Student Entrepreneurship

Before, the term 'Student Entrepreneurship' has been used exclusively for students

who are enrolled in entrepreneurship courses. However, due to the gradual emergence

of students who engage in business activities throughout the years, the word took on a

multitude of new meanings (Marchand, Hermens, and Sood, 2016). Entrepreneurship as

a whole is defined as a skill to start new businesses and the ability to see and utilize new

opportunities (Cambridge Dictionary, n.d.). Relating this to student entrepreneurs, student

entrepreneurs are not just students who attend entrepreneurial classes; they are also

students who conduct "innovative and revenue-generating entrepreneurial activities" on

campus or near the school premises while at the same time attending formal classes

(Marchand, et al. (2016). Another meaning of "student entrepreneur" as stated by Bailetti

(2011) is the usage of university knowledge to recognize different opportunities and

develop, launch, and operate new ventures to exploit them. To put it simply, student

entrepreneurs take advantage of their school environment to effectively position their

business.

Management

Management is the organization and the coordination of the activities of business

for the achievement of the desired objectives. It is often included as a factor of

production along with machines, materials, and money (Management, n.d.). In the

context of student entrepreneurship in this study, the researchers will look into the aspects

of the students' experiences in resource management, financial management, and time

management.
 According to the Association for Project Management (n.d.), resource

management is the acquisition and utilization of resources required to deliver work. These

resources include people, materials, technology, property and anything else essential for

work. On the other hand, financial management is managing the monetary possessions

of an enterprise. It is the proper planning, organizing, controlling, and monitoring of

financial resources for achieving goals and objectives. Examples of this are the

obtainment of funds, the utilization of funds, and other money-related activities (What is

financial management, n.d.). Lastly, time management is the ability to plan and control

how to use the hours of the day efficiently to accomplish one's tasks. This type of

management involves planning the things to be done, setting goals, prioritizing duties,

and taking into account where people spent their time on (Time management skills, n.d.).

These management skills are significant in the lives of student entrepreneurs as

these things help them run their businesses and manage their personal lives effectively.

Business skills and experiences influence entrepreneurship positively given the fact that

entrepreneurship requires exceptional management skills to flourish. In relation with this,

findings from a particular study established that entrepreneurs in the United Kingdom

suffer more from the lack of management skills than financial constraints (Organisation

for Economic Co-operation and Development [OCED], 2010, as cited in World Bank &

Organisation for Economic Co-operation and Development, n.d.). Even if an entrepreneur

gets access to resources, they would not be utilized effectively if the person lacks the

necessary management skills.

Management skills

In the modern times, entrepreneurship poses as a significant career option

because it allows an individual to enjoy independence, improve multiple skills, and

acquire income. For students, engaging in entrepreneurial activities while studying is a

means for them to develop various skills as they continuously involve themselves in the

events of their business. A study conducted by Ghorbani et al. (2012, as cited in Anumnu,

n.d.), confirms the existence of such. Therefore, an individual’s existing knowledge can

help them run their business and in return, allowing them to develop their entrepreneurial

skills. In the context of a student, the knowledge that they acquire from school is often the

foundation that they have in developing their own set of entrepreneurial skills, which

consists of management skills that are necessary for their business.

Student entrepreneurship in the Philippines is very common. In the context of the

Philippines, one can observe that Filipinos are highly engaged in entrepreneurial

activities. Skills that student entrepreneurs acquire while studying are more effective

because they can immediately put into action the things that they have learned in class.

A study conducted by Malolos (2017) states that important entrepreneurial skills can be

obtained while the students are still studying. This implies that the entrepreneurial skills

of a business-inclined individual can be acquired while they are attaining a degree in the

university.

Additionally, student entrepreneurs face the challenge of balancing school

activities and being an entrepreneur, which is difficult. That is why one must have

proficiency in management. In line with this, management skill or managerial skill is the

ability to make decisions, understand concepts, develop ideas, and implement strategies
(Managerial skill, n.d.). Agarwal (2016) lists the necessary set of managerial skills an

entrepreneur must possess. This skills include the ability to utilize limited resources

effectively, ensure effective leadership, secure a safe and healthy environment to work

in, ensure simultaneous operation of industries, create strategies to achieve business

goals, accept opportunities to boost one’s skills, use one’s knowledge to maximize

productivity and regulate competition in the market. The skills mentioned are skills that

are expected to be exemplified by any entrepreneur. Moreover, Agarwal (2016) adds that

to be able to carry out effective management, one must also be passionate and have a

vibrant-personality, ready-to-go attitude, be able to reflect upon oneself, show flexibility,

relies on one’s belief, can manage money properly and has an extensive network of

connections.

