Is college too early to start a business?
When even graduate jobs are seeking prior experience, running a startup on your own would be very appealing for college students. It not only gives an opportunity to grow but also offers experience to take a job in a later stage.
There are a lot of inspirational stories about how multi-million dollar business ideas were created in college. While Facebook and Microsoft journeys are as motivational as it could get, how does it look in reality for a college student to venture plans for a startup while in college?
Let’s take an honest look at what could help make this decision. Here are the pros and cons of attempting to start a startup while in college.
Cons of attempting a startup While in College
As opposed to the usual set up, let us start with the downsides first.
1. Lack of Time
It is one of the first things one might overlook while thing about business. Even for a brilliant idea, there has to be considerable time spend on it to develop a business plan and work hard at launching i. There are many other aspects to take care too, like funding and other resources.
Being a college student comes with busy days. There is not always enough time for students to manage the academic work itself, let alone to invest time in business. Though it is not entirely impossible, it is extremely important to think about this,
However, there are a few ways to tackle this. Many services online offer to assist students in completing their assignments on time. You can find an essay writer on this website who can provide academic papers including essays, research papers, and dissertations. This is a smart option to stay on top of college work and still find time to work on a startup plan.
2. Investors might not take Students Seriously
While there are many angel investors out there who are willing to bet on a smart idea irrespective of whom it comes from, many still look for prior experience and knowledge. Being a college student, it might be difficult to convince investors that the startup idea has potential.
3. Missing Out on Opportunities
As a student, it is not viable to spend all the time in any business. Just like the first point, there is a need to allow time for academics. And then, there has to be time to develop a business plan. It takes a lot of time than you would think, to set the project in motion. One needs to set up meetings, talk to investors and mentors. Amidst all these, you would be missing out on many parts of college itself. It would also put you a few steps behind looking for traditional jobs as a backup and even the fun elements in college.
4. Limited Resources
There might be many resources within the college, but it will not make up for outside interactions and resources to make up for financial needs.
If these points make it sounds like a startup might be a totally bad idea for a college student, consider the upsides too.
Pros of attempting a startup While in College
1. Gives Experience
All experiences teach something, whether it’s good or bad. Starting an enterprise while being in college itself would offer an incredible opportunity to learn things. It would be your try at the real world job, where one has to be responsible for oneself. Even if it does not pan out, you can also list this as a valid experience in the resume. It would speak for many soft skills including initiative, creativity, and hard work.
2. Potential Collaborators in College
A college campus is full of mind seeking chances to grow and contribute to. You can form the perfect team among students itself, all you would need is to convince them. And if one can inspire their college mates, who are definitely some of the best critiques one can get, there is a shot at actually convincing the startup idea to investors too. These collaborations could be the support system on which the business thrives.
3. The Student Network
You cannot ask for a better group to start the marketing strategies and have them tested. The student community is large and the social network even bigger. Get through one student, it can reach thousands in just a matter of time across many media and platforms. There are also plenty of student support groups for startups itself. The response and inputs from the community give a chance to refine the product, amend the business plan and improvise. The student network is also one of the most encouraging for new ideas which would be a wise place to start with.
4. The Resources
Yes, it appears in both the pros and cons list. There are abundant resources in college itself, to begin with. From mentorship to counseling, and educational resources to the genius minds, if you look for it, you will find at least one in the university itself. It wouldn’t be hard to get to an alumnus who is successful in a field, who can speak among investors and be a mentor. Students can also seek the help of professors and technicians who could offer practical knowledge to develop your business plan. Feedbacks from such people would give you room to improve before you show the work to the outside world.
So, in conclusion, it could be either way. There are many factors you should weigh in before making this commitment. You might realize that you need more time to focus on education and start on business later. Or your passion drives you too much not to wait any longer to give it a try.
At the same time, not all business might need your full-time attention. Start slow and work your way towards a bigger launch once you graduate. It is essential to prioritize and stick to the decision. Bear in mind; you might need to work hard, smart working could also lea the way.