Many college graduates want to set up their own small businesses instead of applying for a normal job and getting paychecks monthly. Is it good to start your own business venture if you have little experience in the real business world? Statistics have shown that eight out of every ten new businesses fail within their first five years. So, as a fresh undergraduate with little to no work experience, how do you prepare for starting your own business? Hopefully the following tips will help.

Failing to Prepare Is Preparing to Fail

Before you even gather funds for your start-up, you need to have enough knowledge and experience in the field you are getting into. It is a good idea for college undergraduates to get started working in a company with a business model similar to the one they want to start. This way, they can gain real life experience, network with others, and get paid while doing so.

Financing Your Small Business

Unless you are a trust fund baby, an established entrepreneur with a solid track record, or you have an idea worth millions of dollars, getting investors to invest in your new venture is almost impossible. If you don’t have much start-up fund for your project, you should try to work a side job while you gather funds for the small business venture. Applying for small business loans is also advisable, but don’t take for granted that your application will be approved. There is much competition in every business loan program, and the chance of you getting the loan may be minimal.

If you have relatives and friends willing to lend you money, you could ask for help from them. But most of the time, you will need to gather the start-up fund on your own.

How Do You Know If the Business Is Working?

It takes new businesses a few years to start making money. As a business owner, you should watch each step carefully and take note of all the changes in your business cash flow. If things seem to be wrong, you have to ask yourself if the problem is with the way you run the business, or if the business idea itself is flawed. If the business idea is flawed, you should try to get out as fast as possible to save yourself. If the problem pertains to the way you run the business, it is best to hang in there and try to fix it.

If you are struggling with your new business, do not be afraid to ask for help from outsiders as well as colleagues in the same industry. You will gain new knowledge and experience networking with people in your industry. You can even use online resources to help solve the problems and get your new business up and running. Do not be afraid to fail. It is important that you learn from your mistakes and never make the same mistake twice. Once your business is established, the rewards could be unlimited.

Author Bio:

Today’s guest article is contributed by Charles Ronson. Charles is a freelance business writer. He has extensive experience in consulting with small to medium sized businesses. His articles appear on various small business blogs. Visit Wonga Business to see how they assist small businesses.

I receive a large number of responses from students entering CheapScholar’s How Do YOU Make College Cheaper? Scholarship Giveaway.  Some students tweet their answers, others post them on Facebook, and many more send me their strategies to making college cheaper via email.

In an effort to to share their wisdom with others, I am starting a new series on CheapScholar.org called 1001 Ways To Make College Cheaper. Each week I will compile entries received from readers and post them here on CheapScholar.org.

The following represent some of the responses I have received. Enjoy and share with others!

(B. Tinlin)

Many universities today try to sell their students expensive meal plans as a convenient and fast dining option on campus. While these can be fairly useful, they can cost as much as two thousand dollars per semester! The solution: electric griddles! The electric griddle is inexpensive, extremely portable, and easily stored, making it perfect for a college student in a small dorm. Just about anything can be cooked on a griddle, from burgers to eggs and bacon – they can even be used to boil water by placing a pot on top of the cooking surface! The griddle is an extremely versatile tool that allows the college student to eat well without purchasing expensive meal plans, thereby making college cheaper.

(M. Molina)

Live at mom and dad’s, stay on family plan cell phone, chip in on groceries, help out around the house and earn the free rent ! Use your older siblings textbooks, and or xerox pages from a friends textbook by chapter 😀 shop for clothes at upscale resale shops! Don’t go out to eat instead put that money toward groceries, instead of wasting $15 on one meal! Always fill up gas tank at the half way mark, you get better gas mileage ! That is all. Woot Woot!

(K. Flowers)

You make college cheaper by doing volunteer work for your community while in high school because a lot of community organizations give away scholarships.

(S. Borges)

You make college cheaper by staying home and attending a community college. This way you will not have to pay for housing, a meal plan, laundry or any other expense that may come up. Also, community colleges are overall cheaper and a specific specialty can be acquired in about two years, which means less time in school, which leads to less college expenses.

