Common Issues That Can Arise When You Start a Business in College

If you have an awesome idea for a product or a business, there’s no reason you need to wait until graduation to get to work on it. Actually, you probably shouldn’t. It makes more sense to get a jump on it before someone takes your idea, which they will because collective consciousness is a real phenomenon.

That said, it’s not easy to start a business when it’s the only thing you’re doing. Adding school to that will complicate things, of that you can be certain. Here are a few issues you can expect when embarking on this venture.

Expensive Prototypes

It takes money to make money, there’s no getting around it. If you want to create a physical product, you’ll need a prototype. Odds are you don’t have the capital to create a perfect one if what you’re producing is any kind of complicated. You should keep in mind that you might have to ask for money very early on just to see if your idea works. It’s a pretty normal problem to have, but it’s definitely one that will be enhanced if you’re paying tuition concurrently.

Lack of Investors

Unfortunately, if you’re a college student, you won’t have an established reputation to flash in front of investors when you seek funds. Everyone will think they’re taking a big risk on you because they are. You’re young, and thus, probably prone to instability and irresponsibility, even if not in huge amounts. You’ll have to work twice as hard to convince people that you’re worthy of faith and confidence.

Time

If you’re carrying a heavy class load, starting a new business on top of that is going to eat up a lot of your time. Unless you want to flunk out of school, you may have to give up a few things. Your extracurriculars are going to fall by the wayside because your business is your extracurricular now. Same probably goes for your social life. You should really think about what you’re going to give up in the way of friends and lovers if you take on the start of a new business.

Focus

Unless you’re chilling in a house in the country while you go to school, you’re going to be beset upon by distractions a lot. Dorms are rowdy and so are off campus houses, most likely. You’ll need to cultivate extra good focus to avoid getting drawn into all the normal hubbub of college life. Even if you’re going to UAB Online, you’re still vulnerable to distractions.

Lack of Support

If you want to launch a business in college, take advantage of your community. If you try to go it alone and alienate yourself from your friends, you’ll burn out. If you go to Rutgers University, look up their alumni association. It’s possible there’s someone there who started a business in college, too. Cultivate people that understand what you’re doing so you have someone you trust to turn to when things get overwhelming.