CAN/SHOULD YOU START A BUSINESS IN YOUR FIRST YEAR AS A SCHOLARSHIP STUDENT IN RUSSIA?

We asked: “Can I start a business in my first year as a scholarship student here? Which business opportunities are available?” Here’s what Samuel Adeseko, General Secretary 2023, medical student and tech entrepreneur, had to share:

“I am Adeseko Samuel Oluwatobi, a 4th year medical student of Kazan Federal University in Kazan and an Entrepreneur. I am the Chief Executive at Paytrybe, a Canadian/Nigerian-based international remittance company. I am also a Software Engineering Student at ALX Africa.”

1. Is it possible for a scholarship student to start a business in their first year here?
   
   “It is feasible for a scholarship to start a business here but with regards to first year, it is a bit tricky or can be outright difficult.

This is because in your first year, you’re still finding your feet for the most part with regards to life in a new environment, your academics and other aspects. Therefore, adding something else, which can be demanding, into the mix tends to stretch you more than you would expect.

I started PayTrybe at the end of the first semester of my first year here and it affected me in some ways.

To keep it short, if you can, avoid starting that early and push it towards the second year. However, you can survive, so have that in mind also. 

Some advantages of starting a business in your first year are:

-You learn fast: As a result of being removed from your comfort zone suddenly, you tend to have a lot of experiences quickly.

-You get smarter and wiser: It’s also kind of a direct result of the above. Those experiences which come quickly give you valuable lessons which stick and make you much smarter.

-You have more time to build your business as a result of starting earlier: Gaining all that experience quickly and early can give a turbo boost to your business as you can apply them to the business and grow it.”

2. What are the challenges and advantages of starting a business as a scholarship student in the first year of study?

“Some of the challenges of starting a business in your first year here are:

-Pressure/strain on your academics: Removing you from your comfort zones is true for almost all aspects of your life. Your academics may suffer and especially considering that first year is a critical academic point, it may spill over into subsequent academic years.

This can result in you having a negative academic experience overall if not well handled.

-Effect on personal life: Running a good business takes a lot from you personally. Your health may be negatively affected and your social relationships may also suffer. You will need to manage your time seriously and all these coupled with the constant thinking about a lot of things can lead to a strain on your mental health.

Therefore, you’ll need to make an active effort to ensure that you periodically monitor all aspects of your life: mental, physical, social, academic.”

3. Are there any restrictions or guidelines that scholarship students need to be aware of when it comes to starting a business in Russia?

“Restrictions or guidelines one needs to be aware of when it comes to starting a business in Russia are for the most part unique for each type of business.

Some businesses have higher requirements than most. Some require the business to be licensed or registered with a particular government agency. Information on this needs to be researched for each business.

One general guideline however is that the business must not be doing anything illegal.”

4. Can you provide examples of successful businesses started by scholarship students in the past? What were the keys to their success?

“It is also advisable to ask for help from people who are more experienced so they can help guide you on how to go about it. There are a number of successful businesses started by scholarship students here which I know of. They include: Paytrybe, Kwiberry, Street 55, E-Solutions, ST Ankara…

Some of the keys to the successes by these businesses:

– Creating something unique.

– Engaging users or potential of their services.

– Collecting feedback on the services they provide and actively working towards improving based on those feedbacks.

– Giving back to their communities.

– On the part of the business owners: actively managing their daily lives to ensure they are very prudent with resources – time, money, e.t.c”

5. Are there mentorship or networking opportunities for scholarship students interested in entrepreneurship?

“Yes, there are definitely mentorship or networking opportunities.

One of such is the entrepreneurship interest group of ANSSIR. Here members are encouraged to ask questions and seek help regarding their entrepreneurship plans or aspirations. There are experienced members of the group who are very willing to help anyone who comes with such requests.”

6. What kinds of businesses are most viable and successful within the university environment? Are there specific industries or niches that tend to do well among students?

“I think any business that directly caters to a pressing need for students has a good chance of success. Students have a lot of needs from personal life, to academics, up to entertainment.

Any business idea which not only satisfies these needs but does so in an easily accessible way would be very welcome and accepted.”

Thank you!