(H. Sulahria)

Find alternatives in selling your textbooks back. Most times, you will find that the alternatives usually pay more than the university bookstore.

My school, UNLV has a big issue with school parking…there is NEVER enough! My idea would be to carpool regularly with your friends. This would allow you to switch up drivers, save gas money, and make more parking spots available

(M. Weinste)

Apply for scholarships, it’s that simple!

(C. Parks)

A great way to make college cheaper is to bargain, bargain, bargain! When there’re items you or your roommates need for yourselves or household, shop at Dollar General or other actual “dollar” stores.

(A. Grover)

1) Buy textbooks used, RESELL THE BOOKS AT THE END OF THE SEMESTER! buy them from Amazon.com, they are generally cheaper than the bookstores. 2) Apply for financial aid and scholarships, these will help in so many ways. 3) If living on campus remember, the school meal areas may look nice, but Ramen is much cheaper.

(R. Fairchild)

Want to make college cheaper? Learn to cut hair. A simple trim on campus is easy and convenient for students/customers!

(B. Mahaney)

Room and Board?? nahh just give me a tent and a parking space… welcome home!

Your first move to college is a big step, not only in that you won’t have to worry about curfew and parents looking over your shoulder 24/7, but because you’re taking on a whole new level of responsibilities. If you’re in a dorm, chances are you don’t have to worry about things like electricity bills and cable, but if you’re leasing your own place for the first time, make sure you’re well aware of what will be required of you from here on out. And the majority of what you’ll be responsible for with your new place is written up in the small print on your lease.

1) What’s the difference between renting and leasing?

There really isn’t much difference between renting and leasing. “Rent” is usually considered to be the amount paid in exchange for a lease, and a lease is “a contract by which one conveys real estate…for a specified term and for a specified rent.”  There are, however, different types of leases. A fixed lease has specifically set beginning and ending dates, while a periodic lease lasts for specific lengths of time, such as week-to-week and month-to-month. There are other types, but these are the most commonly used and the difference lies mainly in how long you’re able to lease the residence. Though proper notice can typically be given for the termination of your lease in either contract, it’s important to know what your rights are in case your situation changes and you need to move out early (or the landlord calls and says they need you to vacate in 30 days).

2) What are your responsibilities?

In the lease agreement, your landlord should list exactly what he/she expects from you in regard to bill payment, property maintenance, and other residential issues. Are you paying for all of your utilities or are they included in the bill? Will your landlord pay the water bill but not the electricity? What are your responsibilities to the property? Are you required to mow the lawn once a week? Do you need to water the outdoor plants? If the landlord expects any maintenance of the property on your part, this should be clearly included in your lease. And if you have any questions, be sure to bring them up before signing.

3) What are your privileges?

You should also be clear on what you can and can’t do around the property. If there’s roof access, are you allowed to use it? Are there parking spots available or do you have to pay for off-street parking? Are there any homeowners’ organization covenants that you should abide by? All of this should be included with your lease. If not, make sure you discuss these and similar issues with your landlord before signing.

4) How are repairs handled?

This might sound like an obvious question, but there are landlords who don’t come rushing at the drop of a hat if your water line breaks or the roof starts leaking. In fact, some of them require that you pay for a repair company to fix the damages and — if it’s found that the incident was not your fault — they then pay you back as part of your rent. Be on the lookout for language like this in your lease and if it’s not included, definitely ask your landlord how he/she plans to handle such incidents.

5) Deposits and definitions

Most landlords will require you to pay a deposit along with your first month’s rent to cover any necessary repairs after you move out. If you have a dog or cat, you might need to pay a pet deposit as well. Even though these are standard requirements on a landlord’s part, make sure you’re clear on what they would use the deposits for and under what circumstances you would you not get them back. What do they think is the difference between standard wear and tear and “damages”? Once you’re clear on what your deposit would have to pay for, give yourself a little extra insurance by taking pictures of the residence you’re leasing from top to bottom before you move in. If there are any existing damages, make sure that you document them. It will make it a lot easier for the landlord to see how you left the place compared to how you moved in.

