What University can teach you about running a small business

University can be an awesome experience for most people. Yeah, you might not have the opportunity to chase your crazy dreams, but sure can teach you a lot and speed up your progress after you graduate.

So, with such a valuable lesson that you can learn from university, what would be five takeaways you can take that will help you run your very own successful small business?

Well, there are quite a few more than five, but narrowing the list down to just five can help tremendously when it comes to running your small venture. So, let’s go over them, shall we?

Be frugal

The years of your university studies aren’t exactly known as the times where you’ll live lavishly, in a nice apartment, going out all the time. It’s rather a time of living frugally and managing to save as much money as possible.

Well, this can actually be a great opportunity to learn how to save money and be effective even with a tight budget. Something that most small businesses have to deal with and overcome the problems when it comes to surviving the harsh world of business.

So, try out new things, learn to budget and try to apply everything you learn to real-life and running your business. It will surely be rewarding.

Work hard

Work ethic is something that everyone has to learn with time and repetition. It allows people to push even through the hardest of times when they don’t feel like doing the work. And the university is great at teaching you work ethic.

Even though you might not want to sit down and study all night long and learn all this new information, sitting down and doing the work is a great way to teach yourself discipline and build your work ethic.

And when you’re busy building up your new business, work ethic is one of the things that will set you apart from competitors. And also keep in mind that the more challenging your university years are, the better for you. Places like the University of Winchester are much likely to teach you a good work ethic than other places where the whole vibe is much more relaxed and people really don’t put in that much work.

Get good with numbers

Yup, this one comes straight from frugality - you’ll have to get good with numbers. Learning how to budget properly and use even the little resources you have left at maximum capacity it can help you with growing your small business faster than competitors who aren’t good at managing their money.

Help you establish a valuable network

Universities are great places to establish valuable networks for your future self and network in a way that can help you grow your business, find clients and even find resources at times that resources are scarce.

So use the time while you’re studying to make the right connections and find yourself people who can be truly beneficial for you in the future.

Embrace failure

University can help you tremendously when it comes to learning how to lose and stand up after each failure.

You’ll never be the smartest, you’ll most likely fail multiple times before you start getting the hang of running a business, so use this time to learn your lessons in university and not get discouraged when it comes to running a business and failing the first couple of tries.