One thing to note down if you ever planned on becoming an entrepreneur in college is that it will be more challenging to juggle both responsibilities at the same time. You need to accept the fact that it will be a challenge. However, you can always do university on a part-time basis, if you want to devote time to a business plan.
And what about outsourcing some of your academic responsibilities to free up time to do your business? Studyfy offers affordable literature study guides to ease your burden. Why not check it out?
But what is it that is beneficial in starting a business during college years? Why start early? We’ve compiled a list of pros and cons that will certainly be relevant to note down for any aspiring student entrepreneur out there.
Pro: Entrepreneurship can Lead to Financial Freedom
A genuine effort with good planning in the path of entrepreneurship can lead to financial freedom at a young age. This is probably one of the main reasons why any young adult would start a business. Big names like Elon Musk, and Bill Gates, all started with a business idea before making it big.
You don’t have to be Musk or Gates to follow your entrepreneurial spirit, but it does help to meticulously plan before execution. If you want to succeed in business – you have to come well-prepared. Failure is almost inevitable at the beginning for most entrepreneurs, but that’s why you need to have grit, dedication, and faith.
A carefully executed plan that has been thoroughly prepared will likely lessen the probability of failure, but it’s also important to note that perhaps success will come more easily if you do something that comes easily to you. This isn’t always the case, but it is a very relevant piece of advice.
Pro: Learning and Acquiring Valuable Life Skills
Independence, innovation, strength, persistence, interpersonal intelligence, and courage are just a few traits that you can improve when you become an entrepreneur/business starter. These are all indispensable, and by practicing them you can open doors to new possibilities and new skills that will serve you for the rest of your life.
A stable job will give you comfort and security, but a business, even with its potential to fail, can completely change you as a person, build generational wealth, and impact your life in ways that a normal 9 to 5 job would not.
Pro: Learning How to Handle Money
There are several ways you can start a business, but with any way you choose to start it, you will always come to the point where you will have to budget, handle money, and look for new ways to make more. Of course, this is beneficial to you, as you will evidently have to learn financial responsibility.
Handling money and budgeting isn’t always a walk in the park, especially when you’re handling a business, but it will probably benefit you more the sooner you have to face these types of obligations than later. If you find success in your endeavors, you can always hire an accountant to handle it for you.
Pro: Discovering Your Strengths and Weaknesses
Knowing your current strengths and even your current limitations is essential to your growth in the business path. Being realistic with what you can and can’t do grounds you, but at the same time shows you where you can easily expand, and where you need improvement.
In business, it’s always better to know who you are, than to burn yourself out with a distorted idea of your abilities. This does not mean that you can’t change, it just means you’re humble enough to accept who you are at the present moment. The future is for you to make.
Pro: Networking and Meeting the Right People
As stated above, you’ll be able to practice your interpersonal skills in the line of starting a business. You’ll have to communicate and meet with different types of professionals, depending on what field you’ll venture into. You’ll inevitably meet a lot of like-minded people, striving for success.
Building a strong network, and meeting people that inspire and push you is an indispensable thing to have in the business world. Sometimes even, just knowing the one right connection can lead you to opportunities beyond your imagination. So, remember to smile, be kind, but also stand up for who you are. You are going to attract the right people by doing this.
Con: Risk of Losing Money
With high risk comes a high reward. Starting a business, for the very first time, can be a very risky move indeed – especially for your financial resources.
Granted, there are many businesses that you can start without too much initial capital investment. There are ideas you can execute without any money whatsoever – just hard work, resourcefulness and a bit of skill.
However, for businesses that do need money and funding to start, will require a lot of preparation. And you will have to accept the fact that there is always a chance that you will not turn in profit and end up losing a lot of money.
Even with a well-executed plan, this can happen. Why? Because business isn’t always just about creating an idea and carrying out a strategic plan, it is also about marketing and building a customer base. If you’re new and nobody knows about your product, how will you get it out there?
Marketing becomes essential for most business owners. Luckily, you can always outsource this to a professional or a group of professionals.
Like any endeavor, you need to focus on it and prioritize it, for your progress to be more coherent, have more chances of success, and be quicker. How important is the business for you? How much do you want it? How fast do you want it to succeed?
Partying, going out, killing time, spending on wants – these types of things will have to take a step back if you want to get somewhere quicker. This doesn’t mean that you have to restrain yourself and not have fun for the rest of your life, it just means you’re willing to prioritize your goals first for a few years until you achieve what you’ve been aiming for.
The best thing about starting a business is that when it comes to fruition, you can earn enough to be able to relax and enjoy life without working too much, but the road to success needs consistency, a level of discipline, and determination.