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The success stories of university entrepreneurs are inspiring. After all, students have founded Facebook, Microsoft, FedEx, Kinko, Reddit, Snapchat, Dell and countless other entities.
Despite the considerable weight of these stories of start-ups in the business world, young entrepreneurs are statistically rarer than you can imagine.
According to one Harvard business review badysisOnly about 15% of founders of startups are under 29 years old. By limiting the data to high-growth startups, this rate decreases again to only 10%. & nbsp;Yet, many young entrepreneurs with bold ideas continue to challenge statistics and launch new initiatives. As we see every year in the Forbes & nbsp;30 to 30 list, young pioneers change industries.
I know university start-ups well because when I was in school I started edutech OneClbad with four clbadmates. In nine years, our platform has helped 2.2 million students.
Although starting a business at the university is not suitable for everyone, it can also suit you. Here's what to do to start a business while you're a student and a few things to consider before you start.
Is it a good idea to start your startup in college?
Besides the dream of being a student entrepreneur, starting your business has some practical benefits while you're still in school. First, you will have access to resources during college that may be more difficult to obtain or more expensive once you graduate.
For example, teachers could become potential mentors for companies, while roommates could become co-founders. Course ideas can be transformed into business initiatives. The technical laboratory in your department can provide expensive equipment that can accelerate development. Printers on campus can help you print cheap marketing materials. Your student discount can help you reduce your expenses.
Student entrepreneurs may even find that there is an & nbsp; cross between their clbad work and their business. For example, your company's application development task may also apply to your final project in IT.
Is there a business advantage for student entrepreneurs?
As a student, you can have a direct overview of the most interesting products or services for a younger audience. Older founders may have to modify their messages or develop strategies to make them more relevant to younger consumers, but you may also have the benefit of being a student.
The size of the market for university student spending is enormous and other university students can be a great opportunity for entrepreneurs who are still in college. Plus, your clbadmates could become your test market.
What are the disadvantages of being a student entrepreneur?
It is difficult to start a business at any age or stage of life and failure rates should not be taken lightly. According to Small Business Administration, 21% of new businesses fail the first year and about half fail in the first five years.
However, student entrepreneurs may face additional challenges and it makes sense to enter your new business with eyes wide open. There are conflicting demands to juggle school work with work tasks. There is little time left for the fun or frivolous aspects of college. Then, when you strive to excel, the pressure increases, which will push you to become a master of time management.
Paul Graham, one of the co-founders of the Y Combinator business incubator, points out that the foundation of a startup "Take your life to a degree that you can not imagine." This opportunity cost is something that student entrepreneurs must consider before embarking on it.
How effective is the work experience before starting a startup?
Statistically, young entrepreneurs are also disadvantaged because of their inexperience. A 2018 article from National Bureau of Economic Research reported that the success rate of inexperienced founders is half that of founders with three or more years of experience, comparing high growth startups.
College entrepreneurs could mitigate their lack of experience by maximizing the number of internships in the first and second year to get as much visibility as possible in the real world. In addition, young founders can rely on business advisors or mentors who can provide industry expertise, help you develop your business plan and share your business know-how.
Do you need investors and how far can booting go?
Financial Services Company Motley Fool explains that a key error& nbsp; entrepreneurs earn by launching startups, they undercapitalize, underestimate the amount they will need to finance their operations, while overestimating the speed with which their products and services will become known.
While your business model predicts when you will realize positive cash flow, you also need to make sure your startup has enough seed money to make your business efforts profitable. You can self-finance, search for investors or crowdfunding funds. & Nbsp;Do not forget that even if you are motivated by the mission of your startup, you can make money or even destroy your business. The widely quoted World Report on Entrepreneurship 2015/2016 found that more than half of the companies were closing down for lack of profits or funding.
Should you become a student entrepreneur?
There are statistical disadvantages to starting a startup when you are at university, including a lack of experience and an increase in the time required. However, student entrepreneurs can also benefit from many of the benefits that have helped other student-run businesses become so successful.
