The entrepreneurial spirit is rife among students. And while a whopping 61 percent of college graduates plan to start their own businesses after graduating, some do it while in college. Technology allows anyone to create and run a business from any part of the world. 

Many students can now afford to start businesses without the hefty startup costs. A computer and internet are all they need. But what do successful student entrepreneurs do differently considering only 10% of startups make it past the first year? Here are four secrets successful student entrepreneurs use that you can also apply.

• They Innovate

There are endless stories of millennial innovators that prove entrepreneurship rewards creativity and innovation handsomely. Student entrepreneurs who thrive are not mere business owners. Rather, they create their innovative concepts and turn them into profitable ventures—and they keep innovating to stay successful.

Your innovative idea can be just about anything so long as it solves a problem and makes people’s lives better. Be open-minded and brainstorm different ideas. Apply them and learn from your failures and successes. Your innovative idea might be inspired by something other than your primary field of interest.

• They Network

The adage, “your network is your net worth” still holds true in the business world. There are many lessons you can learn by building strong professional networks. The people you meet can also help advance your business. Student entrepreneurs have many opportunities to interact with other business people and exchange ideas—most universities provide them. Smart ones network and break into new markets, collaborate with other brands, and boost sales.

Universities and colleges host many networking events student entrepreneurs can take advantage of. Also, ask about workshops for startups and entrepreneurs in your area and attend them. You’ll meet like-minded people and learn from them. Most people you meet are willing to share valuable information as long as you aren’t a threat. 

• They Seek Funding Opportunities

Every business requires cash to run. Capital is one of the challenges college students face when starting a business. However, there are many funding options they can explore. 

Financial experts advise student entrepreneurs to avoid applying for huge loans when starting out, which makes a lot of sense. Most loans have strict repayment timeframes and high interest. If you own a car with positive equity, search for lenders that offer loans with car titles. These short-term loans are more affordable and easier to pay off.

• They Leverage Academic Business Incubators

Businesses spend between $3,500 and $6,000 to furnish modern workstations. That’s money many student entrepreneurs cannot afford. Smart student entrepreneurs make the most of university business incubators. Apart from getting free office space and other amenities, they also access mentorship programs.

University incubators can give you access to industry experts who can help you actualize your business idea. They are great platforms and connect student entrepreneurs to the real business world by helping them forge solid connections with industry players. 

If you've decided to pursue entrepreneurship while in college, borrow a leaf from successful student entrepreneurs.