nacue.com/ events/the-varsity-pitchcompetition.html.