As the spring semester flies by, upcoming graduating seniors are often asked that ever-looming question, “So, what are your plans after commencement?” Many UW-Stout students already have their answer, with 99% employed or pursuing additional degrees within six months of graduation.
Some students answer the question confidently with, “I’m starting my own business.” But where do they begin?
Business administration Lecturer Kayla Stajkovic and entrepreneur Bekah Stamps, owner of Edgewood Bakeshop, a popular artisanal bakeshop in downtown Chetek, combined their knowledge to pool some advice for students – or anyone – seeking to start their own business.
Supporting entrepreneurs: Edgewood Bakeshop benefits from business students’ cost accounting project
Continue ReadingTips for Young Entrepreneurs
- Start with the problem, not the product. Strong ventures begin with a deep understanding of a real need. Spend time observing, listening and understanding who you’re serving before building the solution.
- Start small, be adaptable and always curious. While researching and knowing what you want for your business is important, taking action is the only thing that will move the needle forward.
- Progress beats perfection. You don’t need a perfect launch. Pilot ideas, gather feedback and adjust. Entrepreneurship is iterative — learning speed often matters more than initial perfection. You can have a plan and an idea on how you want things to go, and inevitably, something will come along that will cause you to have to pivot or find solutions.
- Accept failures with humility and use them to grow. As a wise person once said, “There are no such things as problems, only solutions waiting to happen.”
- Know your numbers, even if you’re not a numbers person. You don’t have to be an accountant, but you do need financial awareness. Understanding cash flow, pricing and sustainability protects your vision long term.
- Build relationships, not just revenue. Connections and collaboration are essential to a successful business. Customers, mentors, community partners and collaborators are your real infrastructure. Strong networks create resilience and opportunity. If you have a business idea, reach out, network and don’t be shy.
- Treat people as you would want to be treated. When your business scales to a place where you have a team, that team will move mountains for you if you set the right example.
- Expect discomfort and grow through it. Entrepreneurship requires making decisions with uncertainty, receiving feedback and adapting quickly. The discomfort is not a sign you’re failing — it’s often a sign you’re building something meaningful.
