Approach College Like an Entrepreneur
Jun Loayza recently wrote an excellent piece on why it’s a bad move to drop out of school to start a business. Some people feel that if they have a great idea, there is really no reason for them to stay in school.
At the root of this belief is a poor approach to college. While in school we have a tendency to emphasize what we don’t like while focusing too narrowly on what we do like. However, if you really consider yourself an entrepreneur it’s impossible to ignore the following resources colleges can provide:
Focus groups and product testers: All those students, staff, faculty, and community members! Seriously, it’s research heaven. If the group you need to work with is not on campus, most colleges have relationships with many organizations in their city. Tap into those connections and ask if you can test out your ideas.
Mentors, networking, and learning opportunities: Colleges host conferences, lectures, and workshops often free or at low costs to students. Professors and alumni can offer the one-on-one expert advice you need and might even let you work with them on projects related to your idea for more hands on experience. Meeting people at events and developing mentors are what can further your career along and college is a great place to start building your network.
And nothing beats spending lots of time in the library. Read up on the latest trends in your field, people making moves, and tips on how to develop your project.
Flexible schedule and limited risks: These are probably the greatest gifts. Most of your basic needs are covered in college and unless you are planning something the risks the security and financial stability of the entire institution, your business ventures, should they fail, will not result in a catastrophic loss. And you have more time, time that YOU have more control over, to work on your idea. First class isn’t until 1pm and your shift at the café doesn’t start until 6pm? Well, you have all morning to be researching and reaching out.
Funding and in-kind support: Some colleges have in-house funding opportunities for students or other kinds of support that you can use to launch your idea. Website hosting, space for meetings, printing, internet access, and software are just a few of the resources that colleges may be able to offer you for free. These little things eat up a lot of time and money when you are trying to launch on your own so take advantage of them!
What do you think are some of the benefits to staying in school as an entrepreneur? What are some of the challenges?
So true. But I wish I had been mature enough to realize this while I was in college!
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There are many reasons to stay in school while launching as an entrepreneur. As a graduate, I wish, I had known about being a business owner much sooner. As you have stated, you have your day to day needs met in school. It is a great time to build your business. But business needs to be balanced with education as well. As an entrepreneur you can look at your classes and activities differently, from your entrepreneurial perspective. It can guide classes that you take. But the education also gives you another firm foundation, not a fall back, but foundation. Entrepreneur’s that succeed gather as many resources as possible around them.
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