Secrets to Becoming a Successful Campus CEO

Apprentice Winner Randal Pinkett

By Randal Pinkett

Google. YouTube. Yahoo! Facebook. The list of blockbuster businesses started by college students continues to grow. Wouldn't it be great if you could have your fantasy job now, today and not years from now? As more young people take a proactive approach to shaping their future, you may be wondering how you can build your own business right after graduation, or even while earning your degree. You don't have to wait to launch your dream business. The idea of becoming a student entrepreneur used to be radical, but now it's a practical, appealing avenue for many. I started a business while a student at Rutgers University and so can you.

I've always been an entrepreneur – from running a lemonade stand as a child, to creating a compact disc store during college, to becoming Chairman and CEO of BCT Partners, the consulting firm I co-founded with three of my college classmates. My campus-based business helped me to graduate completely debt-free… and I have five degrees!

I owe a great deal of my success to being a student entrepreneur on various college campuses and those experiences gave me equal doses of academic training and business savvy. When I was a student, I turned to those around me and actively sought out mentors and role models, but there were few sound resources available to young entrepreneurs. I wrote my new book, "Campus CEO: The Student Entrepreneur's Guide To Launching A Multimillion Dollar Business" with this in mind. I firmly believe that the "entrepreneur's mindset" – of creativity, resourcefulness, courage, vision and perseverance – is empowering and with this book I hope to help foster that outlook in talented young leaders.

No matter your major, background or area of interest, your generation is well positioned to build businesses. You bring a unique perspective – you recognize that corporate job stability is a thing of the past and you inherently understand the importance of building a personal brand. You also realize that the entrepreneurial path can give you the ability to make a direct, positive impact in your key areas of influence.

Plus, by starting your own business while still a student or immediately after you graduate, you can blaze a pathway to success and generate income now. Take full advantage of being so closely connected with your university – there are a range of once-in-a-lifetime perks, advantages, and resources available to you right now.

Getting Started

Two questions all student entrepreneurs must answer are: What kind of business do I want to start and when is the best time to launch it? When attempting to answer the "what" you should consider what ignites your interest, determine your goals for yourself and the company, and evaluate your capacity to pursue a business. You should then evaluate your ideas and the market, analyze your competitors and make a "go" or "no go" call to move forward with your business.

As for answering the "when to launch" question, the timing of starting a new business will be affected by more than your own schedule. You should avoid rushing your business to market prematurely as well as launching at inappropriate times, like right before winter break or during finals week. You'll also want to consider the "when" to start in terms of when it's best to generate sales. Most critical, you'll want to start the business when the situation is most appropriate for you. I would advise against starting your business the week you have three research papers due or the month you have a long vacation planned, for example.

When you have identified the type of business you will launch, you should create a powerful business plan. A good idea is vital, but having a strong business plan is also necessary. A business plan is critical to help you get a foot in the door of a potential  investor or lender. It includes everything from a company overview and a description of your products and services, to market research and competitive analysis, to financial projections and growth strategies. Powerful business plans come in all shapes, sizes, and colors. It's not a cookie-cutter process. It sounds basic, but when all is said and done, the best business plan is one that accurately reflects an entrepreneur's plan for the business. I strongly recommend viewing sample business plans online and identifying two or three individuals who can provide feedback on the plan.

As a student entrepreneur or recent grad living near campus, you'll have access to resources at no additional cost, from office equipment and computer hardware to graphic design services and business plan competitions. You can benefit from the wealth of information and tools right at your fingertips, courtesy of your library, business school, career center, and other campus resource centers. You have virtually
unrestricted, one-on-one contact with some of the best "consultants" money can buy – except you don't have to pay these consultants a dime for their expertise because they happen to be the very same professors and teachers you're learning from every day.

If you aren't graduating this May, know that it is quite possible to start your business so that by the time you graduate, you will have a thriving company providing you with income. But as you pursue your entrepreneurial endeavors, it's important to stay on top of your studies and not allow your business to let you fall behind academically.

To this day, I'm often asked how I maintained a 3.9 GPA while doing so many things while a student. The most important lesson I can share is to become a student of being a student. That is, learn as much as you possibly can about three key areas: studying and test-taking techniques, time management and stress management.

Whether you aspire to become an entrepreneur or not, above all, you must have faith and believe that you can be successful at whatever you set out to do. While I am a spiritual person this is not a principle reserved for the religious alone. Faith means believing in yourself, believing in those you work with and believing that there is something inside you that will enable you to reach your goals, even if you don't know exactly how you're going to get there.

Dr. Randal Pinkett has established himself as a scholar, entrepreneur and leader. He is currently the Chairman and CEO of BCT Partners, a multimillion dollar consulting firm based in Newark, NJ, that specializes in the areas of information technology, strategic planning, and organizational development. He is also the author of the book "Campus CEO: The Student Entrepreneur's Guide To Launching A Multimillion Dollar Business" (Kaplan 2007) and winner of "The Apprentice," season four. For more information, go to: www.campusceo.com or www.randalpinkett.com.