Upperclassmen — Have you had scenarios where you wished you’d paid closer attention to the terms of your lease before signing? What are the worst ‘nightmare rent stories’ you’ve experienced?

Today’s guest article is provided by Kenneth McCall. He builds creative and innovative tools for customer seeking self-storage units. Kenneth is a managing partner at storage.com, which provides storage units in Cincinnati and in many other locations across the country. In his spare time he likes to get outside, ideally with a boat and water skis.

Emerging technology has made it easier than ever before for students and teachers to enhance their classroom lessons and assignments through the use of electronic devices. In many instances, technology has merged with education in ways that make it difficult to imagine how anyone could have once learned without the assistance of their gadgets. Because technology is constantly changing, it can be hard to keep up with the latest innovations that can give students an edge when it comes to keeping up with their schedule, organizing information and performing complicated calculations. However, this list of must-have gadgets can help both students be prepared for the upcoming school year.

Electronic Book Reader
Textbooks and other types of assigned reading create heavy backpacks that students and teachers must carry around campus. This can be avoided by using an e-reader that can be loaded up with books, document files and other materials that would normally come in the form of bulky print publications. It is important to note that there are many different types of e-readers available, and they all have different qualities and advantages. Therefore, students will want to consult a guide that can show them the differences between the different styles.

Beyond the technical differences of the various e-readers, students need to consider whether a specific e-reader is compatible with the required textbooks. While many textbooks are offered on digital platforms, some electronic textbook material is only available for personal computers (fonts and diagrams may not display properly on e-readers). Even if only a portion of a student’s required text is available for e-readers, they can considerably lighten the load and with the industry moving in the direction of making more text available for e-reader platforms, students are virtually guaranteed that the trend will continue during their college years.

The library of information available to a specific e-reader is important as are the technical specifications. Students should also consider the feature, specifically note-taking. Only a handful of e-readers, such as the Sony Reader Wi-Fi, offer this feature. Notes are not only taken with a stylus, the ability to capture video and audio notes may be of value as well.

Smartphone
Cell phones have been an indispensable piece of electronics that most people feel as if they cannot live without. However, the technology that has been invested in smartphones makes them an absolute necessity for use in education. Students can benefit from apps like Evernote and iHomework to keep track of assignments, or UrbanSpoon to find cheap deals on food and shopping. Many online courses also utilize the benefits of downloadable applications to provide a source of instant information for students. There are numerous options to choose from; students should assess usage plans, available applications and technical specifications to find the smartphone that best meets their needs, and their budget.

Scientific Calculator
For most college students, math is a required subject. A scientific calculator can be helpful for performing complicated mathematical problems as well as for checking solutions. This gadget is so handy that many advanced math courses now require them as part of their supply list. These courses factor the use of a calculator into the curriculum, meaning that individuals who choose not to use a scientific calculator may put themselves at a severe disadvantage. When looking for a scientific calculator, students should balance functions with cost, purchasing a device that meets all of the core requirements while keeping the budget in mind. Online calculators are also available and can be used to complete homework assignments anywhere that a student has an Internet connection. Students should invest time in working with the device they will be using during testing to make sure they are familiar with the device.

Interactive Alarm Clock
All of those late night study sessions can lead to some difficult morning wake-ups. Many students find that they can press the snooze button all the way through their first morning class. Now, technology has offered the perfect solution to lazy mornings by creating interactive alarm clocks that require a physical action from the user in order to make it turn off. Some of the most common alarm clocks involve putting together a puzzle, a crawling robot or a flying object that must be retrieved. There’s no point missing classes you’re already paying for, and this piece of technology can put a fun spin on what would otherwise be a dreaded academic chore.

Digital Voice Recorder
The vast quantity of information that must be conveyed in classrooms today often leads to a fast-paced lecture that is difficult to follow along with while taking notes. Instead of rushing through and getting confused, a digital voice recorder allows students to enjoy the class while knowing that they can access their notes once they get home. This not only helps with completing assignments, but listening to the recording can also serve as an excellent review for tests. Digital recorders are small and easily transported. In fact, technology has made recording devices small enough to be contained inside of a special recording pen that can be used to take notes as well as record a lecture. While many students rely on their smartphones for this task, having a standalone recorded may make sense if you need your smartphone for other activities during a lecture.

