The Advantages and Disadvantages of Starting a Business in College
It is nearly every student’s dream to have a startup business. They are majorly interested in businesses rather than joining the corporate world. This makes colleges the most ideal places for students to learn new skills and put them in practice. However, before you jump into any business in college as a student, you ought to have career consideration.
Everything has the two sides of a coin. As a student, it is important to have a look at all the available options before starting the business in school. This is why Write My Essay is here with tons of information to help you think before venturing into one.
Advantages of starting a business in college
1. You can use the college’s resources
Colleges have lots of resources you can use. There are advisors you like professors, financial assistance to student entrepreneurs, IT and printing resources etc. also, there are counseling and mentorship programs, funding and educational resources for student entrepreneurs. Professors and graduates are easily accessible to give you feedback on your business or product.
Some colleges also offer business premises to students looking to venture in business. However, the key is to find the right college. There are several support systems and opportunities to start businesses while schooling.
2. It builds your resume
Even if you start a business in college and it fails, it is a boost on your resume. It means you are creative, proactive and self-driven, characteristics that successful companies will always go for.
3. There is a head start on planning
Waiting until you finish college for you to start a business will keep you behind on your schedule. Keep in mind how much you will need to start, your expected margins and turnovers, and how long it will take recover those start-up costs. You also need to do a market research of who your customers will be and how you will acquire them. This makes it easier to start up your business in college.
4. You can easily get co-founders and customers
If you are looking for a co-founder to join you, colleges have thousands of them. Correspondingly, the student body is the best market to test your business products.
5. Energy factor
College students are always full of energy and ready to try out new tings. They have lots of energy, excitement and fearful minds to be innovative to a new level.
6. Leads to financial freedom
For you to succeed in business, you have to be fully prepared from the start. For almost all entrepreneurs, failure is almost inevitable at first. Thus all you need is grit, faith, dedication, and hard work. Plans that are carefully executed have less probabilities of failure. Also, good planning in entrepreneurship can lead to financial freedom at a tender age.
7. Learning how to handle money
There comes a time when you ought to have a budget, handle money, and look for ways of making more and more money. This means you have to learn financial responsibility. It isn’t an easy thing handling money and budgeting for it. The sooner you face these obligations when you are handling money, the more it benefits you. If the business proves to be successful, you can hire an accountant to handle the job for you.
Disadvantages of starting a business in college
1. It has a great impact on your studies
The most impressing thing is to be able to balance completing college and starting up a business. Make sure you finish your college first as then you will have something to fall back on if your business does not go as planned.
2. Lack of enough capital
Unless you are under a full scholarship with a lump-sum stipend, you will never have enough money to start up a business. You will eventually end up seeking a loan to add on whatever you have. These debts are only but an additional burden to the already existing discouraging financial insecurity of starting a business. You will have the pressure of paying those debts before or immediately after graduating.
One key point you ought to consider that there is always no guarantee of getting good capital in the first years. Think about it!
3. Passing on other opportunities
Starting a business in college is quite challenging. As a student, you need to dedicate your time to studies, classwork, practical, assignments etc. on the other hand, a business also needs a full time dedication too. It is not like a job where you work from 9am to 5pm. You have to be at the business premises early enough and close it late.
This means you will have less or no time to relax and socialize. Most of your time will be spent on menial tasks that your business needs. You might also end up bypassing important career opportunities like attachments, internships, research projects because of your commitment to your business.
4. Investors might not take you serious
People might doubt you due to lack of experience thus they may not take you serious. Your peers in college will also be skeptical about your business.
5. Lack of room for expansion
Most businesses will always expand. They are not restricted to one place only. This means you have to add employees. However, the business in school will limit you when it comes to expansion because of the little spaces available.
For anyone thinking of starting a business in college, they should know the pros and cons involved in it. Although you might not have that clear vision, it is worth to take a risk. All you need to do is to make sure the business does not affect your studies. Also, do an assessment of your business idea, your finances, your commitments, and support from your peers, faculty, and college. To sum up, if you have an experience in entrepreneurship, it will be an added advantage. This will enable you to learn new skills that are valuable, earn money, and to be outstanding in the job market.