Furthermore, according to Dinkel (2011), prioritizing helps a person identify the

most important task and guide to move closer towards their goals. Prioritizing is also one

effective way to make sure that deadlines are met without having to handle so much

stress. Entrepreneurs often fail at effective prioritizing because they do not see the bigger

picture, the end goal of their actions (Johnson, 2015). An entrepreneur’s decisions must

contribute to the achievement of his/her goals for his/her business.

Furthermore, a study conducted by McQueary (n.d.) states that being an

entrepreneur means you are your own manager and an entrepreneur should be able to

effectively manage people, budget, operations, and in some instances, investors. In line

with this, McQueerey (n.d) also stated that a successful entrepreneur must know how to

use his time efficiently and prioritize his tasks in order of relevance and importance. A
student entrepreneur must know what to prioritize and determine what is more important

in order not to overlook small problems.

In addition, according to Drennan, Kennedy, Renfrow, and Watson (2016),

students with role models found themselves thinking that creating a business is more

probable as opposed to students without role models. These role models may also refer

to the people who have influenced the management practices of student entrepreneurs

as well as the people who might have influenced them to start a business.

Strategies

In establishing one’s own business as a student entrepreneur, one will face many

obstacles. Being a student and an entrepreneur at the same time is challenging since one

must balance their studies, business, and their personal lives. Granted that, the journey

trekked by a student entrepreneur is one that is faced by challenges that requires different

strategies and techniques to overcome such difficulty. Even though it may be difficult and

tough for student entrepreneurs to stay motivated and inspired, one should always keep

in mind that they should remember their vision and stay on course. Hence, a student

entrepreneur should develop a list of strategies to manage his/her own business properly.

A strategy is a method devised to achieve success (Strategy, n.d.).

According to Zent (2013), there are five notable lessons that best served her along

her entrepreneurial journey. One must keep in mind that the lesson an individual learns

overtime are the foundation of the strategies that he/she eventually uses throughout

his/her life. The first lesson that served her as an entrepreneur, that can be applied by

any entrepreneur in his/her endeavor, is to stay focused. A student entrepreneur is still a

young, amateur and unseasoned businessman, which means that they have high
tendencies to be indecisive and can frequently change their mind in planning and running

their business. When starting a new venture, the most important thing an entrepreneur

must remember is to focus and be consistent in their end goal. However, this does not

mean that an entrepreneur will close his/her doors permanently for the possibility of

adapting to the various changes that his/her business will encounter. An entrepreneur’s

goal should not be compromised by the changes that occur among the business’s internal

and external environment. Adapting to one’s surroundings should be acknowledged, but

one must keep in mind that adaptation does not mean total demolition of one’s original

goal.

Furthermore, the second lesson that every entrepreneur must practice is the ability

and power to build the right team. Zent (2013) believes that the most important experience

she encountered was working with people she trusts. In like manner, the third lesson is

not to be afraid of change. "There are many roads that can lead to the same destination,”

Zent (2013) states. “So stay flexible." Flexibility is critical in handling business for being

flexible means having the ability to adapt with ease to different scenarios. Such a concept

may be connected to one’s ability to manage a business properly. Being able to handle a

business effectively does not only focus on the entrepreneur’s activities as a businessman

but also recognizing the reality that he is a human and has personal matters to attend.

Effective business management can be achieved when an entrepreneur executes proper

coordination of his business life and personal life.

Moreover, the fourth lesson that is also helpful in establishing your own business

is to ensure the right funding. Correspondingly, proper funding and resources are crucial

in starting a business. Funding is necessary for the survival of developing a new venture.
It also a key strategy for an entrepreneur to know the precise amount he needs to start

his business. Whisenhunt (n.d., as cited in Concepcion, 2011) emphasizes that young

entrepreneurs, like student entrepreneurs, should learn how to start small. She states that

a new entrepreneur must start from the bottom to the top and not the other way around.

Such a technique mentioned by Whisenhunt involves doing activities for your business

step by step so as not to put everything you have at hand on high risk. This technique is

very much applicable to student entrepreneurs who often have very idealistic concepts.

They must understand the importance of knowing what to do and what not to do.

Finally, the fifth and last lesson is for an entrepreneur to believe in their capabilities.

Zent (2013) asserts that an entrepreneur should stay positive even though they face

tough situations. There are ups and downs in owning a business, and it is inevitable.

Entrepreneurs should believe in their vision. One should not be afraid of failure for it is

only one of many obstacles an entrepreneur will face on their way to success.

