No age is too young to start one’s own business. Being an entrepreneur while still, a student can equip one with essential life lessons early in life. These are 11 reasons why every student should start a business.
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1. Starting one’s own business will teach a student how to be more confident
As he runs his business, he will develop how to creatively and confidently tackle problems. Instead of feeling overwhelmed and defeated by difficult situations, he will feel challenged instead.
Being confident in one’s abilities will also be handy especially as a student entrepreneur will get to meet people from a wider variety of backgrounds and age groups. This will help him transcend the limits imposed by his own age group’s way of thinking and point of view.
2. A student entrepreneur will also learn independence brought by having real-life experience early
Not having to rely too much on the allowance from his parents, he can buy the things he wants. He can already buy his own car, earn money for college and avoid having to take student loans. More importantly, having one’s own business will teach him the value of money and good personal finance. Instead of buying stuff, he will start building up a savings and investment portfolio. Better handling of one’s money is one of the reasons why most entrepreneurs get to retire early.
3. Running a personal business will also result in the student entrepreneur being more mature than most of his peers
He will have a higher chance of getting into the university of his choice easier. The focus and drive developed while running the business will also make him an attractive candidate when he applies for an internship or a job later on if he decides to take the corporate route after college.
4. You gain experience
Owning and running your own business is an incredible way to gain experience and credentials regardless of whether you decide to stay in business once you graduate
5. You have nothing to lose
I think it’s safe to say that most students dip into their parents’ chequebook when it comes time to pay the bills. In general, students aren’t paying child support, rent, utilities and many other expenses. The worst thing that could happen if your business fails is that you get a job, have an incredible credential on your resume, and have an experience that will increase your chances of success in the future. The best thing that can happen is that you’ll become the next Microsoft. I don’t know about you, but I think that is better than choosing between no job and jobs that you’re in just for the money.
6. Two-thirds of millionaires are entrepreneurs, according to Thomas Stanley and William Dank, authors of The Millionaire Mind
If it’s the money you want, then consider entrepreneurship. You receive not only a salary but also a lot of money if you’re lucky enough to sell your company or take it public. Michael Furdyk, a successful young entrepreneur, was able to sell his business, MyDesktop.com, for $1 million when he was 16 years old!
7. You develop networking skills
You’ve likely heard that your network increases your net worth. Consider the fact that by running a business and constantly being in a business community, you will develop excellent contacts. If you choose to get a job after you graduate, you will have a great pool of people who will be more than happy to hire you or send your resume to somebody who wants to.
8. You increase your value
Put simply, starting a business in college increases the value of “the brand called you” and gives you more options. For example, an entrepreneur with a large brand value can publish a book, star in a documentary movie (i.e., Startup.com), or go straight to the top of another company. I recently met one of the founders of Diversity Planet, a job site for minorities. He spent a year working very hard on the company and has since left to take a reporting job with Dateline NBC at the ripe age of 20! People don’t often don’t get an opportunity like that until they are much older.
9. Operating a profitable business in the long term is less risky than being an employee in the long term
For example, just look at the recent economic downturn. Tens of thousands of people have been laid off. I can guarantee the owners of profitable businesses are still with the business. They will be the last people to go down with a ship. Business owners can have multiple streams of income from different customers. If you’re an employee, you only have one stream of income and therefore are bearing more risk.
10. You will learn more about yourself and what they don’t teach or prepare you for in school
Furthermore, entrepreneurship is the combination of all the disciplines of business. It includes knowledge of marketing, accounting, management and operations. Already having a knowledge of these topics before you take classes on them allows you to see more clearly how everything applies. Also, you will be able to learn early-on what subjects you like so you can make better decisions on what to major in and what industries to target.
11. It is yours
You make the rules, create your own hours, work from wherever you want and choose who you want to work with. You can also pick what interests you the most in the world and then start a business that is related to that topic in some way. If you like art, you can start a design business. If you like marketing, you can create or choose a product and then market it. If you like writing, you can write a book and do your own public relations and marketing. If you like the Internet, you can start a Web development business.