Figures estimate that more than 50,000 students set up a business before leaving university. Do you want to join them? Here’s why doing it now ccould be a recipe for success…
Is college or university really a good time to start a business?
For most people, the answer is probably ‘no’ – and this would be completely understandable. Students often have to balance many things in their daily lives while studying, from assignment deadlines, to making time to visit family and friends.
However, figures estimate that more than 50,000 students in the UK set up a business before leaving university. This shows that with the right amount of commitment and self-discipline, there’s always time to start your own business.
Business professionals at Informi explain how “starting a business is one of the most exciting and challenging things you can do”, and it seem that many students are now taking this challenge, and making an early start with their business endeavors.
So, let’s look at the top reasons to start your own business while studying at college or university:
You Get An Early Start
Many of the most successful entrepreneurs started their businesses at a young age, often while studying. According to Biography.com the most famous example is Mark Zuckerberg, who launched Facebook from his dorm room at Harvard University.
Michael Dell, the founder of multi-billion pound computer company, Dell Technologies, also started his business from his dorm room, while attending the University of Texas. These success stories show how there’s no need to wait until your studies are over before you can begin your entrepreneurial journey. Launching a business while studying is a great way to get ahead of your peers.
You Can Build Some Impressive Skills and Experience
Starting a business involves a lot of different things including: managing finances, hiring employees, and marketing your business, to name a few. You will probably have to do a lot of these things yourself to start with.
As daunting as this may seem, it could help you build a variety of valuable skills in different areas – this would make a great addition to your CV!
Remember that there are plenty of students who graduate with no work experience at all. Running your own business demonstrates self-discipline, commitment, and hard work, all of which are very impressive to hiring managers. Starting your own business is therefore a great way to set yourself apart from everyone else.
You Have Less to Lose
When you leave college or university and start working, it’s likely that you’ll have a family to support, plus a mortgage or monthly rent payments to think about. This means that you’ll have less time to dedicate to your business, and more to lose if things don’t work out.
While studying, you can afford to take more risks and try out different business ideas. As long as you’re sensible and don’t get into debts, then the consequences of a new business failing are only minor.
You Have the Time
Although studying for a degree requires a huge amount of dedication and work, as a student, you probably have as much free time now as you’ll ever have. People often find that they have far less time available when they move from education to the workplace and perhaps start having a family.
While it is obviously extremely important not to let your studies slip, most students are able to put aside enough time to focus on a business.
You Have Access to Free Resources and Equipment
Universities have a huge amount of resources that you can take advantage of to help you set up a business. This includes: books, access to online networks and sites, and specialist equipment such as laboratories.
Remember that lecturers are specialists in their field with enormous amounts of experience. Many lectures are more than willing to help their students and offer advice – make sure that you take advantage of this amazing source of knowledge.
You Can Find Mentoring Opportunities
When you’re a student, it’s usually easier to get in touch with successful CEOs or influential business people to get advice and find mentoring opportunities. Information on Entrepreneurexplains how “successful entrepreneurs love to give advice to young entrepreneurs. They’ll make time, 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.”
As you can see, there is no reason to wait until after you have finished studying to launch a business. While it’s extremely important to strike the right balance and not allow studies to slip, with the right approach to time management, students can realistically set aside time to work on a business.
Many successful entrepreneurs launched their businesses while studying at university and there’s no reason why you can’t do the same.
Written by: Ruby Clarkson