Where I come from, there is a popular belief that the purpose of going to college is to earn a degree and land a high-paying job. It was – and still is to a degree – the most popular parent-to-child advice out there.
However, this advice can feel out of place in today’s world when you factor in unemployment and inflation.
So, why wait until after graduation to make money when you can start your own business now while you’re still in college?
College is an excellent environment to launch a business.
It’s arguably one of the safest spaces to experiment with entrepreneurship as there are many business ideas for busy students for you to try out.
If you are sitting on the fence wondering if you should start that business or not, I encourage you to do so.
Why?
No other environment amplifies success and cushions failure as effectively as the college environment.
If your business succeeds, you could become a local legend among aspiring entrepreneurs. If it doesn’t, no harm done—you’re still in college! You might even get a pat on the back by other students, professors, and friends for taking such a bold step.
The experience itself will be invaluable, and the lessons you learn could set the foundation for future success.
Here are five tips to help you take that first entrepreneurial leap and make it count.
1. Choose the Right College Environment
College is arguably the best time to start a business, but not all colleges are created equal when it comes to supporting student entrepreneurs.
Some institutions offer better resources than others, such as access to legal advisors, conference rooms, networking events, business competitions, and more.
If you’re still deciding which college to attend, this is worth considering as getting this right alone will give you a competitive advantage.
To research and identify colleges tailored for young entrepreneurs, start by looking at rankings or lists that highlight entrepreneur-friendly schools.
Websites like Forbes, Entrepreneur, or specialized education sites often feature such lists.
Next, visit the official websites of the colleges you’re interested in to see if they mention specific resources for student businesses, such as incubators, accelerators, or mentorship programs.
It’s also a good idea to read testimonials from alumni who have launched startups during their college years.
Finally, reach out to the admissions office and ask pointed questions about how the school supports entrepreneurship.
Combining these steps will help you make an informed decision and choose a college that aligns with your goals.
2. Take Relevant Courses to Boost Your Business Skills
Even if your major isn’t business-related, you can still acquire entrepreneurial skills by taking a few relevant courses. Think of it as combining theory and practice.
Some valuable courses to consider here include:
- Introduction to Entrepreneurship: Learn the basics of starting and managing a business.
- Marketing 101: Understand customer needs and how to promote your products or services.
- Financial Management: Gain insights into managing budgets, cash flow, and investments.
- Business Law: Familiarize yourself with the legal aspects of running a business.
- Project Management: Develop skills to organize, plan, and execute your business ideas effectively.
Use your assignments to conduct feasibility studies, perform market research about your field of interest, or analyze your business idea.
Leverage your status as a student to approach industry experts for insights.
The fact that you are a student conducting research will make them more open to the idea of sharing their invaluable experiences and lessons with you – stuff they will never share with an established business owner.
The knowledge you gain from these interactions could save you from common pitfalls down the road.
3. Build a Network of Advisors
Most colleges have professors who are eager to mentor student entrepreneurs.
Some of them have run businesses themselves with enough experience and can provide guidance on almost everything.
Not only can they help you shape your raw ideas into a feasible business plan, but they can also give invaluable advice on marketing, sales, and growth to help your startup kick off and thrive.
For example, Mark Zuckerberg, co-founder of Facebook, benefited from mentorship and networking while at Harvard.
Although he left college to focus on Facebook, his interactions with professors and peers shaped his early strategies.
Form lasting relationships with these mentors. Their advice can be a game-changer, not just while you’re in college but also after you graduate.
4. Test Your Idea Before Fully Committing
One common mistake you should avoid as a young entrepreneur in college is pouring resources into developing a product or service without knowing if people want it.
To avoid this you need to test your idea early enough before turning it into a product or a service.
College is the perfect testing ground. Your potential customers are all around you: students, professors, campus staff, and more.
Here’s how you can create a prototype and get feedback:
- Start with a minimum viable product (MVP)—a simplified version of your product or service that demonstrates its core value.
- Host focus groups or informal surveys among your peers and professors.
- Use campus events or fairs to showcase your idea and gather opinions.
- Offer free trials or samples to gain real-world usage insights.
This diverse audience can provide invaluable insights that help you refine your idea before a full launch.
If the feedback isn’t positive, that’s okay. You can pivot without significant losses. It’s all part of the process.
5. Create a Realistic Budget
As a college entrepreneur, financial resources are likely limited. Between tuition, books, and other expenses, you can’t afford to spend recklessly on your business.
Draft a detailed and realistic budget that accounts for your available funds and potential challenges. For example:
- Identify fixed costs: These could include materials, software subscriptions, or minimal marketing expenses.
- Estimate variable costs: These might include production costs or unexpected expenses.
- Plan for contingencies: Allocate a portion of your budget for unforeseen challenges.
If you’re unsure how to create a budget, visit a local Small Business Development Center (SBDC). These federally sponsored centers offer free business consulting and can guide you in managing your finances.
Additionally, check out your college’s business department or student union for free workshops or financial planning resources.
Starting a business in college isn’t just possible; it’s also a smart move. With the right approach, you can gain experience, build valuable skills, and maybe even create something that lasts beyond graduation.
So take the leap—you’ve got nothing to lose and everything to gain.
Just like anything in life, starting is often the hardest. But with the tips above, you have what it takes to begin and hit the ground running. I am rooting for you.
Cheers!