What College Students Need to Know Before Starting a Business: Jan Bednar (Transcript)

I told the judges my story. I told them how a friend of mine has approached me with a problem. I came up with the solution, and I had an existing problem and a existing business that would solve this problem.

They loved it so much that they thought that FAU and me should win the first place in the collegial State-wide competition. That was great feeling. That was one of my best accomplishments so far and at that point I knew there is no going back.

I joined the FAU Tech Runway Accelerated Program that is designed to help young companies and young people like me to succeed in their business. And that is exactly what they have done for me.

They have provided me with capital, space, and a bunch of other grey-haired mentors to help me get my business to the next level.

BOOTSTRAPPING

That brings me to the my third piece of advice, which is to bootstrap. Bootstrapping basically means, “don’t spend money on things you don’t necessarily need.” It’s really easy to spend money but it’s a lot harder to make them.

When you are in school, you are in the learning phase. You should really take advantage of all the resources available to you on the internet, on YouTube or anywhere else that you can imagine. You can learn the basics of basically any business online by yourself, and you don’t have to spend tons of money doing it.

When you are starting a business, it’s extremely important to, not to spend money on things you don’t need and you can do yourself. When you get to the point where you validate the business, you validate your concept, and you know that you can move forward, at that point you can start spending as much money as you want, but you can have intelligent conversations with those people because you will know the basic photoshop, basic accounting, basic sales and marketing. You will know all those and that’s what helps you.

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The last thing that I want you to remember is to don’t be afraid if doesn’t work out the first time. Thomas Edison was once asked if he was okay with the fact that he failed a thousand times before he developed the light ball. He simply smiled and said:

“I didn’t fail a thousand times; it just happened to be a thousand-step process.”

And that is exactly how you should look at it. Your mindset has to be set on you succeeding.

When you give it everything you have, when you have put your heart into it, a countless hours, it will eventually happen for you. So don’t give up.

You might have to pave the road to get to the gold, but when you do, and you get there, it’s definitely worth it.

Thank you.

 

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