I am working with over two dozen students who own businesses while in college. Is this unique to my school? Absolutely not! StartupJournal has a profile on student entrepreneurs. College can be a great environment for yound entrepreneurs to get their careers started.
“Students intuitively understand the attractive youth market, can find cheap labor in the form of other students, can tap freely into databases of information that would be very costly to nonstudents and get lots of free advice from professors and other on-campus advisers.”
In fact, more and more schools are building in support systems for their student entrepreneurs, similar to our Student Business Hatchery Program here at Belmont.
Kenneth Brown, a Belmont Student Entrepreneur, describes the benefits of such a program this way:
“I love the Hatchery. It is a great accomplishment and show of support from the university to those who own a business. All of my classes are in Massey and I love the fact that in between classes I can send faxes and e-mails or even hold a meeting in the conference room. I enjoy being around others who share an interest in the spirit of entrepreneurship and even plan to collaborate on some ventures with others who use the hatchery.”
Integrating learning and doing is a powerful experience for many of these students.
“Student entrepreneurs often stress what they see as synergy between their classroom studies and their after-hours businesses. Brett Klasko publishes an online investment newsletter, Investors Alley, while taking junior-year business classes at Emory. The 21-year-old from Cherry Hill, N.J., says that his GPA — currently 3.0 — has improved as he’s completed general-education classes required to graduate and begun studying management and marketing. ‘Now I’m past the introductory business courses and more into the thinking courses where my real-world knowledge and experience comes into play,’ Mr. Klasko says. ‘I can really contribute things.'”

Carnival of the Caplitalists can be found at Accidental Verbosity. While you are there you will also get a chance to meet Sadie! Congratulations, Jay!!

When assessing possible opportunities, entrepreneurs should avoid the pitfall of getting too rigid in their plans. I challenge all entrepreneurs to really understand the fundamental sources of the opportunity they are pursuing. What are the macro forces and the industry trends that have created the potential opportunity?
Macro forces can go all the way up to economic, social, cultural, political, technological issues that are shaping the industry. This may require some additional research, but will pay off over time. Often the reason there is a new opportunity in the first place is a result of these forces being in constant flux and change. As Peter Vaill calls it, a state of perpetual white water. So, the very changes that created your opportunity can move past you and make your business obsolete if you do not continue to adapt, evolve and innovate.
Entrepreneurship should be an on-going process, not a one-time event.

Startup Journal offers an interview with Tom Peters. Now I must admit that I’ve never been a big fan of much of his work, but this quote from him is just, well, bizarre.
“SJ: Peter Drucker is famous for asking businesses, ‘What business are you in?’ What question do you think every business should ask itself?
Peters: ‘Why should I fall in love with you?’ You see, I’ll add the passion to the Drucker thing. To me it’s a big deal. Say I’m running a business and I’m trying to choose an accountant. And so I have 27 interviews and my question to you isn’t, ‘Are you a competent accountant?’ — that comes later on — but, ‘Why should I fall in love with you? What’s going to make this a glorious relationship?'”
Now I’ve hired a few accountants in my day, and I can promise you that this is not a question that I would ever ask. And if I ever did, most accountants I know would be out the door before I finished the question.
Sure, you want them to be interested in what you do, seem motivated to work with you, and understand how to work with small businesses. And rather than ask 27 of them about “falling in love with them,” find two or three through your network and find out which one will be the best fit for you and where your business is headed.
Maybe its time for Tom Peters to hang it up!

Just pay attention when you visit your local parade of homes this year. Home offices are now standard features in many new homes. Once destined to set up shop in the basement, dining room, kitchen, etc., home offices are now just part of the floor plan.
StartupJournal tells us that this was not always the case, however.
“(M)any white-collar telecommuters and self-employed professionals used to go to great lengths to hide the fact that they worked from home. They would change the word apartment to suite in their address. They borrowed conference rooms from friends for meetings with clients. They even had other people leave the outgoing message on their answering machine to give the impression of having a secretary. A barking dog, a honking car or a crying child while they were on the phone would leave them wide-eyed and white-knuckled until they were sure no one had noticed.”
But, now working at home is common. In fact, it could even be considered chic.
“These days, however, 25 million people in the U.S., or 19% of those in nonagricultural jobs, work from home at least occasionally, according to the Bureau of Labor Statistics. The practice has become socially acceptable and even desirable.”
The big caution as we’ve talked about more than once before at this site: set boundaries between work and non-work in the home!

The dynamics of any family business can be a challenge, but they can differ widely from family member to family member within any given family. For example, my brother and I were successful together in business as partners and had a great working relationship. My wife and I had a small, part-time business together while in college, which although successful, helped us learn that we did not want to be in another business together with both of us actively running things. We went our own ways in our careers, although she has always been my most important advisor in all in all of my business deals. We have been blessed with a wonderful marriage for twenty-six years and counting. My father was always my other most important outside advisor.
StartupJournal has an good summary of the issues married couples face when they go into business together. One of the most common rules in family business is learning to keep family and business issues distinct, and keep as few issues as possible from becoming family business issues. This can be most challenging for husbands and wives.
“Still, family-owned businesses must deal with specific — and potentially messy — issues. On one hand, they often benefit from loyalty and stability. Everyone has a vital stake in the business. On the other hand, dissension over money or child rearing might spill over into, say, a meeting to discuss marketing with a colleague. There might be a divorce or an incompetent brother-in-law on the payroll.”
As with any business partnership, think about who you take on as business partners very carefully, thoroughly, honestly, and objectively. This is never truer than it is with family business partners who are spouses. Ask the difficult questions and talk about the challenges and problems that being in business with family will create.
The best rule I ever heard from married business partners: no business talk in the bedroom–ever!

Carnival of the Capitalists is one year old! BusinessPundit has the anniversary edition posted for your reading pleasure.