Many successful entrepreneurs started out while still in college. There are pros and cons to doing so. However, there is not much to lose by starting a business now. You can test your ideas and take advantage of a low risk and high reward potential. Plus, you have fewer commitments. Thus, if the business idea doesn’t work out, you can re-focus your efforts on education.
Perks to Launching a Startup in College
There are many campus resources available free of charge. You can use computers with fast internet connections. Your professors may be eager to offer free consulting. They can make meeting rooms available to you. Additionally, they might want to get involved in your venture too.
Launching your business also offers some real-world education. It adds to what you learn in the classroom, and you can even apply the concepts you are learning. In the end, you will have gotten so much more out of the experience than just reading a textbook at Hofstra University. That’s whether your business takes off or not.
People are Accessible
Your peers and students around you are accessible customers. If they pay for things you sell, it’s a good sign you have a salable product or service. Students are also vocal about what they like or don’t like. They’ll spread the word if your product is great, and say what they don’t like about it. You can make improvements and test your ideas out on those around you.
It’s also easier to get advice as a student, as some college-based entrepreneurs have noted. You can just say you’re a student starting a company. Plus, a successful entrepreneur is generally eager to provide advice to someone starting out.
Another perk of launching a business in college is recruitment. You might have a co-founder sitting right next to you in class. Share your ideas. You never know who will ultimately be on board.
You Can Add It to Your Resume
Starting a business is a valuable part of your college experience, even if you fail. It will look great on your resume. Your creativity, drive and proactive nature may be looked upon favorably by prospective employers. Starting a business in college can make you a leader, and you can go on to get a masters in MIS from UAB if things don’t take off right away.
There aren’t that many negatives with using your idea to start a business. Failure is less of a concern in college, at least regarding whether your first try is a success. You might spend more money than you’d like, and lose some sleep. There are, however, many ways it can pay off.