More than 23 million small businesses are in operation, notes the Small Business Administration. The American economy relies on small businesses — two-thirds of all jobs added since the 1970s have come from small businesses. Many college students pursue their degree with hopes of one day running a business, but there’s no rule that says you can’t get a jump start on becoming an entrepreneur. A college environment offers plenty of resources and opportunities for a young entrepreneur. Feeling ambitious? Here are five reasons why your college years are a great time to chase your dreams.
1. Resume Building
Even if your business fails or doesn’t meet expectations, your go-getter spirit will look great on your resume, Entrepreneur says. Maybe you’ll keep running your company after college, or maybe you’ll move on to something else. Either way, you will have real-world evidence of your business acumen and entrepreneurial drive.
2. Support System
A small business is no small undertaking. A busy college life might not seem conducive to these demands, but students can actually leverage their college status in highly beneficial ways. For example, a small business could be developed as part of a school project or extracurricular activity. If you’re taking classes on developing business models, petition your professor to let you create a real business model for your own enterprise as part of the class. Similarly, develop a sales strategy in a sales and marketing class or build a website as part of computer programming curriculum.
Opportunities aren’t restricted to the classroom. Let your professors and advisors know about your business endeavors. They can point you to available resources at school, including organizations, associations, other experts, and even students with whom you can collaborate. It’s likely you’ll face tough questions as you launch your business, from choosing the right strategy to covering all your legal bases. Since you’re in an academic environment, take advantage of all your resources.
3. Large Network
Many entrepreneurs end up realizing that they can’t do everything on their own. When you need partners or other associates, check out your college student body. A university presents you with a large social network through which you can make strong connections. You can even crowdsource to find the perfect associates. Online schools such as Penn Foster make it easy to connect with other students through social media that provides support and easy access to like-minded individuals.
4. Monetary Assistance
It’s not impossible for college students to make a decent chunk of change off of their entrepreneurial efforts if everything runs smoothly. If you’re able to turn profits early on, your small business could help you pay off school-related debt and cover other costs of going to school.
5. Learning Experience
Launching a small business comes with a certain amount of risk. Even with all of the support a college can provide, there’s no guarantee things will work out just as you plan. But that’s no reason not to swing for the fences. Whether your business flourishes or flops, you’ll have valuable, unmatched experience. As you start your next endeavor, whether it’s a small business or a position at another company, you’ll have substantial experience that will make you a better worker and leader.