I started my business (TT Educere Pvt. Ltd.) in 1995 while a student (18 years old) in college. There were pros and cons, but I’m largely thankful for the experience and would recommend it to other aspiring entrepreneurs. Here are seven reasons why:
1. Low risk, high reward
What have you got to lose? You don’t own anything, you have few commitments relative to later in life, and the worst case scenario is that you go back to doing what you’re doing now.
2. Campus resources.
Universities have access to the fastest internet connections, free consulting from professors who often love getting involved in student run startups, meeting rooms, and many other resources you would pay dearly for outside the campus. The truth is you are paying dearly for these campus resources, whether through tuition or taxes, so you might as well take advantage of them.
3. Real-world education.
You can only learn so much in the classroom. The startup world is a great bridge between material taught and applied concepts. “There is no better way to accelerate your growth than to build a company,” says student entrepreneur Jordan Gonen, a freshman at Washington University in St. Louis. “It is 100X harder than anything that happens in a classroom, but also 100X more valuable than any textbook lesson.”
4. Accessible customers.
Students are a valuable resource for testing out your ideas. They tell it like it is if they don’t like what you have to offer. If you can get students to pay for something it’s a good sign your product or service is viable. Students are also connectors. They have the power to manufacture virality.
When I was a student I could get access to anyone. All I had to do was contact a CEO’s assistant and say “I’m a student in college and I’m starting a company and I’m interested in getting some advice from so and so.” Successful entrepreneurs love to give advice to young entrepreneurs. They’ll make time that they wouldn’t make for anyone else, and they’ll speak more openly with you than anyone else because they don’t see you as a threat or someone with an ulterior motive.
It’s true that college students lack experience, but think about it this way–the successful entrepreneurs of tomorrow are in college today, and when are you going to have a better time to recruit them than today, when they don’t yet realize what they’re capable of? The next Zuckerberg may be the guy or gal sitting next to you in your finance class looking bored.
7. Career building.
Even if you start a business in college and it fails, it’s a huge plus on your resume. Starting a business shows that you’re proactive, creative, and driven–just the type of employee successful companies are looking for. Startup experience while in college can put you on the fast track to leadership opportunities at another company if you decide you’re not ready to be a full-time entrepreneur and want to get some work experience under your belt first.
Are there negatives to starting a business while in college? Sure, you might spend some money launching your business and you’ll definitely lose sleep. But these investments will pay off in other ways both tangible and intangible, making it a rewarding experience you’ll always be grateful for.
When I coach students into setting up their proto-type & business models, I often ensure that their business should have a low-risk factor and that they should be able to use campus resources. I also stress on the fact that their co-founder should be from the same campus or vicinity of residence. All of co-founders ie. Joel Fernandes, Sunit Raut and Prajna Devadiga were in college when they started their own venture. Use these tips effectively when building your own business and get in touch with Joel Fernandes (9930748410) to know more.
Hope you’ve enjoyed the article. Regards.