While Microsoft, Facebook and even Apple were founded by college students before making it big, they are not the only ones. Thanks to media and the means of getting help and funding more and more students are starting their business before they get their college diplomas.
Arguably, the university grounds is the best place for creating your dream company. An aspiring entrepreneur can find just about everything he needs right on campus to get a business launched: the mentors and role models, the perfect pep squad and a community of supporters, networking opportunities as well as the material and intellectual resources are all accessible within the university walls.
There is a chance you will indeed be the next big sensation and there's also the risk of failure. Still, university workshops and industry experts can help you succeed. They can also help you turn things around should the venture backfire.
Here are 10 reasons why students should seriously consider becoming entrepreneurs while they are still in the university:
1. A community of supporters
People on campus will be willing to support you though they may not personally know you. This is because of the sense of unity, identity and pride that a university community promotes. They would want fellow students to succeed and are willing to do their to help.
2. Failure is not fatal
College is the best place to test entrepreneurial waters. Failing in one business venture does not mean the end. Remember that there are people who can help you learn from the experience and get back up. Real life entrepreneurs failed, some a few times over before they succeeded.
3. Knowledge is everywhere
Aside from the subjects and courses available, there are workshops, online courses, internship programs and resource persons all over the campus. You have clubs, researchers and lecturers who can get you connected with the right people or organizations if you want to learn a particular skill.
4. Overflowing resources
Developing a product or writing an app can be easier if you have the specific knowledge of the industry or niche market you're trying to enter. If you're a business major who wants to venture into building a product for a pharmaceutical or chemical company, a quick trip to the science department to talk to chemistry majors can help you understand key information better than trying to figure it out yourself.
If you have already coded the app but not quite sure where and how to pitch it, talk to IT professors and marketing majors to help you write your presentations and plans. You have an entire army of experts within reach.
5. There have been success stories...
We already mentioned a few whodunits and we can add a few more: Reddit, Yahoo and Google are all born in universities.
Sure, this will mean plenty of hard work together with your course load. It will also include being rejected several times pitching your idea, changes in the product, exhaustion and disappointments but it's all part of the learning process and who knows, you might just succeed and make it big.
6. Awesome experience
Having your own business while still attending a university will look good on your resume. The lessons you'll learn can help you in the future should you wish to pursue entrepreneurship, collaborate with like-minded souls on a project or apply for a job in a good company.
7. Financial freedom
A successful business can allow you to get started paying your college loan earlier. It can also offer you extra cash to invest for your future. Having your own money to manage can help you learn more about personal financial management.
Whether you succeeded or failed with your college business venture, it will help you appreciate the value of money better and it's a good foundation for getting your finances in check.
8. You can afford to be "selfish"
No, we do not mean that in a negative way. While you're still in school and you don't have a family of your own yet, you have the freedom to spend as much time hustling and developing your business.
You have no one to worry about except yourself. You don't have your own family to support and you have less bills to pay - it's the perfect time to take big risks.
9. Be proud and prove them wrong
Some can't help but stereotype: Gen Z and millennials are self-centered and lazy, spending more time in social media and watching Netflix. Having a business at a young age is a great accomplishment. The next best thing: having a successful business at a young age.
10. Time
This actually represents two things: first, while you're away in college, you have all the time to dedicate to studying and taking on an entrepreneurial endeavor. You can make time to develop the business and its product. Again this will mean lots of hours of work.
Second, succeeding at an early age will allow you to retire young. You then have the freedom to spend time with your family, to travel or play around, begin a new adventure or pursue other passions.
