Why students make good entrepreneurs?
Time, money, team and idea are the fundamental ingredients to launch a business, and students can have them all!
Originally published on Swapcard’s blog
I am a student, shall I start my business now or wait to get experience?
Frankly this question is hard to answer but it is one of those questions often raised by aspiring entrepreneurs.
Even if at Swapcard we have gained experience in multinational companies before starting our own adventure, our answer is definitely YES!
There is no doubt that students make good entrepreneurs, and you should have no fear to start being an entrepreneur straight after school if that it’s what you want to do.
There are lots of circumstances involved to make a company a success or not, but every company needs four fundamental ingredients:
It’s as simple as that, so you have no reason to be afraid!
Time is the most precious commodity of all, so the advice is that you should spend it wisely. That’s why we highly recommend you to start working on your project just after graduation, because, creating a start up takes awful amount of time, more than you expect.
Plus, the probability to fail is high. In fact, most entrepreneurs fail when they launch their first business, which means it will take you several tries before being successful. Even if you follow the “launch quickly, fail quickly” advice; it will eventually consume a few years of your life before reaching success.
If you had decided to gain experience first, it will take you even longer and you will soon turn over 40 before achieving your dream. You probably don’t want to wait so long!
The good part is that when you are a student, you have plenty of time. Even if you undertake a double diploma, you will always have time to work on your project during breaks, nights and week-ends or even during classes. Plus, now many schools have entrepreneurship programs, where you can work on your own project and learn how to run a company. You just need to enroll and start today!
Concerning money, as a student you won’t need too much money to support your lifestyle. You are already prepared to go through hard time eating pizza, pasta and sandwiches everyday! Trust us, it’s not that easy to go back to your previous student lifestyle once you’re used to a decent salary every month.
Plus, except for your student loans, you probably won’t have much expenses as opposed to paying your taxes, your car, your health insurance, feeding your kids and so on.
However, you will probably have no savings to invest in your company. You will lack funds at the beginning but it shall not be a reason for not trying.
Nowadays, you don’t need that much money to start a business in Europe or in the US. You can easily gain financial support from start-up incubators or your school’s seed accelerators. There are also many ways of finding money, through start up competition, business angels and VCs or from governmental subsidies.
Team and idea
During your studies your social interactions are high, so it easy to meet lots of people from different backgrounds. Finding a team of co-founders should not be an issue.
On top of that, you can easily find great ideas as your mind is not formatted by society. Innovation is in your DNA by essence, but it gets often sterilized once you start working due to industry standards and common behaviors.
Plus, during your studies, you also have a lot of opportunities to travel, which is a gold mine of inspiration. Indeed, many great ideas of businesses came from an experience abroad.
And what if I fail?
Like we said, the probability to fail is high when you first start your business. But this is not something you should worry about, because entrepreneurship has one big advantage: it’s interdisciplinary.
It will allow you to develop a lot of skills such as project management, time management, leadership, negotiation, imagination and so on. And never forget that all companies love these kind of skills.
In fact, many innovative companies are now looking for past students with an entrepreneurship experience! And you probably want to work with these guys.
So even if you fail and decide that you’re not made to be an entrepreneur, there is absolutely no problem. Be sure that employers will value the fact that you followed one of your dreams and learned a lot from it.
To conclude, student and entrepreneurship definitely go together! Why wasting your time just to add a line in you resume by working in a big company if that is not what you want to do?
If you’re still not convinced, let us remind you that Bill Gates, Mark Zuckerberg or Larry Page started their businesses while being students. So, start following your dream as early as possible, and remember one thing :
“Your time is limited, so don’t waste it living someone else’s life.” — Steve Jobs
So go ahead and start your business as soon as you can!
If you want more informations about how to become a student entrepreneur, check out this cool infographic!
The Swapcard Team / Originally published on Swapcard’s blog