Entrepreneurship is a big word and an involving task that requires commitment but is rewarding at the end of the day. Regardless of the many predicted obstacles that a college student may face once they are in business, college time is the right time to venture into business. Some obstacles like uncertainty in economic conditions, unpredictability in business outlook and unwilling bank lending could deter college students from business start-ups. However, the decision to start a business may be the smartest choice that a college student could ever make to maximize the value of their college experience. For instance, many college students have ventured into custom essay writing as a business, which is thriving, lucrative and they can easily maneuver through both studies and business.
Reasons why a student should start their own business
To have a Job; A business can serve as a part time job and a full time job later after college. While in college, the needs are minimal thus many students will not find a reason to start a business to find a source of income. However, when needs are minimal it is the best time to save and expand the business gradually. More so, the free resources in compass will spur the business yet the expenses incurred are minimized. For instance, free research databases, valuable contacts and speakers in the college. Further, the students have a lot of free time to concentrate on the business. There is also time to determine whether the business is viable as a long-time venture or not. Besides, the rate of unemployment in the current world is relatively high, therefore, there is no assurance of a job after college. With a business, one is self-employed and will not waste time attending one interview after the other or compromise on what they want to do in life.
While in college, it is easy to identify activities that one loves and can engage in to earn some cash. If an individual starts a business out of something they love, it definitely becomes a success since it does not feel like work.
In colleges, the powerful tool of information is readily available, and the access is free. College libraries have books that give guidance on starting a business, they give tips and inspire.
Minimal risk and cost
Unlike the past days where business start-ups required high costs ranging from equipment’s to secured loans, in the current world, the internet has changed this perception. People can start business in the internet, market it via social media and generate massive returns.
Access to funding
Many financial institutions are providing loans in this era. Therefore, the interest rates are low. Startup loan providers evaluate the business plan, offer a mentor and provide training and discounts.
Starting a business is not easy, therefore, many of them fail before getting to one-year-old. However, it is better to fail while young when responsibilities are minimal than failing at age 40. Consequently, one is able to pick up from the failure and the lessons learnt are applied to the next businesses.
It is better to try and succeed early than to have regrets in future of not trying early enough.
The benefits of running a business are both monetary and in personal growth. Skills such as perseverance, self-reliance and financial awareness are by-products of being in business.
Mindset is about the attitude developed, taking risks and the ability to try new things. These will be of great value to an individual and a prospective future employer.
Little Acorns-Mighty Oaks
A journey of a thousand miles starts with a single step. The small business might grow to be the next Google or Apple. All that is needed is the courage and confidence to start.