Starting something while studying: a checklist

Start by deciding what 'starting' means for you, because it can be much smaller than a company. It might be offering a skill to a few people who have asked for it, making something small for a group you know, helping a family shop try a new idea, or simply speaking to ten potential customers before deciding anything. Smaller starts cost little, can be stopped easily and still teach you most of what you would learn from a bigger one. Write down in one line what you would actually do in the next month.

1. Count your hours honestly. Take a normal week and subtract classes, travel, study, meals, sleep and the time you spend with family and friends. What is left is the time you really have, and it is usually less than you first think. Then look at the next two months and mark exam weeks, project deadlines and festivals. Decide a number of hours per week that you can keep up in a bad week, not in a good one. If you cannot find any, that is useful information too.

2. Read your college's rules before you assume. Attendance requirements, policies on commercial activity on campus, use of hostel rooms, labs or the college name and logo, and any rules on student-run ventures differ between colleges, universities and courses. Nobody outside your college can tell you what yours allow. Read the student handbook, and if it is unclear, ask a faculty member you trust. It is better to ask early than to be told to stop later.

3. Do not use your name, the college's name or its facilities for something commercial without permission. If you want to use a lab or workshop for a project that may become a business, ask the person in charge and say plainly what you intend.

4. Talk to your family before you start, not after. Many parents worry less about the business than about the unknowns: will the degree suffer, is money going to be lost, will this affect placements. You do not need their permission in every case, but you will probably need their goodwill. Say what you plan to do, how many hours it will take, how much money it involves, and what you will do if marks drop.

5. Decide whose money it is. If you are spending money that was meant for fees, rent or books, say so and be careful. Keep a separate record, and if possible a separate account, for anything connected to the business, even if it is tiny. Set a limit on the total amount you are willing to lose, and write it down. Do not borrow for a first experiment.

6. Think about age and agreements. Under Indian law a person becomes an adult at eighteen, and a contract with someone under that age can be treated as void. If you are under eighteen, involve a parent or guardian in anything involving an agreement, a bank account or a registration, and take advice from a lawyer or chartered accountant. If you are eighteen or over, the formal side is usually simple at the start, but check the current rules before you register or begin invoicing. Registration, tax and licensing rules depend on the kind of business and change over time, so use the official sites or a professional rather than a friend's memory.

7. Agree things with partners in writing. Working with a classmate feels easy until something goes wrong. Agree who is doing what, who owns what, what happens if one of you gets a job offer, and how you will end it if you want to. This does not need a lawyer for a first experiment, but it does need to be written down and read by both of you.

8. Plan the placement season. If you are in a final year, you may receive a job offer while a small business is running. Think about this in advance. Is the business something you would continue on weekends, hand over, pause or close? Is there anything in an offer letter that would affect it? Read any employer's rules on outside work carefully before you sign. You do not have to decide now, but you should know which questions you would ask.

9. Choose one thing to learn, and one to measure. At the start, decide what you want to find out. For example: will anyone pay for this, can I make it for a price that leaves something over, can I keep it up alongside my studies? One clear question, with a simple way to see the answer, makes a small trial far more useful than a vague hope.

10. Decide in advance what would make you pause. Write down the signs: marks falling below a level you set, missing classes, feeling constantly exhausted, losing more money than your limit. Show the list to someone who knows you well and ask them to tell you if they see the signs. Pausing is not failing. It is a decision you can make calmly now, which is far easier than making it in a panic later.

A last point. Many students feel that trying means being reckless. A small, time-limited, low-cost attempt is a reasonable way to find out whether you like the work and whether people want what you offer. Whatever happens, you will know more than you did.