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The success stories of university entrepreneurs are inspiring. After all, students have founded Facebook, Microsoft, FedEx, Kinko, Reddit, Snapchat, Dell and countless other entities.
Despite the considerable weight of these stories of start-ups in the business world, young entrepreneurs are statistically rarer than you can imagine.
According to one Harvard business review badysisonly about 15% of founders of startups are under 29 years old. By limiting data to high-growth startups, this rate drops further to 10%. Yet, many young entrepreneurs with bold ideas continue to challenge statistics and launch new initiatives. As we see every year in the Forbes 30 to 30 list, young pioneers change industries.
I know university start-ups well because when I was in school, I launched OneClbad, an edutech group company, with four clbadmates. In nine years, our platform has helped 2.2 million students.
Although starting a business at the university is not suitable for everyone, it can also suit you. Here's what to do to start a business while you're a student and a few things to consider before you start.
Is it a good idea to start your startup in college?
Besides the dream of being a student entrepreneur, starting your business has some practical benefits while you're still in school. First, you will have access to resources during college that may be more difficult to obtain or more expensive once you graduate.
For example, teachers could become potential mentors for companies, while roommates could become co-founders. Course ideas can be transformed into business initiatives. The technical laboratory in your department can provide expensive equipment that can accelerate development. Printers on campus can help you print cheap marketing materials. Your student discount can help you reduce your expenses.
Student entrepreneurs may even realize that their clbadroom work and their business overlap. For example, your company's application development task may also apply to your final project in IT.
Is there a business advantage for student entrepreneurs?
As a student, you can have a direct overview of the most interesting products or services for a younger audience. Older founders may have to modify their messages or develop strategies to make them more relevant to younger consumers, but you may also have the benefit of being a student.
The size of the market for university student spending is enormous and other university students can be a great opportunity for entrepreneurs who are still in college. Plus, your clbadmates could become your test market.
What are the disadvantages of being a student entrepreneur?
It is difficult to start a business at any age or stage of life and failure rates should not be taken lightly. According to Small Business Administration, 21% of new businesses fail the first year and about half fail in the first five years.
However, student entrepreneurs may face additional challenges and it makes sense to enter your new business with eyes wide open. There are conflicting demands to juggle school work with work tasks. There is little time left for the fun or frivolous aspects of college. Then, when you strive to excel, the pressure increases, which will push you to become a master of time management.
Paul GrahamOne of the co-founders of the business incubator, Y Combinator, points out that creating a start-up "will take your life to a degree you can not imagine." This opportunity cost is something that student entrepreneurs must consider before embarking on it.
How effective is the work experience before starting a startup?
Statistically, young entrepreneurs are also disadvantaged because of their inexperience. A 2018 article from National Bureau of Economic Research reported that the success rate of inexperienced founders is half that of founders with three or more years of experience, comparing high growth startups.
College entrepreneurs could mitigate their lack of experience by maximizing the number of internships in the first and second year to get as much visibility as possible in the real world. In addition, young founders can rely on business advisors or mentors who can provide industry expertise, help you develop your business plan and share your business know-how.
Do you need investors and how far can booting go?
Financial services company Motley Fool Explains that one of the main mistakes entrepreneurs make when launching start-ups is thin capitalization, underestimating the amount they will need to finance their operations, while overestimating the speed with which their products and services will be noticed.
While your business model predicts when you will realize positive cash flow, you also need to make sure your startup has enough seed money to make your business efforts profitable. You can self-finance, search for investors or crowdfunding funds Do not forget that even if you are motivated by the mission of your startup, you can make money or even destroy your business. The widely quoted World Report on Entrepreneurship 2015/2016 found that more than half of the companies were closing down for lack of profits or funding.
Should you become a student entrepreneur?
There are statistical disadvantages to starting a startup when you are at university, including a lack of experience and an increase in the time required. However, student entrepreneurs can also benefit from many of the benefits that have helped other student-run businesses become so successful.