On the other hand, an entrepreneur must have a set of goals with specific

objectives. Objectives additionally give you a system inside on which to work. This tends

to center your endeavors by helping you decide out activities that won't add to

accomplishing the objectives you've set. The factors to consider in defining your

objectives is income, lifestyle, sort of work, and inner self-gratification (Goal Setting

Definition - Entrepreneur Small Business Encyclopedia, 2018).

Just like any entrepreneur, student entrepreneurs also gather their business ideas

from external factors. The most common idea source for business originates from

customers - listening to customers. That is something we should do ceaselessly, with a

specific end goal to comprehend what customers need, where they need it, how they
need it, when they need it, and at what cost (How Entrepreneurs Identify New Business

Opportunities, 2018).

Proper time management is also an important feat for any student entrepreneur.

Learning to take good control of your time can improve your ability to focus on things, and

with increased focus comes enhanced efficiency to do the tasks needed to be done,

because you don’t lose momentum. It also stated that good time management skills can

help you accumulate extra time (Appointment Plus, 2018). Having extra time leads to be

engaged in proactive behavior, opportunities and originating action that can be a great

way to solve problems and initiate actions to lessen the burden and workloads of the

student entrepreneur. It helps to produce imaginative or unique response to a problem.

(University of Nottingham, 2016) The student entrepreneur can find accurate and

corrective actions that befits the situation instead of rushing the process and not do

anything about it.

People often preconceive that an individual can start a business when he or she

graduates, but the students of this generation prove this stigma wrong (Ji, 2017). Lots of

student nowadays start up either manage small or large businesses and doing this while

also accomplishing tasks as a student is really challenging on their part. Selecting the

right manufacturer/ maker is saving a student entrepreneur from a tremendous amount

of headache (Christopher Hann, 2012).

Challenges

Entrepreneurs are expected to face a lot of challenges in the corporate world; this

implies a tough challenge if the entrepreneur is a student, who is getting a degree in the

university while managing his own business with no entrepreneurial experiences.

According to Venturewell (2016), there are five challenges faced by student

entrepreneurs based on the students they’ve interviewed during their Venture

Development Training in Cambridge, Massachusetts. One of these challenges includes

balancing school with a venture. Owning and managing a business is already a time-

intensive job, so trying to balance the three aspects of one’s life, his/her business, school,

and personal activities, is a major challenge for a student entrepreneur. Students find

themselves trying to please their customers while trying to get good marks at school but

according to a dissertation written by Blajin (n.d), this is the cost that student

entrepreneurs take upon themselves to convert an opportunity or idea into a profitable

business. Furthermore, Venturewell (2016) also establishes that getting funds or capital

is also one of the challenges faced by student entrepreneurs since they are still finding

their way to make and earn money from their hard work.

Yates (n.d, as cited in George, 2011), stated in an interview that students venturing

into the entrepreneurial world battle with fear: fear of failing, fear of losing money invested,

and fear of being embarrassed. Also, Blajin (n.d) points out that people tend to care about

what other people think about them which also applies to student entrepreneurs as they

are humans too. He stresses that entrepreneurs fear to give it a shot because of the

feedback they might get and to some extent, failing at something may affect the student

psychologically as he/she could think that they do not possess the skills required to be

successful. Yates (n.d, as cited in George, 2011) also mentioned that even if students

can battle this initial fear and decide to push through with their ideas, certain businesses

require financial assistance to get started. With no financial aid, many students tend to

quit their business plans even before they take the first step. To make matters more
complicated, student entrepreneurs often have conflicted decisions between their

business plans and their student life. This because trying to run a small business while

completing assignments and studying for exams entails real perseverance and

determination (Yates, n.d. as cited by George, 2011).

Being a student entrepreneur is not easy, thus it is important for any entrepreneur

to stay motivated. Every person will have to face struggles and challenges and they may

use these as a motivation to improve. According to Kirkwood (2009) and Charles and

Gherman (2013), as cited in Fatoki (2014), motivations can be classified under push and

pull factors. Pull factors are those that influence that pull people towards entrepreneurship

and push factors are those that characterized by personal or external factors. Pull factors

are those motivators related to opportunity and superior needs. These include

independence, personal growth, self-fulfillment, and social status.

According to Sugiarto, Samtani, Amaris, Kumar (2014) there are five problems that

student encounter during their entrepreneurship projects. These five problems that

students face in their business are financial problems, management problems, marketing

problems, production problems, and technology problems.

In addition, a student entrepreneur may encounter various criticisms throughout

the course of his/her venture. According to Eric Gordon (2017), as an entrepreneur builds

his/her brand, he/she should ensure that to put the customers first, offering them with

them quality products and ventures that make them unique compared to their competitors.

