Drug testing

Why Every Student Should Start a Business

With the economic downturn, students in all the major business schools have been dropping out of their entrepreneurship classes and transferring back to classes where they think they have a secure future. Students and professionals who were once planning to start businesses now have decided to go back to their cushy jobs. Everything is going back to normal. Or at least that is how it looks. Below are nine reasons why any student should start a business:

  • You gain experience. Owning and running your own business is an incredible way to gain experience and credentials regardless of whether you decide to stay in business once you graduate. Jaime Gonzalez of Oklahoma State University received the highest job offer in his entire graduating class. Now, there are two kickers: First, he was the founder of an IT consulting company, and second, he had a 2.4 GPA. Hmmm...I wonder if starting a business helps in getting a better job when you graduate?
  • You have nothing to lose. I think it's safe to say that most students dip into their parents' checkbook when it comes time to pay the bills. In general, students aren't paying child support, rent, utilities and many other expenses. The worst thing that could happen if your business fails is that you get a job, have an incredible credential on your resume, and have experience that will increase your chances of success in the future. The best thing that can happen is that you'll become the next Microsoft. I don't know about you, but I think that is better than choosing between no job and jobs that you're in just for the money.
  • Two-thirds of millionaires are entrepreneurs, according to Thomas Stanley and William Dank, authors of The Millionaire Mind. If it's the money you want, then consider entrepreneurship. You receive not only a salary, but also a lot of money if you're lucky enough to sell your company or take it public. Michael Furdyk, a successful young entrepreneur, was able to sell his business, MyDesktop.com, for $1 million when he was 16 years old!
  • You develop networking skills. You've likely heard that your network increases your net worth. Consider the fact that by running a business and constantly being in a business community, you will develop excellent contacts. If you choose to get a job after you graduate, you will have a great pool of people who will be more than happy to hire you or send your resume to somebody who wants to.
  • You increase your value. Put simply, starting a business in college increases the value of "the brand called you" and gives you more options. For example, an entrepreneur with a large brand value can publish a book, star in a documentary movie (i.e., Startup.com), or go straight to the top of another company. I recently met one of the founders of Diversity Planet, a job site for minorities. He spent a year working very hard on the company and has since left to take a reporting job with Dateline NBC at the ripe age of 20! People don't often don't get an opportunity like that until they are much older.
  • Operating a profitable business in the long term is less risky than being an employee in the long term. For example, just look at the recent economic downturn. Tens of thousands of people have been laid off. I can guarantee the owners of profitable businesses are still with the business. They will be the last people to go down with a ship. Business owners can have multiple streams of incomes from different customers. If you're an employee, you only have one stream of income and therefore are bearing more risk.
  • You will learn more about yourself and what they don't teach or prepare you for in school. Furthermore, entrepreneurship is the combination of all the disciplines of business. It includes knowledge of marketing, accounting, management and operations. Already having knowledge of these topics before you take classes on them allows you to see more clearly how everything applies. Also, you will be able to learn early-on what subjects you like so you can make better decisions on what to major in and what industries to target.
  • It is yours. You make the rules, create your own hours, work from wherever you want and choose who you want to work with. You can also pick what interests you the most in the world and then start a business that is related to that topic in some way. If you like art, you can start a design business. If you like marketing, you can create or choose a product and then market it. If you like writing, you can write a book and do your own public relations and marketing. If you like the Internet, you can start a Web development business.
  • You'll grow. I personally have grown a lot from owning a business. I used to be terrified to speak in front of others. Now I look forward to it. Before owning a business, I had probably read a total of five books outside of school, and I only read them because my mom made me. Since starting my business, I've probably read more than 100 books. The business has also allowed me to learn more about myself. I know that I will be an entrepreneur forever in some way, shape or form!

    Reprinted with permission from Entrepreneur.com. Copyright ? 2005.

    Michael Simmons is the author of the best-selling book, The Student Success Manifesto: How to Create a Life of Passion, Purpose and Prosperity and an award-winning entrepreneur. He is also one of America's top youth motivational speakers for college campuses. Read his online journal at young entrepreneur journey or click on the following link to download his free success ebook.

    limousine chicago service
    In The News:

  • Is Running a Business for You?

    Not everyone is cut out to run a business. Not... Read More

    Veteran Entrepreneurs Are Growing In Ranks

    When I'm not running my own business, writing articles about... Read More

    Financing Your Business

    Anyone who is serious about making some money is already... Read More

    Identifying the Right Venture Capital Firm Partner

    Venture capital firms are comprised of individual partners. These partners... Read More

    Find Me the Expert on This!

    Many people who set up as consultants never make more... Read More

    Are You an Entrepreneur That is Starved for Time?

    Being an entrepreneur and running a successful home-based business is... Read More

    Envisioneering

    It never ceases to amaze me. Almost everyone peers into... Read More

    Health Insurance for Solo Entrepreneurs

    One of the most important benefits employed people enjoy is... Read More

    Solving the Million Dollar Mystery: 4 Steps To Create A Turn-Key Business

    You're a smart, hardworking entrepreneur, and you're moving fast. You... Read More

    How To Grow Your Micro-Business

    If you want to grow your micro-business (defined as a... Read More

    Start a Business Selling Government Surplus

    Did you ever wonder what happens to all that government... Read More

    Selecting a Venture

    The basic rule is simple: "Find a market need and... Read More

    Entrepreneurial Ongoing Education Advice

    I would like to give some advice to all the... Read More

    Street Smarts Vs Book Smarts, What Does It Takes To Be An Entrepreneur

    The latest series in "The Apprentice" features 2 distinct group... Read More

    Questions For The Entrepreneur To Be

    Entrepreneurial e-gnorancePart 1: Questions for the entrepreneur to beIf you... Read More

    Taking Charge and Getting Results: The Choice is Yours

    As one of the most successful direct sales entrepreneurs in... Read More

    10 Secrets of Successful Entrepreneurs

    Running a one-person business is a creative, flexible and challenging... Read More

    Executive Suites - A Way To Save Cash

    Cash is one of the most important resources to a... Read More

    Defining a R&D Framework for Entrepreneurship and Innovation on Information Product Generation

    IntroductionKnowledge is the key resource that forms the institutional basis... Read More

    About Ending Competition

    1. Why should I not compete with others?The very concept... Read More

    Message to Prospective Franchisees for Franchisors

    Many franchise companies fail to send the proper message to... Read More

    7 Small Business and Self Employed Law of Attraction Principles For Success

    It is widely held that one of the most important... Read More

    Fear of Failure

    Of all the real or perceived impediments to success, the... Read More

    Oil Change Guys History; Part II

    Franchise companies are not born they are made and when... Read More

    How You Can Earn $1000 A Week Part Time

    About 6 years ago I started to notice that certain... Read More

    n scale street lights street induction lights Pete's produce ..