They say that youth is wasted on the young, but that is not true when it comes to opportunity. Deciding to start a small business while still in college comes with certain advantages that may be harder to come by as years pass. To be sure, one should never start a start business before they are ready. But, if all the elements are in place and you’ve done your research, starting a small business as a student has its perks.
Pitch Competitions and Grants
Colleges and other organizations encourage entrepreneurship by hosting competitions that reward winners with financial prizes. Just recently, there was a pitch competition organized by Something In The Water Festival in Virginia Beach with help from Old Dominion University and Cox Communication, the winners of which won $2,500 towards their idea. A little bit of research can lead to a lot of opportunities that are geared towards college entrepreneurs.
Take Advantage of the Narrative
Being a student provides an important dimension to your business narrative. These narratives are an important part of your story and -- when told properly -- they add value and exposure. Part of attracting support from friends, neighbors, family, and investors is creating an engaging story that underscores your entrepreneurial ambitions. A “college student” identity exemplifies freshness and ambition that can go a long way in drawing support because people generally like to be involved at the very start to watch the company grow and they love a good underdog story.
Fewer Expenses, More Time
College students have less day to day expenses because they do not have to support families. In addition to less financial burdens, they also have more time to devote to the business. Hard work around the clock is a foregone conclusion when it comes to starting a small business no matter what stage of life you’re in. Less expense, more free time, and more youthful energy is a fortunate circumstance that is ideal for the demands and excitement of establishing and running a small business.
If you are thinking about starting a new business, or you have already made the decision to start one and you have questions, please contact us and we’d be happy to help.