There’s no law saying that you have to graduate college before you strike out on your own. (Mark Zuckerberg, anyone?) BlackEnterprise.com has a slew of tips and tricks for your young students to help them launch a business while studying for finals.
Felicia Joy, author of Hybrid Entrepreneurship: How the Middle Class Can Beat the Slow Economy, Earn Extra Income and Reclaim the American Dream, gives several reasons why starting a business in college is a good thing:
Starting a business while you’re in college can be incredibly enriching in so many ways. First, if you build it successfully, you can make more money than you ever would at a minimum or student wage job.
Second, you will create an impressive career highlight that you can add to your résumé before you graduate; this will make you a lot more competitive in a tough job market.
Third, you might come up with an idea or business that literally makes you rich.
Fourth, if you grow the business to the point that you need help, you can recruit co-founders from your campus peers or hire smart students for minimal wages.
Fifth, even if you don’t come up with a million dollar idea you can make enough money to cover your expenses while in college and gain incredible knowledge and wisdom.
Sound good to you and your kid in college? Pass along these tips to help them get their business idea off the ground.
Great post! We need to help our children expand their horizons beyond believing that they should just go to college to work for someone else.
I am a compulsive Entrepreneur, so I am already grooming my 5 & 8 year old on the 123 and abc of business, starting with a lemonade and cupcake stand in the spring … 50% of all money earned goes into a bank account, 25% must be spent on books and remaining 25% they can buy what they want.
Sincerely,
Utokia Langley
http://www.shesgotflavor.com
That is awesome Utokia! We are doing the same with our kids…11 yrs, 5 yrs, & 20 months. The 11 and 5 year olds have run a successful lemonade stand the past 2 years in conjunction with http://www.lemonadeday.org. They have learned a lot and those experiences are spawning other ideas.
With any financial increase they receive (biz income, gifts, allowance, etc.) they must tithe 10%, pay themselves (save) 10%…as they get older an additional 10% will be set aside for “investment” purposes (their biz ideas and projects). The remaining money they are required to create a plan (budget) in advance to determine what they will spend it on.
I fully expect all 3 of them already to have started (hopefully) successful businesses prior to college and use what they have learned at home to do the same while in college.
I wish I started my business as soon as I got to college, but taking a break from college allowed me to start one. I’ll definitely encourage my (future) kids to do the same.