Sep 5th, 2008
My biggest regret about how I spent my college years is that I didn’t apply some—or all—of my free time to entrepreneurial pursuits. If you’ve got time between classes, your college dorm room is a great place to start a business. After all, Microsoft, Dell, Apple, Facebook, Netscape, and FedEx were all started by college students. If you want to start a business at college, here are a few tips:
Start small. Established entrepreneurs can attract millions of dollars in venture capital with a good business plan and a few handshakes. Chances are, you cannot. Focus on easy business ideas that you can implement by yourself or with the help of a few friends—and with money you already have.
Focus on something you enjoy. In life, we end up doing a lot of things we don’t enjoy—we take classes and work jobs outside of our areas of interest because we need to graduate or put food on our tables. Your own business, on the other hand, should be doing something you like. Finding a business you enjoy won’t only make you happier in the long run, it’ll also increase your businesses’ chances of success.
Network. Find other students at your school who are running their own businesses or who are interested in starting. Go to dinner or throw a party to pick their brains and find out how you can help each other.
Be realistic. Some business ideas seem better in theory than they are in reality. Almost every college has an entrepreneur who thinks he or she is going to revolutionize the purchasing of college textbooks by setting up a book exchange; in reality, it’s very difficult to pull off. On the other hand, while business ideas like selling baked goods or providing a babysitting or tutoring service for local families won’t win any ingenuity awards, they can be set up and profitably run pretty easily.
Do your homework. The internet is chock-full of resources that can help college entrepreneurs succeed. Check out the Collegiate Entrepreneur’s Association and Entrepreneur Magazine for starters.
Do you have experience running a college-based business? What was it and how did it work out?
I'm David, an ex- financial journalist and recovering debtaholic. I'll help you get out of debt, get saving, and get on with life. Sound good? Please subscribe (RSS or e-mail) or follow me on Twitter.
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I too wish I would have been a little more productive. In comparison to everyone else I went to the military with I was very productive, I did come out of the military with a degree so that was good.
Now that I’m married with a child, working through a masters and everything else im doing I wish I hadnt wasted so much time during my military / college experiences.
cheers
I had an idea that I always wanted to implement. It kind of started as a joke but I always figured it would work to some degree and put a little extra money in my pocket. I have my own business now and don’t have the time but would love for someone to give this a try. At office supply stores you can buy NO SOLICITING sign for as little as two bucks each. So I thought of going door to door selling NO SOLICITING signs. I figured if i charged five bucks more than I paid maybe I could make an extra 40 to 50 bucks a day, or more. At the least I am sure you could at least make some one laugh and if they were not interested I would say, “no problem I will see you tomorrow”. So if anyone is looking for an idea feel free to try this one and post your results back here. Good luck.
Brian
I did this! I did my first paid wedding shoot 10 years ago ( yikes ) for $60. I was only 19 when I started my business. ~Amanda