An entrepreneur should welcome all complaints and comments and do all the necessary

actions to response to them. However, an entrepreneur should see criticism as an

opportunity to improve. It will give the entrepreneur a chance to evaluate their ways and
be creative in creating new approaches to respond to the criticisms. An entrepreneur

should be able to use the feedback to adjust and develop their business (Goodman,

2012).

Synthesis

The related studies presented in this chapter consisted mainly of time and resource

management abilities, strategies and techniques used, the challenges faced by student

entrepreneurs. This chapter started by giving definitions of the two significant key terms

of this study. Student entrepreneurship is defined based on the basic definition of

entrepreneurship provided by Cambridge dictionary stating that it is a skill to start a

business and the ability to utilize and recognize new opportunities. Additionally, student

entrepreneurship is also described by Bailetti (2011) as the usage of university knowledge

to identify different opportunities and develop and operate new ventures to exploit them.

To put it directly, student entrepreneurs take advantage of their school environment to

position their business effectively.

On the other hand, management is the organization and the coordination of the

activities of business for the achievement of the desired objectives (Management, n.d.).

In this chapter, we, the researchers, recognized three types of management that are

within the scope of the study namely; resource management, financial management and

time management. First, resource management is the acquisition and utilization of

resources required to deliver the work to be done (Association for Project Management,

n.d.). Second, financial management is managing the monetary possessions of an

enterprise. It is the proper planning, organizing, controlling, and monitoring of financial

resources for achieving goals and objectives (What is financial management,

n.d.). Finally, time management is the ability to plan and control how to use the hours of

the day to accomplish one's tasks efficiently (Time management skills, n.d.).

The related studies of this chapter are focused on presenting studies that can

provide answers and findings that are close to the possible solutions to the research

questions of this study.

First, we looked into the management practices of the student entrepreneurs. A

study conducted by Anumnu (n.d.) states that an individual’s existing knowledge can help

them develop entrepreneurial skills which consist of management skills. For students,

engaging in entrepreneurial activities while studying is a means for them to develop

various skills as they continuously involve themselves in the events of their business.

Additionally, a study conducted by Malolos (2017) states that the importance for

entrepreneurs to have the needed skills must be done while the students are still studying.

It implies that the entrepreneurial skills of a business-inclined individual can be acquired

while they are attaining a degree in the university. Moreover, Agarwal (2016) asserts that

to be able to manage one’s business effectively, entrepreneurs must not only possess

the necessary management skills but also should embody characteristics to express

passion for one’s business endeavors. McQueary (n.d) also stated that a successful

entrepreneur must be able to make wise decisions about how he uses his time, continually

evaluating and prioritizing tasks according to relevance and importance.

Second, we also looked into the strategies that student entrepreneurs utilize to run

their business. According to Zent (2013), there are five lessons that best served her along

her entrepreneurial journey which can simply become a pattern for student entrepreneurs

to create their strategies and techniques. These lessons are namely; staying focused,
building the right team, embracing change, ensuring proper funding and believing in one’s

self.

Third, we looked into the challenges that student entrepreneurs face. According to

Venturewell (2016), there are five important challenges faced by student entrepreneurs

based on the students they’ve interviewed during their Venture Development Training in

Cambridge, Massachusetts. One of these challenges includes balancing school with a

venture. Owning and managing a business is already a time-intensive job, so stabilizing

the three aspects of one’s life, his/her business, school, and personal activities, is a big

challenge for a student entrepreneur. Also, Venturewell (2016) also establishes that

getting funds or capital is also one of the challenges faced by student entrepreneurs since

they are still finding their way to make and earn money from their hard work. Moreover,

Yates (n.d, as cited in George, 2011), stated in an interview that students venturing into

the entrepreneurial world battle with fear: fear of failing, fear of losing money invested,

and fear of being embarrassed. Also, Blazin (n.d) points out that people tend to care about

what other people think about them which also applies to student entrepreneurs as they

are humans too. Finally, Sugiarto, Samtani, Amaris, Kumar (2014) presents five problems

that student encounter during their entrepreneurship projects. These five problems that

students face in their business are financial problems, management problems, marketing

problems, production problems, and technology problems.

In conclusion, the researchers, have noticed that the studies conducted regarding

the management skills of student entrepreneurs chose to delve deeper into the sources

of the student entrepreneurs’ management skills as well as how they were able to develop

such skills. What our study aims to gather, however, is the precise actions of student
entrepreneurs’ management practices. In line with this, we also recognize the fact that

there is a limited amount of studies conducted on the strategies on how student

entrepreneurs deal with external factors that they encounter during their business.

Granted that, it is this study’s purpose is to gather the necessary data to give additional

information to such gaps in the related studies presented in this chapter.