Alumni Advice: Entrepreneurship
Entrepreneurship is part of the culture of St. Thomas, whose Schulze School now ranks 11th internationally in undergraduate entrepreneurship programs. We asked alumni on St. Thomas Connect: “What advice do you have for Tommies interested in starting their own business?” You can learn from their experiences and words of wisdom below!
Looking for more inspiration, resources, or connections to support your entrepreneurial journey? Check out St. Thomas Connect — our dedicated platform where Tommies engage, learn, and grow together. Visit the “Connect → Community” tab to explore alumni entrepreneurs, mentors, and professionals by industry, degree, or help topic, and start building your network today.
Find Your Why, Know Your Mission
Understanding what drives you will guide decision-making, help you stay grounded during challenges, and ensure your business grows with intention.
“My advice in starting your own company is to figure out who you are first. What do you love? What are you passionate about? What are you good at? What is your purpose? What are your values? Know, believe in, love yourself first! Next, find a problem that needs solving that you are passionate about, the world needs, and you are good at. This should be the focus of your business…And ask for help! Surround yourself with people who love you, support you, and believe in you.”
Paula Oleson
“As part of your business plan incorporate a mission and a vision statement. It will be important as your business matures and grows, or when you encounter difficulties, that you stay grounded in your mission, your purpose. Review your mission and vision periodically to ensure they remain appropriate.”
Tom Fischer
Go! Don’t overthink it – just start!
“Don’t be afraid to fail. Fail fast and learn fast from it.”
Andrew Stolpestad
“I always thought you had to have every detail meticulously planned before starting a business. Planning is important but don’t be afraid to get started grow carefully and learn as you go.”
Tim Savre
Build Resilience
Entrepreneurship is full of challenges, your purpose will help you stay the course. Behind every innovative idea is a solid base that protects it.
“You’re going to face a lot of setbacks, tribulations, refusals, and instances of sheer bad luck. However, in these moments, it’s important to remember your “why” and the reasons that inspired you to start your venture in the first place. Building this resilience and fortifying it with your purpose is a foundational pillar of long-term success. When the road gets rough, your connection to that deeper mission becomes the anchor that keeps you grounded.”
Eshan Varma
“Always consider things that can go wrong and anticipate how you will respond to them. What will happen when the next pandemic hits, or you suddenly have stiff competition that you were not planning on. Before you dive in, step back and make sure you have considered all the variables that may effect your business. “
Steven Olsen
Find the right collaborators
Successful businesses are built by strong teams with complementary strengths.
“Know your strengths. Just because you are starting a business, doesn’t mean that you have to do it all. If you are the ‘numbers’ person, find someone who may be more operational or technical. Finding someone whose skillset compliments your own is going to be key to long-term success.”
Bev Shellum
“Got a big idea? That’s exciting. Just don’t skip the boring stuff. One of the smartest early moves you can make is to hire a lawyer who understands startups. It might not feel urgent, but getting the legal stuff right early can save you a ton of stress later.”
Klajdi Rrezhda
Connect with like-minded people
Speaking with people who have a similar path will help you avoid some errors and open your mind.
“Make and cultivate as many connections as possible. You never know who can help you in your career journey.”
John Alpers, PhD
“Talk to others that have done the same thing. They will be able to give you pros, cons, etc.”
Linda Ladley
Tap into the Tommie Network.
Starting a business takes courage, curiosity, and community. Remember, you don’t have to do it alone. The Tommie network is here to help you start, grow, and lead with purpose. Here are more resources available to St. Thomas entrepreneurs:
- gALPHA St. Thomas: Develop your own startup venture idea or create one from scratch! gALPHA at St. Thomas is a free, four-week venture creation program that helps entrepreneurially minded students and technologists create startup businesses.
- gBETA St. Thomas: gBETA St. Thomas offers a suite of opportunities to engage with mentors, coaches, investors and the like, for all students and alumni with an idea for a business. It requires no fees and takes no equity. The free, seven-week gBETA accelerator is for early-stage companies from any industry or business model.
- Schulze Pre-Seed Grant Program: The Schulze Pre-Seed Grant Program awards grants of up to $10,000 to help St. Thomas students and recent alumni accelerate entrepreneurial ventures and innovation. It provides pre-seed funding accompanied by coaching and other educational resources.
- Business Plan Competition: Take your business concept to the St. Thomas Business Plan Competition. This annual event is open to all St. Thomas students and alumni who graduated within the last 10 years who wish to further pursue their ideas and ready them for an actual business launch.
- Small Business Development Center: The University of St. Thomas Small Business Development Center (SBDC) provides free, confidential business consulting services and modestly-priced workshops to help established businesses and startups develop strategies to attract customers, increase sales and improve profitability.
- LegalCORPS: LegalCORPS provides free assistance in non-litigation business law matters to low-income owners of small businesses, small nonprofit organizations and low-income innovators in Minnesota through the services of volunteer attorneys.
- Community Entrepreneurship Program: The Community Entrepreneurship Program is a 10-month, hands-on program for any community member facing economic hardship who has a dream of starting and growing a business, including those who have already started a venture but need help to grow.
- Smart Start for Business: Smart Start for Business will provide you with all the information prospective (and new) business owners need to be successful. You’ll also have the chance to share with other entrepreneurs and get your questions answered from seasoned business owners.
