How to Build a Successful Online Business if You Are a Student

Top tips by Nick Freud, co-founder of CampusReel, Forbes U30 USA 2020 award winner, shared at Young Business Club.
Nick Freud is currently one of the top startup co-founders of the USA. His company, called CampusReel, helps potential students from all over the world to get acquainted with their university based in the USA before the application procedure or moving from home. CampusReel organizes virtual tours for applicants, allowing them to spend half a day on Campus and even attend some classes.
CampusReel maintains a library of 17,000 videos created by students at 355 colleges and universities, offering candid, insider perspectives to prospective applicants and high school counselors. It has reached users in 140 countries in less than three years and has raised $1 million in funding.
Recently, I invited Nick to give a speech for members of the Young Business Club of New York City (YBC NYC) and asked him to describe his story and the path to creating his own successful business. Nick gave several great tips to those who already have started their own businesses and also to those who are looking for the secret success formula. I've gathered three recommendations and I'm happy to share them with you.
1. It isn't very easy to build a reliable company without a partner

Nick believes that just one person can't build a large business as well as two people working together. It's stressful, takes a tremendous amount of energy and pretty much impossible to go it alone. Nick and his friend, Rob Carroll lead CampusReel together. They were friends long before they became business partners. Today, they are each responsible for different parts of the processes taking place in the company — Rob, for example, oversees the technical issues. At the same time, Nick works more with general overall tasks.
Of course, business partnerships can be difficult and can potentially lead to severe working challenges and even personal problems. According to Nick Freud, the key to successful collaboration is respect, listening to each other, talking, talking, talking. In situations when you can't find a conventional solution with your business partner, the best idea is just to take a step back and not to push too hard.
2. Communicate clearly, work on reducing the level of misunderstanding.

The CampusReel team is based all over the world. Its structure is the following — Rob and Nick are the only full-time company employees, but they actively collaborate with a variety of contractors in a lot of fields — design, development, etc. Contractors are based overseas, in Ukraine, the Philippines, and other countries. There is a language barrier that sometimes can be very problematic. In this situation Nick recommends continuously keeping an eye on the communication level and never giving a task without a thorough explanation. Personal talks and meetings are critical if you want your company to be productive and effective.
One more key for a high level of understanding with each other, according to Nick, is — having daily meetings at CampusReel, and quick talks in Slack, Hangouts, and other platforms, which help to organize working schedules, etc. effectively.
Communication is energy. Moreover, it's a way to show your co-workers that you are ready to give them your full attention and answer all of their questions. Good meetings are not only to exchange information but also to encourage people and to uplift their working potential.
3. Let yourself relax.

Probably a lot of entrepreneurs starting their own projects don't know how to maintain a balance in their life and stop working. They simply feel guilty for just a day-off or evening in front of the TV. It's quite a dangerous approach that can lead to nowhere.
Nick suggests letting yourself relax a bit more. Everyone can have his or her way to a good work-life balance, but we all need some rest from work despite any and all circumstances that may arise.