“Moving into the real world” used to be a standard phrase used as students prepared to leave the protected confines of the university and headed into the workforce. But as a student entrepreneur once told me as she was wrestling with balancing her new venture, class projects, final exams, and a college social life, “This Already Feels Pretty Real to Me!”
A generation ago when people like Michael Dell started a business in their dorm room it was considered an anomaly. Today, it is one of the fastest growing trends on campuses across the country.
I have written before about the Entrepreneurial Generation now populating our classrooms and dormitories. We now have three student business hatcheries for these students, with over 50 students operating 40 businesses on our campus the competition for our space is beginning to heat up. And those are just the students we already know about! More come in almost every week.
Entrepreneur.com offers some suggestions for collegiate entrepreneurs contemplating the transition from owning a campus business to one that can earn them a living when they graduate.
Before you burst onto the post-college business scene, spend time evaluating your product or service, and see if there is a realistic market outside the college environment. Do you have to modify your offering in some way to transfer it to the outside world? Research is key here — while you’re still on campus, use all the resources at your disposal, including entrepreneurship centers and professors whom you can easily turn to for guidance. “Try to find a mentor in a [similar] industry,” says Minor [director of the Neeley Entrepreneurship Program at Texas Christian University]. This mentor can help you plan your transition to ensure you’re fully prepared for the change–and that you don”t miss anything.
Universities are attracting major funding from foundations and donors to build up their entrepreneurship programs. Use the resources at your finger tips to help build a sustainable business.
It might help to liken your transition to that of a college athlete turning pro, notes Justin B. Craig, assistant professor of entrepreneurship at Oregon State University in Corvallis. You’ll be doing everything on your own, so prepare yourself mentally and financially to leave the safety of the college infrastructure, including the fun stuff like free broadband access, phone lines and web space. “The playing field changes–it really gets competitive,” says Craig. “If you take this on, and [entrepreneurship] is going to be your career, make sure you step up. You’re going into the majors.”
But, don’t be afraid of this challenge. In today’s economy, starting a business of your own with the proper education and preparation can be a smoother ride than trying to make it in the cubicle jungle of the corporate world.