Start a New Business in College
College. To many, it sounds like newfound independence. And in reality, it is. Why are you going to college? If the answer is “to learn enough to become successful later in life,” the college years are a great time to start becoming successful.
TwinCommas explains why college is a perfect time to start a new business. A lot of what they say makes a lot of complete sense. Remember Mark Zuckerberg? He’s now worth $5 billion dollars and was a Harvard dropout. Bill Gates? Yes, him too — but his valuation is even higher.
Why not start with your own business? Do you have anything to lose?
As the TwinCommas blog explains, there are many good reasons why starting a business is a good idea during school. Here are the key points:
Minimal responsibilities: If you’re like me, you’re living in a dorm. You’re calling mom and dad every so often, hanging with your friends, and doing your schoolwork. You may have a significant other. But you don’t have kids. At least, not now. Between classes, instead of partying (or in addition — it’s your choice, really), focus on the moneymaking opportunities because you have nothing to lose and only experience to gain.
Age: Most of the successful entrepreneurs started their businesses well before they turned 30. Because you’re starting early, you have a lot of time to learn from your mistakes and grow your company, and hey, you might be able to retire early.
Inexpensive labor: Got a roommate? Give him some work to do. College students are often looking for work. If your business makes money, it’s really cheap labor (and it can also form some great relationships that will last well beyond college in the real world).
Knowledge: In school, you have professors to consult and a library of books and internet resources all within arm’s reach. This is the best time to take advantage of these abundant resources.
Software: Does “college discount” ring a bell? You’re a student, after all, so your academic discount will work for software you use for school/business.
Equipment: Just like you have access to professors, so too you have access to computer rooms and scientific labs filled to the brim with high-tech equipment that can help you get a kick start on your business. You won’t have that luxury after school.
Financial bonuses: I know a few programs that will invest in the most viable (purely subjective, as it’s judged) college business, and this can also get you on your way. Grants are not hard to come by if you have a business that will thrive.
In the end, if you have that killer idea, you have the resources to take advantage of it. Do it now.