Why you should start a business in college!
Ever thought of starting your own company? Maybe after you are done with your masters or bachelor? However, you could also start that business in college already. There are a lot of advantages if you start your own business at a relatively young age. Of course, there are also downsides that come with beginning your own business now. In this article, we will go through the various (dis)advantages of starting your own business in college.
Risks and opportunities
Running a business in college is relatively risk-free. You do not own a lot right now, and the commitments you have are very few as well. Later you might want to start a family and having a family could hinder you taking risks and opportunities. Now, as a college student, you can still take those risk, without having to think about the consequences as much as in the future. The rewards for starting your company in college can also be very high, so overall, there are low risks and high rewards in starting a business right now.
Resources on campus
The second advantage, is that you can make use of resources at university. You can make use of computers and various other facilities. For example, asking your professor questions about your startup, can help you during the startup process, since most professors have real-life experience. The resources you can use on campus would also cost a lot outside of campus. You already pay for these resources through your tuition fee, so you might as well make good use of it.
Practical value
Starting your own business will also learn you a lot more than books could ever teach you. The startup world is a great bridge between the material taught and applied concepts. A few things you’ll learn by starting your own company are: organizing, planning, taking risks and independency. These lessons might be very valuable to you later in life.
Thinking about the future
Talking about the lessons you will learn, you can also learn things from other entrepreneurs. Entrepreneurs are very eager to talk to you if you own a startup, because they want to help you, and do not see you as a threat or someone with an ulterior motive. This also leads to more connections in the labour market. Maybe the start-up does not work out, and you want to be working for a company. Then the contacts you made during your time as entrepreneur could help you get a job.
Getting further into the point that you might want to stop with your start-up after some time, or it just fails. Starting your own business shows that you’re proactive, creative, and driven. Which are all personality characteristics a company wants to see.
Downsides of starting your own business
These are all advantages of starting your own business, but what are the downsides? Starting your business costs a lot of time. You will have less time for school or for example activities at the study association. Starting your own business also requires doing some investments, which will cost you money. These investments might not work out, and you will lose your invested money. If you want to start your own business, you should keep these disadvantages in mind.
I want to start my own business; how do I proceed?
So are you eager to start your own business? When thinking about what business to start, first start by thinking about your passion. You could make your passion or hobby into something that is profitable. Other examples are teaching or tutoring, providing services to fellow students, make hand-crafted goods and sell them, and provide services for local residents or business. As stated in this article, starting your own business has a lot of advantages, but this does not mean there are no disadvantages. Keep that in mind if you want to start your own business.
I hope you enjoyed reading this article, and I hope you will start your own business someday!
Sources:
http://www.lifehack.org/articles/productivity/what-youll-learn-from-starting-your-own-business.html
http://us.smetoolkit.org/us/en/content/en/2693/Starting-a-new-business-advantages-and-disadvantages
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