After spending four years at a University, I have found myself constantly surrounded by many intelligent, passionate individuals with entrepreneurial spirit running through their veins. While I see so much spirit in students, I don’t see nearly enough of them acting on it. Below is a list of six reasons why college is the perfect time to start the business of your dreams.
1. Low Cost of Living - Right now, your cost of living is lower than it will ever be. You may be living in a dorm, or a pretty cheap apartment. Chances are you still have some sort of support or insurance from you parents. When you graduate, all those costs will bear down on you.
2. Mentorship - One fact is true of all entrepreneurs. They love to talk about their struggles and hardships they had as they got started. If you don’t know how to start a business, take a few entrepreneurs out to coffee and ask them to tell you their story. The wisdom that you will learn is greater than any knowledge you will gain in school.
3. Time - Yes, college can be a busy time of your life. It is easy to over commit yourself to student organizations, part time jobs and social gatherings on top of your schoolwork. If you want to start a business in school, you will need to accept that your involvement in these organizations and social gatherings may dwindle due to the time required to get your business going.
If you think you don’t have the time or energy now, imagine trying to start a business while working a 40 hours a week at your 9-5 day job in a few years. Suddenly school doesn’t sound quite as bad does it?
4. University Support – One of the greatest things about starting a business in school is the backing that you get from your University, especially if you are in a school with a business or entrepreneurship program.
My professors went above and beyond their call of duty to help me get going by loaning me equipment, helping me with accounting, business advice and referring me to jobs where they could. Take advantage of the resources your University has to offer and you will be amazed at how they can jumpstart your success.
5. Safety Net – With the start of any business, there is a chance for failure. The great part about college, is that if you fail its not the end of the world. You will still have a roof over your head, you will still have health insurance and if you find entrepreneurship isn’t for you than you can finish out your degree and search for a job.
6. Create your own post graduation job – The single greatest part of starting a business in school is that warm feeling you get inside when you know that you have your job figured out for after graduation. If worst comes to worst and things don’t work out, I can guarantee that attempting to start a business will be impressive to any company on any resume.
Don’t make excuses, now is the best time in your life to start a business. Get out there and start doing it!