We all know the stories of people who dropped out of college, started a business and became millionaires a couple of years later. The myth of the modern entrepreneur is based on those kinds of stories. People like Mark Zuckerberg, Larry Ellison, Steve Jobs, or Bill Gates have all achieved an incredible amount of success — after dropping out of college.
Of course, you don’t hear the many other stories of people who dropped out of college and achieved — nothing. Staying in college is still the best way to get a good, high-paying job. And the divide between those who finish college and those who don’t is only getting wider.
But you’ll probably never have as much energy and enthusiasm as you do in your early twenties. And when a good business idea comes, should you file it and save it for after graduation? Or do you need to pounce on it and become a student entrepreneur? Let’s see the pros and cons of starting a business while still in college.
The Pros: There’s No Time for Business Like Now
Some ideas are very easily translatable into fully-fledged businesses, and some businesses have a very low barrier to entry. You can easily start a business with a WordPress website, whether it’s a drop shipping business, an online magazine, or a platform that offers some kind of service. If your business idea doesn’t require you to invest too much of your time to develop and run it, you’ve hit the jackpot.
As a student, you probably don’t have a lot of things tying you down. Most students live on college college-owned, operated, or affiliated housing, so you probably don’t own your home, or have much to lose. There’s no better time to take risks than during your college years.
You’ll also have access to a lot of resources you might not have otherwise. Are there any professors willing to offer a helpful advice for your startup? There are probably more than a few. You also have access to a wealth of stored knowledge, a high-speed internet connection, and facilities you can use with no additional charge.
Finally, you shouldn’t overlook the educational aspect of starting your own business early. You’ll get to experiment in relative safety and learn things that can be very useful once you finish college. If your dorm room business fails, you’ll still learn lessons you simply cannot learn in a classroom. So even though you won’t get college credit for starting a business, it can be an incredibly important learning experience. And if your business becomes successful, you’ll get money and a head start in entrepreneurship.
The Cons: It’s Better to Wait
Your business idea doesn’t have to be so easy to implement. It takes time, skill, and plenty of work to come up with a viable business plan and bring it to fruition. And you might think that you have all your free time to devote to your business, but that might not be enough. Sooner than later, you’ll need to step up your game and spend more time on developing your business. And that could be a problem.
Starting a business while at college can make it harder for you to pay attention in classes. It can cut into your study time, and it can completely obliterate your free time. If your situation is such that you need a part-time job while studying, your business might jeopardize your ability to make money. And there might also be valuable internships or opportunities you will have to miss because you want to grow your own business.
Finding money to start a business while at college can also be difficult. Some businesses don’t require a large investment. But others do, and you might not be able to fund your venture on your own. As a student, you can have a hard time finding investors. Other types of outside help can also be hard to come by, and if you don’t have all the skills you need to start and run your business this can be detrimental.
There isn’t an easy answer to the question of whether you should spend your college years studying and developing a business on the side. In the end, it all depends on your situation and the business idea you have. However, you should always remember why you’re going to college and all the benefits that come with a college degree. Developing a business while there might be the icing on the cake, but some cakes are perfectly fine even without the icing. Maybe even better.