With everything that is happening around the world, it may seem to think that the business world is coming to an end. Why would you start a business when everyone else around you is failing? But that’s not entirely true. With everyone under quarantine and stuck at home, it opens doors to industries to bloom as people’s daily behaviour change.
It is often said that your college years are supposed to be four of the best years of your life. For the first time, you are in charge! And with some many paths to take and options in front of you, it is a great opportunity to learn about yourself.
Above all, college is about creating the best version of yourself at your own pace. It is about pushing yourself to be better and transforming your passion into a career path.
Well, up until a few years ago, the norm was earning a degree and then getting a job. Nowadays, more and more college students are turning down attractive internships and starting their own businesses instead.
While some say this is a risky approach, others are jumping on board and heading down the path of entrepreneurship. And frankly, they have the right idea.
Here are 5 reasons you should start a business during school:
1. You get to gain invaluable experience
As a young entrepreneur, the experience you gain owning and operating your own business will be invaluable to you later in life. Regardless of whether you choose to stay in business after you graduate, you will get the chance to enrich yourself with valuable learning experiences and identify what you are most passionate about.
Brainstorming, executing ideas, seeing a vision through, taking initiative, realizing plans, staying organized, problem-solving, making decisions, remaining self-confident – all of these skills and more are vital to excel in any job.
Having said that, by redirecting your brain to learn from a business perspective, there is no reason why you shouldn’t realize your goals. The earlier you start, the quicker you can learn about what it takes to become a prosperous entrepreneur.
2. Your age is an advantage
While it is true that skills and knowledge are acquired through years of experience, being a young individual with an entrepreneurial mindset has its advantages as well.
For starters, the majority of college students do not have mortgages to pay or families to feed. Not having these financial obligations allows you to be more flexible and focused. And even if you do not have a lot of cash flow at the start of your business, it just means that you have very little to lose.
Keep in mind, not all businesses have to be risky to start. There are many ways to go out and start making money. From helping your local neighbours with their gardening and landscape their yards to home maintenance tasks such as cleaning their pools, starting a service-based business will have a lower barrier of entry.
Similarly, your naivety, eagerness to learn, and willingness to take risks can translate to a major competitive advantage if nurtured in the proper manner. When you are not aware of the limitations or rules that exist in most industries, you are more likely to take risks mainly because you do not perceive them as such. It is also easier to find creative solutions to problems that might arise because you are not biased as a result of past experiences.
3. You get to learn outside of the classroom
College classes and course material are a great way to absorb knowledge but you can only learn so much in the classroom. On the contrary, hands-on experience allows you to understand a subject to the fullest extent.
That being said, starting a business playing to your strength is important. If you have a skill in coding, then use it to build a solution that businesses are willing to pay you for. Likewise, if you have trade skills, you can start selling your services and help people update and add value to their homes. Over time, you can learn how to brand yourself in a niche and be able to concrete your service and charge more.
By transferring classroom knowledge directly to real-life scenarios, you can see more clearly how everything applies in the corporate world. With time, you will be able to gain more experience and get better at what you do.
4. You have room to fail
Starting your own business is an investment. It requires personal resources such as time, money, materials, and energy.
However, as mentioned in the previous steps, the risk of starting a business during your college years is quite low. After all, what is the worst that can happen? You earn your degree and get a job like you originally planned.
It is easier to take that initial leap because although mistakes are inevitable, you can learn from them and embrace them as an opportunity for growth. If at first, you don’t succeed, try, try again. It is a part of the learning curve.
And even if you do fail, it is a great topic of discussion during a job interview because it shows you had the drive, ingenuity, and willingness to take bold steps. That type of employee is appealing to any organization.
5. If it goes well, you don’t need a job
And if all goes well and you achieve success, the sky is the limit! Even after you graduate, you can keep your business running either as on a sole-proprietorship basis or as a source of extra income – the possibilities are endless.
With a degree in hand, you can build your start-up into a full-time career. It does require a leap of faith but if you can summon up the courage and willpower to take it, it can quickly become the most rewarding experience you will always be grateful for, success or not.