The Student Entrepreneurial Program (StEP) is a unique opportunity for students to own a business on campus that serves the WashU community. Any WashU undergraduate student can buy into an existing business or start a new one. This month we are highlighting some of the student-run businesses on campus – today is all about Bears Bikes!
Bears Bikes is a student-run bike store that offers rentals, repairs, and storage to WashU students, though they have partners and customers from outside the WashU community as well! Bears Bikes is co-owned by seven WashU students:
- Vicky Zhang (BSBA ’21) – Studying: economics & strategy and finance; Activities/Clubs: Phi Gamma Nu
- Olly Cohen (AB ’21) – Studying: creative writing and computer science; Activities/Clubs: WashU developers club, Kappa Sig
- Melissa Guo (BSBA ’21) – Studying: marketing and finance; Activities/Clubs: Bear Studios, PGN
- Sahil Patel (BSBA ’23) – Studying: economics and strategy; Activities/Clubs: Net Impact
- Lauren Kanter (BSBA ’23)
- Jess Zhang (BS ’21) – Studying: biomedical engineering; Activities/Clubs: AOPi
- Maddie Chiu (AB ’22) – Studying: creative writing; Activities/Clubs: Taiwanese Students Association
Vicky Zhang of Bears Bikes answered a few questions about the impact of owning a StEP business.
Why did you decide to buy a StEP business?
I personally decided to get involved with a StEP business because it seemed like the best way to challenge myself. Even though I came in studying business, I was a freshman when I joined with no experience in bikes but wanted to push myself (and I definitely have). Others on the team have felt similar reasons—some were interested in potentially going into business (Lauren and Sahil), and others wanted a chance to do something outside of their majors (Olly and Jess).
What are the benefits of working with multiple owners?
The benefit of working with others comes from seeing others strengths and trying to emulate them, and economies of scale with physical labor & the work that needs to get done! With a long-term 'project' like Bears Bikes, I also have people that I'm extra close to on the WashU campus—we go through very particular challenges together, see very unique forms of success (e.g. renting out all of our fleet or getting a partnership with a local business take off), and become closer as a result. We also keep each other accountable!
How do you balance being a student and owning your own business?
Keeping it all in perspective is vital. With Bears Bikes, you have a very particular passion project and you get so into it that everything seems high stakes, and you always want to prioritize it. But remember that it's on campus, that people understand that you're a student and that you're serving other students primarily, can help.
What has been your favorite part about being a StEP business owner?
The ability to create meaningful traditions. We've started semester-retreats, where we just brainstorm crazy ideas and do some guerilla marketing. At the end of both the fall and spring semesters, we break down campus into sections to look for our bikes that haven't been returned, then unlock/cut them. We tag them, update inventory, and get them ready for maintenance. We then move them into storage units to keep them from intense weathering, then celebrate that day-long endeavor by eating Chinese food! Actually, we also end the semester retreat with Chinese food as well. It seems we love Chinese food.
What advice do you have for aspiring entrepreneurs?
My advice for aspiring entrepreneurs is don't be afraid to get granular—don't just focus on what is exciting and 'trendy', but think always about the fundamentals. Every good idea requires amazing execution for it to see a good result. Learn to take feedback well (but also with a grain of salt sometimes). The best way to learn from mistakes is breaking down the root of why it happened (and fixing a process that let it occur), as well as determining the impact (in order to resolve any issues created).
What other groups and activities are you involved in at WashU?
My other big involvement is in PGN, a professional fraternity. I've been in it since my freshman fall—my whole college life has been shaped by the people I've met through it. I also do graphic design as a way to help out smaller organizations (under Design for Good tab of my website).
Bears Bikes Social Media: Facebook, Instagram