Thousands of you will be embarking on your final academic year this September and for many, this could represent somewhat of a daunting time. Some of the luckier students across the United Kingdom will have a graduate job lined up but some could well be planning their own start-up, but there is obviously a lot to consider before you take the plunge into entrepreneurism.

The first thing to remember is that the sad fact of the matter is that many start-ups do not quite make it, this does not need to be the end of the world as long as you remain focused on your degree during the all-important final year. It can be very easy to get very carried away with your fantastic vision and not to yourself justice as your studies draw to a close. Your last year could well involve the crux of your coursework, dissertation a work placement and of course, exams. Be sure to work as hard as you can to ensure your get the best possible grade for your degree. There is every chance that your business plan will come the fruition, but just in case it doesn’t; be sure to get those letters after your name.

Financial Plan…

Secondly, you need to really consider whether or not your concept is financially viable. Although this sounds like it should go without saying, many young entrepreneurs fail to consider this sufficiently and can end up in hot water and struggling from the outset. Remember that you are still young and have plenty of time to raise funding for your project. If you implement a sound financial plan to start with, then the future of your business stands more chance of being a success. You can save funds gradually, find funding or investors or take advantage of schemes such as Virgin Start Up, which can help your to formulate your plan and even apply for the best business loans available.

Safeguard Your Ideas…

Finally, any students looking to start their own business after university should remember to keep their plans as private as possible. If you genuinely have an incredible product, concept or vision which could propel your career then there will be people out there who will be only too willing to get in there first. There are all sorts of ways to safeguard your ideas such as copyrights and patents and it is prudent to only disclose your concepts to people when you absolutely have to, such as when you are applying for funding etc. Be careful who you trust, the world of business can be very dog eat dog and favours the bravest and smartest.

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About Author

Charles Whitworth is the Editor of the Young Academic publications. Graduating from the University of Liverpool with a Bachelor of Arts degree in Journalism in 2008, Charles learnt his trade in newsrooms such as IPC Media and Sky. He has now developed as a top sports, music and current affairs journalist and has been printed in a range of publications including The Guardian. His interests include Cricket, Football, Rugby, Music and Current Affairs. Fresh from the editorship of Student Times he now takes the reins at Young Academic - the premier student news portal. Connect with me on Google+

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