Most great entrepreneurs of the last half-century were in their teens or twenties at the time of their achievements. Many successful businessmen and women, like Microsoft's Bill Gates and Facebook's Mark Zuckerberg, founded their first companies while still in college. Students were encouraged to pursue entrepreneurship after seeing the rise of Microsoft, Apple, Facebook and other IT giants.
As a college student, you have a lot of opportunities to make an impact on your portfolio and future profession. There are many millennials who want to establish their own businessafter college or later in their careers. However, there is nothing to prohibit you from beginning a businesswhile you are still in school.
Making time for business in college
The rewards of being a college student outweigh the challenges. You may choose your own professional path, make lifelong friends, and yes, have a good time. However, students still have to put in a lot of time and effort. In addition to being strapped for cash and pressed for time, they are also burdened with the responsibility of completing numerous assessments and tasks. And it’s much more difficult for those who have their own business. To ease the burden on your shoulders, you can start looking online for who will write my essay onlineor examples of research papers to follow when working on assignments. They must help you complete your homework faster and more successfully, so you can focus on your business goals.
Pros of launching a start-up
Gain an advantage over the competition
Waiting until after college graduation to start planning your new company is already a bit behind schedule, so don't delay until then to begin! The planning phase of a new business should not be underestimated in terms of time and effort.
If you want to succeed, you'll need a solid business plan that accounts for the costs of setting up, the revenue and profit margins you anticipate to see, and the time it will take to return your initial investment.
Find co-founders and customers to work with
Many students at your institution might be prospective partners and co-creators if you can persuade them to join you in your endeavors.
Your college's student body is a perfect testing ground for your products, and you may use this to your advantage. Word-of-mouth advertising is also made easier by the social networks' tight knit nature.
Utilize College Resources
You should not underestimate the resources available to you at your university. For students starting their own businesses, there are a variety of services available, including free access to counselors, free IT and printing, and several scholarships and loans.
University supports for entrepreneurs include counseling, coaching, instructional programs, and financing. For example, finding a professor or graduate student eager to give comments on your business plan should not be difficult.
Cons of starting your company
It May Affect Your Academics
The effect on your academics should also be taken into account, of course. As previously stated, completing education and launching a business would be an outstanding accomplishment. To avoid having nothing to rely on if the firm fails, it is crucial that you complete your college education before starting your own company.
The Weight of the Debt
As a student, it's inevitable that you'll accrue some debt. Unless you have a full scholarship and a sizable salary to support your studies. Starting a businesscomes with a lot of financial uncertainty, and taking on this debt just makes things worse. Because of this, you will feel the need to begin repaying your student loans as soon as you have earned your degree.
To become lucrative, each firm must be put through a long process. As a result, there is no assurance of a steady stream of moneyin the early years. It's important to keep this in mind.
Choosing not to take advantage of other possibilities
It is expected that you will spend most of your time in class, working on assignments, and participating in practicals or lectures. Starting a business isn't like working a regular job from 9 to 5 every day. Making time and energy available to a business is a full-time job in and of itself. Starting a business is difficult at any age, but it's extremely difficult when you're still in school.
As a result, you'll have far less time for socializingand unwinding. Second, your company commitment may force you to miss out on important professional possibilities like internships, research initiatives, or industrial training. In other words, you're going to be missing out on a couple big chances because of this.
Author’s BIO
Karl Bowman is an aspiring entrepreneur and writer. He’s recently launched her own techstart-up aimed at helping students with their academic tasks. Karl loves writing blog posts and journal articles, in which he shares his business experience.