It is becoming quite common for students to start a business while still in college. Some renown entrepreneurs like Bill Gates, Mark Zuckerberg, Elon Musk etc. had and invested in their business ideas before completing However, while starting your entrepreneurship in college has advantages, it also has challenges. Your success will to a greater extent be determined by how much effort you are willing to put into it. Let us know about Pros And cons Of Launching A Business While Still At College.
As a student entrepreneur you will enjoy support from colleagues, and sometimes partnership may develop with like minded students. Starting your business in college will allow you to start early to network with and create connection with great minds. You may meet with challenges such as financing the business and greater workload.
Pros:
Access To Support
As a student entrepreneur you will enjoy the support of your colleagues and sometimes alumni of your institution. However, you have to give them reason of patronage and support beyond the flimsy reason of being in same institution. You need to show them the quality of your business ideas, and the unique service you offer.
Potential College Partnership
There is always a possibility of meeting a fellow student entrepreneur who share the same business ideas as you. This might lead to partnership while still in school or in the future. The intellectual and businesses skills and experience that each person brings to the table will help the joint business to soar higher.
Opportunity For Self Improvement
Starting a business while in school provides an opportunities for self improvement because you will have to take on new responsibilities ,meet new people, restructure and test your business idea. Starting a business while still in college helps to solidify your business foundation. This helps to enter into the business world seamlessly upon graduation. By the time you graduate and focus on your business, you will be grateful you started when you did
Networking And Meeting The Right People
Starting a business as a college student will push you into meeting new people and making valuable connections. This will be invaluable when you graduate and eventually focus only in your business. Furthermore, every business idea gets refined over time,and the only way to do this is by connecting with people with like interests.
Road To Financial Freedom
This could be your road to financial freedom. If you actually invest your time, efforts and resources in building a business, a time will come when you will be making money with no inconvenience. This is an investment with a potential to placing you in your dream financial status.
Discovery Of Strengths And Weaknesses
Starting a business while still in college will help you discover your strengths and weaknesses early enough. You will be able to know where to focus, and where to make necessary corrections. Experience is a good teacher, and you gain experience in business by being in business.
Cons:
Time Consuming
One of the challenges of student entrepreneurship is that it is time consuming. All lot will have to be done is so little a time. You will have a crammed schedule trying to cover both your academic work and give attention to your business. You will find yourself having less time to yourself, to perform some of your social responsibilities.
Constant Tension
As a student entrepreneur,you will be under pressure, tension and stress. The tension comes when you are unsure about the outcomes of your moves. In business,one cannot be to sure of outcomes. The increased daily responsibilities with little time for relaxation can increase the tension and stress.
Pay Check Not Guaranteed
The returns of a business especially when starting out is usually irregular. At the beginning of your business,you may find that your monthly earning is far from expectations. This is critical moment that determines whether you are strong enough to continue your journey as an entrepreneur.
Problem Of Finance
The greatest problem of starting a business as a college student is capital. Most often the students are already in debt because of academics. Academic debt accumulates every year. Getting loans from banks is very difficult,and you may not meet the requirements. At this stage,one will have to turn to parents and circle of friends.
Conclusion
The advantages of starting a business outweigh the challenges and setbacks. However, there’s no 100% guarantee of business success after the efforts put in,but knowing that your efforts increase the probability of success is quite reassuring. It is said that “there no better time to fail than in ones 20’s”. This is because the best time to learn from your failure and work towards success is when you are still young. When you get older you will find out that failure will become costlier. Now is is the best time to implement your business ideas.
Frequently Asked Questions
- Can I launch my business while still in school?
Yes. If you have a feasible business and passion, you should.
- Will student entrepreneurship affect my academics?
The answer to this question depends on your academic ability.You can always opt for part-time or online schooling inorder to have more time to focus on your business.
