How to make your first million as a student

0
146
How to Make Your First Million As a Student

Do you know that as a student, especially of a tertiary institution, you don’t have any business depending on your parents and relatives for your upkeep?

You should be making enough money to pay your school fees, meet other personal needs and even send some money to your folks at home.

You don’t think so? Or you don’t believe so?

Okay, take a look at it,

The average Youth gains admission into the tertiary institution at the age of 17. This effectively means that he or she should be 18 in their second year in the school.

Now, do you know that as from age 18, you’re legally qualified to start earning an income?

So, say from second year, you’re supposed to have started earning and in this case, running a business.

There’s some added advantage to this, by the way.

Take a look at it.

Say you’re done with school and can’t land a well paying job in your area of specialization. You can continue with your business, perhaps, doing it full time.

A typical example of this is the House of Tara.

We all know the story of Tara Fela-Durotoye.

Tara started her business while still in school. When she was done, she took it to the next level. Today, House of Tara is a celebrated global brand.

So,

How do you make your first million as a student?

Obviously not through the so-called work study program. You can only legitimately become a millionaire student by starting a business while in school.

You can do it part time while in school and full time when you’re done with schooling.

So, how do you make your first million as a student?

Let’s consider a couple of real life stories of those who have achieved this and draw useful lessons.

See Also, Tony Elumelu Foundation Entrepreneurship Program 2019: $5,000 in business grants for African entrepreneurs

The Story of Joy of Starylite Enterprises

Joy got admission into the University of Uyo, Uyo, Nigeria in 2016 at the age of 16. She was admitted to study economics and statistics.

She initially focused all her attention on her course program, earning exceptional grades.

In her second year in the University, Joy realized that staff of the sanitary department of her school as well as restaurants in and around her school used Mama Lemon and Morning Fresh liquid soap which were a bit expensive.

One day, while at a restaurant, she requested for liquid soap to wash her hands. Sadly, she was told that the restaurant had exhausted its supply.

Apparently, the restaurant could no longer afford the cost of the liquid soap. It was therefore looking for other alternatives following the sudden increase in the price of the liquid soap.

Stranded, she thought to herself. “can’t I make a liquid soap of similar quality and supply these restaurants at a cheaper rate?”

Joy Takes Up the Entrepreneurial Challenge

And so, she retired to her hostel and started making research. She watched online video tutorials on how the product was made.

After trying out a few of the models she saw, she realizing that they gave a perfect wash. So, she approached the restaurant and offered to supply them at a cost nearly half of what the other two popular brands cost.

You may also like Africa Energy Innovation Competition for African Entrepreneurs

Initially, they were hesitant to accept her product. However, they later accepted when she told them to just try it. She said if they weren’t satisfied with the quality, she wouldn’t charge them a dime.

After trying the new liquid soap, they asked Joy to supply them more quantities. And so, with word-of-mouth going out among the restaurant owners, Joy got more and more customers.

In an interaction with Joy, I strongly advised her to formalize her business. I went as far as putting her through the process of registering the business with the Corporate Affairs Commission.

Shortly after, the University’s teaching hospital’s sanitary department decided to outsource the supply of a number of Items. These included cleaning agents like detergents and liquid soaps, both of which she had perfected the art of producing.

Many liquid soap makers including Joy submitted their bid for the contract. However, Joy’s business happened to be the only one that was duly registered.

This gave her the competitive edge and landed her the contract.

The volume of the supply demanded was such that just a single supply made her an instant millionaire.

And so, in her third year at the University, at age 18, Joy, through entrepreneurship, became a millionaire.

From this story, how do make your first million while still in school?

Think!

The Story of Philip of Philanig Enterprise

Philip secured admission into the university of Benin, Benin City to study Engineering in 2006.

Immediately after his matriculation, Philip realized that there were a number of scholarship opportunities available for undergraduates. These were opportunities which student would wish to apply for, but weren’t aware of.

Philip therefore started considering how he could assist students with the scholarship application process.

He then went ahead to carefully study the application process. He also subscribed to online sources of information on these scholarship opportunities.

But to really start up, Philip knew he needed a personal computer, a printer and a scanner.

Opportunity favours the prepared mind

Fortunately, within that same period, Philip won the Nigerian Stock Exchange Undergraduate Essay Competition. He also won Cheveron Agbami, Total and Mobil Undergraduate Scholarships.

You may also like 8 Smart Ways of Raising Capital to fund your business

With these scholarship funds, he was able to set up the business. He even registered it with the Corporate Affairs Commission of Nigeria.

He so formalized the business that undergraduate scholarship offering organizations liaised with him to publicize their scholarship programs.

Philip charged every student N1,000 per scholarship application.

Because of the extra investment he made in building the capacity of students registered for scholarship under him, many of his student clients won scholarships.

And so, in less than 5 months after starting the business, Philip’s client based was over 5,000.

Thus, for a single scholarship application, Philip’s Philanig made over N5 million.

Philip, through his business, Philanig, became a multi-millionaire as early as in his third year in College.

Philip eventually graduated with a first class degree in Engineering.

Given his connections with oil companies who are the major scholarship providers, he landed a job. He got a very juicy job in one of the Oil companies.

See Also Rice University Business Plan Competition for Entrepreneurs Worldwide: $2 million in prizes

He therefore had to hand over management of the business to one of his trusted and most dedicated staff.

How do you make your own million while still a student?

There are a ton of other examples of those who’ve made millions while in the university.

The idea is that starting a business while in school could be a smart move. That’s if you’re interested in hitting the big box early in life.

So, look around you!

Identify a need!

Develop a unique solution!

Start a business and you’re well on your way to making it big.

It begins with you!

You too can make your first million as a student.

Good luck!

Any comments, leave them in the comments section below.

Any enquiries, send an email to info@entrepreneurssquare.com

Share this post with your friends and networks so they too can learn.

Don’t forget to subscribe to our email list using the sign up form below so you get more of these informative articles.

GET THE LATEST UPDATES
I agree to have my personal information transfered to MailChimp ( more information )
Join over 30.000 visitors who are receiving the latest news on business grants, loans and entrepreneurship development opportunities.
We hate spam as much as you do. You can be sure your email address will not be shared with anyone else.
Want to get connected to tips and opportunities to secure start-up, implement your ideas or grow your business? Sign up for free updates
Just enter your name and email now and have them delivered right into your inbox

Leave a Reply