Noise-Cancelling Headphones
While most of the gadgets that every student needs usually have something to do with inputting information, this particular gadget helps to tune everything else out. Studying involves intense concentration, and this can be difficult in noisy environments. Especially for students who live in a dorm or other crowded environment, noise-cancelling headphones can be the key to a successful study session.

Every student should be prepared to use technology to their advantage in the classroom. No matter what their need may be, there will be a gadget that can help them to study better, organize their information and communicate with other students and professors.

Today’s guest article comes from Stacy Rost. Stacy used these tools during her own academic career. At present, she writes about many academic subjects, from technology to curricula. This article was written on behalf of Keiser University Online, whose degrees range from business to criminal justice.

You’ve done it; you’ve taken the plunge and moved out. Whether you just graduated from college or you are making your way to campus, it’s onward and upward from here, and “onward” begins in a brand new city. No pesky parents questioning every decision you make, no curfew, no weekly chores around the house. No home-cooked meals waiting for you when you get home, no clean laundry folded on the foot of your bed, no HBO or Showtime—wait, what? Whether you are coming from a small town or a metropolis, settling into your new city will mean learning new things like where the closest grocery store is, the nearest gym, the best route to school or work. Here are five tips to avoid paying an arm and a leg for these things.

1.        Take public transportation whenever possible.

This is vital, especially in big cities like New York, Chicago and San Francisco. With gas prices inching close to $5 a gallon in some places, if you can do without a car, do without! In some of the larger cities, even parking can end up costing you hundreds of dollars a month, whether through the cost of a parking garage or the inevitable parking ticket. Buses, subways and streetcars are viable options when it comes to saving money. If the city you’ve moved to doesn’t have much in the way of public transportation, consider carpooling.

2.        Comparison shop for your groceries.

Often there are farmers’ markets or fruit and vegetable stands where produce is much cheaper than in a grocery store. If there is more than one grocery store in your neighborhood, find out which goods are cheaper at different stores. If you buy meat, avoid the frozen food section and instead find a local butcher where you can purchase some of the less popular cuts of meat for incredibly cheap prices.

3.        Abstain from cable in favor of wireless.

Almost anything you can watch on television, you can also watch online. With wireless Internet costing anywhere from $25 to $30 and cable television costing upwards of $80 through some companies, the amount you’ll save monthly by using websites like Hulu or Netflix for your entertainment needs is substantial—as in the cost of a night out, or a week’s worth of groceries.

4.        Don’t settle for just any laundromat.

In the same way that you have learned to bargain shop for groceries, learn that there is not only one laundromat—even if there is one that is very close to your apartment or house. Different laundromats have different prices for washer/dryer loads, and some even offer discounts or perks (free detergent) if you frequent their business on their middle-of-the-week slow days. Observe how many loads of laundry you do each week and decide if it would be cheaper to just drop your clothes off and have the laundromat staff wash/fold them for you to pick up later. Don’t forget to factor in how much that two hours a week is worth to you.

5.        Rediscover outdoor exercise.

Moving to a city doesn’t mean you have to give up exercise; nor does it mean you have to join an expensive gym. In some cities, a gym membership can cost well over $100 a month. Rather than pay this exorbitant amount, go to the public library and rent some DVD workouts to do at home. Or take up running and run outside. Even join a running club like the New York Road Runners to get the inside scoop on races, tips for running, etc. If you must have a gym membership, check out the lesser-franchised gyms for a better bargain. Gyms like Planet Fitness have memberships starting at just $10 a month.

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Moving to a new city is nothing short of an adventure. As you begin to learn the rhythm of your new home, do not be surprised if you find you’ve discovered your own money-saving tips. If you play your cards right and make financially sound decisions, this adventure will be the first of many.

Today’s guest article is provided by Melissa Woodson, community manager for @WashULaw, a top-tier online LLM in U.S. law and a premier llm degree offered by Washington University in St. Louis. In her spare time, she enjoys running, cooking, and making half-baked attempts at training her dog.