Here’s why you should consider starting a business while in school.
You have nothing to lose. No huge family responsibilities. No looming loans. Your university days are probably one of the best times to start a business.
Starting a business while you are still in university holds a lot of benefits.
Most students do not have house rents or loans to pay or even families to feed or most of those adult responsibilities that might draw them back from pursuing their entrepreneurial dreams.
It’s the perfect time to take risks – calculated risks, of course. You have enough wiggle room to explore with little to no burden on your time.
And, if for whatever, reason the business venture fails, you can recover quickly, cut your losses, chalk it up as another experience, and move on.
So, if you are in university and you have not yet made up your mind about starting a business, then the following reasons should give you the nudge you need:
Why You Should Consider Starting a Business While in School
The risk is low, and the reward is high
If you take a critical look at the situation, you will discover that you do not have anything to lose.
What is the worst thing that could happen? What could possibly go wrong?
Going back to what you were doing before?
Starting all over again? – at least, you’re still young and able to recover faster than if you had graduated, married with kids, and have other obligations other than your studies.
On the bright side, you already have a bit of real-world experience of how things work in the business world.
Armed with this new knowledge, you wouldn’t make the same mistakes again when you launch a new venture.
You probably may have developed valuable networks and relationships during the course of building your first business. These contacts can come in handy when launching your new company.
So, be willing to test whatever ideas you may have. Sometimes, the original idea doesn’t fly.
But the fact that you are doing something about it may birth another concept that will grow to become a thriving business venture.
Take advantage of campus resources
There’s hardly any university that doesn’t have fast internet connection as well as free consulting from college professors who are always interested in the progress of youths or their students.
Since you pay for all these resources, it will be a wise idea for you to take advantage of them to launch your business, especially if your business can be taken online or has the potential to thrive on the internet.
Access to potential customers
There is no better place to carry out surveys, clinical tests, etc. than in a citadel of higher learning.
Students are – and will continue to be – an invaluable resource that you can maximize when it comes to testing your concept or ideas.
And, since they are cheap and willing to tell it as it whether or not they like your concept or idea, you will quickly know what to do and take steps to contain the situation.
If students – who are nearly always short of cash – can pay for something that you are offering without being overly coerced, then it is an excellent sign that you are on to something viable.
Students can also make anything – service or product – go viral, so use them to your advantage.
Real-world or real-life education?
The truth is: there is only so much you can learn within the four walls of a classroom.
Starting a business as a university student is like passing through the crucible – it will take you by the shirt scruff and haul you right into the middle the heat.
You’ll learn first-hand what’s it like to write a business plan. You’ll get real-life experience what it means to develop a market-fit product; conduct product and customer research.
In some cases, you’ll have to master how to persuade investors to invest in your idea.
You’ll learn the nuts and bolts of running a real-life business. Not theories. Not case-studies.
Granted, it’s lots of work and learning; but, its a process you will be glad you went through in the long term.
Fact is, no textbook lesson can replace real-world experience. So, get both while you can.
Easy access to co-founders
College students lack experience in the business world, no doubt about that. However, what they lack in experience; they make up for it with grit.
You can team up with another student who shares the same passions as you to jumpstart that business idea you have been nursing for a while.
Most famous tech companies, think Facebook and Google were all started by students whose co-founders were classmates.
Sure, there are exceptions to the rule; but the thing is, it is much easier as a student to find willing partners with the right skillset, energy, and passion than perhaps when you’re outside a school environment.
Getting mentorship is easy
Most schools have innovation centres, entrepreneurship hubs, and career counselling offices that are excellent resources to get mentorship.
In addition to these, you can take advantage of the university’s vast alumni network to get your feet in the door to meet important people who can offer you advice or invest in your idea.
Don’t be shy to ask help from people doing exactly what you want to do. Usually, successful entrepreneurs are more open to sharing their experience with others, especially students who show they are willing to work hard to grow their business.
However, be considerate of their time. Ask useful questions. And, please don waste their time – after all, they are busy people running successful businesses.
So, there you have it. Now, you know it’s a win-win for you starting a business as a student.
The experience is priceless; even if you fail, its a boost to your resume as employers can see you are driven, ambitious, take initiative and entrepreneurial – essential traits that would set up for leadership position in whatever career you decide to pursue.
Ever considered starting a business while in school? Did you follow through? What’s it like running your business even as a full-time student?
Share your experience with us in the comment box below.