Launching a Business in College: Part 1 - Is Entrepreneurship Right for You?

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Explore whether entrepreneurship is the right path for you-and how to get started while still in college.

Tags: college-student, internships

Launching a Business in College: Part 1 - Is Entrepreneurship Right for You?

You may take on a part-time job or summer internship at some point during college. Jobs and internships can help you gain valuable work experience, pay bills, and prepare you for post-graduation life. Some college students may be interested in starting a small business. Small business ownership allows for greater personal and professional freedom. I started two small businesses during college and developed many valuable skills. In this article, I will go over some of the pros, cons, and other relevant factors you should consider when determining if starting a small business is right for you.

Some of The Benefits of Starting a Small Business

Learning and Applying Useful Skills

Although starting a business is not necessarily easy, it can be rewarding. The process of starting and running a small business teaches and develops research and problem-solving skills, attention to detail, tenacity, the ability to multitask, and strong interpersonal communication. As a small business owner, you need to figure out marketing, sales, accounting, compliance with laws and regulations, customer service, negotiation with other vendors and businesses, and much more. Although the process may sound daunting, it is certainly possible. Numerous resources are available to help current and prospective small business owners figure out the various aspects of running a business.

You Can Do Something That You Enjoy

Many people spend months or years looking for their "dream job." Perhaps you enjoy photography and would love to make a living taking photos. Maybe you have a knack for planning events and dream of working as an event or wedding coordinator. As a small business owner, you can launch a business in the industry of your choice and tailor your business to fit your particular set of skills and interests. For example, if you particularly enjoy taking photos of houses and properties, you could start a business that specializes in real estate photography. The options are limitless!

You Can Set Your Own Schedule

As a small business owner, you will generally have a lot of flexibility regarding your work schedule. If you have a busy or variable academic schedule, it may be hard to be available for a traditional job. As a small business owner, you can set your work hours up around the rest of your schedule. For example, if you sell handmade pottery online, you can make and ship the pottery on the weekends or on days when you aren't as busy.

Important Considerations

Financial Risks

Although there are many benefits to starting a small business, there are also some drawbacks. First, starting a business involves financial risk. You may make a lot of money, little money, or no money. You may even lose money. If you rely on a steady income to pay essential bills, you should not think of starting a small business as accepting a job offer. As an employee, you are paid by a business to perform work. As a small business owner, you are paid by customers and are only paid if you have customers. Small business ownership often comes with many hidden costs. For example, you may need someone to design and maintain your business website. You will need to pay for business insurance. If you run a service-based business, you will likely need to purchase equipment and pay to have it maintained. If you sell a product, you must buy supplies and materials. While it is certainly possible to start a business without investing a large amount of money, you will be more limited on the type and scale of business you can begin.

Do You Have Time?

Second, you should know that starting and running a small business often involves fairly significant time investment. Although certain types of businesses require more attention than others, any company will require you to spend time to start and sustain it. As a college student, your schedule is exceptionally full. You may not have time to start a small business during college. Consider your personal, social, and academic commitments when starting a business. Remember that you can always close or stop running a business if it interferes too heavily with other aspects of your life.

Burnout and Boredom

Finally, many people start small businesses to "be their own boss" or "make money doing something they love." As I mentioned earlier, these flexibilities are certainly advantages of owning a business. However, small business ownership comes with quite a bit of responsibility, and you will need to perform many mundane and uninteresting tasks essential to running the business. The operation of a business generally requires filling out paperwork, invoicing customers, figuring out advertising, ensuring compliance with regulations and laws, and dealing with customer issues or complaints. Finding and retaining customers takes a lot of time and effort and can be particularly tiring for introverted individuals. Although you may appreciate the freedom and benefits of business ownership, you will also be responsible for the "boring" aspects of running the business.

Don't Overthink!

Remember that your business doesn't have to be big or flashy. Many college students who start small businesses rely on the knowledge or skills they have built for years. You could offer music lessons if you are skilled with a particular musical instrument. If you enjoy making handmade jewelry, try setting up a booth at a local market or getting a retail spot in a local artist co-op. Many college students start businesses walking dogs or mowing lawns.

Keep in mind that, in some cases, it may make more sense to work for an existing dog-walking company or sign up to teach music lessons through a local studio rather than start your own business. Although you can gain valuable experience by creating a small business, you may need more time or resources to start a business from the ground up during college. And that's fine! You can always return to a business idea later when you have more time and resources. Look for a second article where I will go over some specific steps for starting and running your small business during college.

Ian Whitmore

Ian Whitmore was born and raised in Austin, TX and spent his childhood and teen years immersed in the rich cultural scene of Austin and the beautiful landscapes of the surrounding Hill Country. He graduated from Wyoming Catholic College in 2020 with a B.A. in Liberal Arts.

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