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Should you start a business in college?With discipline and imagination it could be the best time you'll ever have to build a solid financial foundationAs I thought about my years in college I wished I had grasped the vision to start a business in college. I did as most college kids did when they recieved their financial aid package. What little was left over after paying expenses I spent on silly things that I could have lived without. As my oldest daughter prepares to go to college I am trying to instill in her the entrepreneurial spirit that I caught hold of so she can have a better future, especially this coming decade, and do better in life than I did. To consider the possibility of being able to start a business in college can be overwhelming for most young people. But with guidance from a parent or mentor it is very possible, and very wise.
Why Start a Business in College? - Why Not?
In my opinion there was no better time to start another business venture then while I was in college, especially from a financial stand point. While I do not get a whole lot from financial aid the loans that I can take out are very favorable, why? Because most college loans don't have to be repaid until 6 months or later after you stop going to school, and the interest rates are usually not as high. What does this mean? While I don't want to come off as being young and rich, accepting the loan money is optional and they provide cash flow without an expense at the end of each month. On top of that your personal expenses such as housing and food are usually already included in your tuition rate. Operating your business from a dorm room or apartment offers very low start up cost for most college entrepreneurs. I admit that running a business and doing well in school requires great time management skills, commitment, and a high level of personal dedication. Not everyone will be able to run a business and go to school at the same time, but those who can are at a great advantage. Of course there is a certain amount of sacrifice that will come from your endeavor. So the personal issue of how much your willing to give up to be successful will come into play. As I've mentioned before there are certain aspects of college (not all) that may prove useful for a budding entrepreneur. Most college age kids use the money that they get from their refund check to splurge on items that don't appreciate their net worth anyway. So why wouldn't you invest that money into your future if you are truly passionate about starting a business. Moreover, I often suggest to friends to invest at least some of that money period (CD accounts, stocks, bonds) just put it somewhere where your money can work for you. You should be aware that there is no substitute for hard work and dedication but as you get older and cannot operate as you did in your youth making your money work for you will be of great importance. I cannot begin to tell you the number of conversations I've had with my mother and older entrepreneurs who've achieved a great deal of success, the importance of saving money when you can not when you have to. It's ok to enjoy the fruits of your labor but from personal experience a few consecutive rainy days can easily ruin your crop. Prepare yourself for those rainy days as best as you possibly can. By no means am I telling you to take money that you need to get a good education and try to start a business, but if you have extra left over and are capable of doing so-why not?
Bryan Young started his first business at the age of 12 and currently runs a freight shipment company. He is also the founder of http://www.businessempiremag.com, an Ezine that looks to give advice to and promote entrepreneurs and independent inventors. Find more at http://www.businessempiremag.com Article Source: http://EzineArticles.com/?expert=Bryan_Young
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