Nowadays startup is the ultimate dream to every college graduate. Students are more interested in venturing into startup rather than joining corporate firms and college is a great platform to learn as they get a chance to learn a variety of new skills and put those skills to use. But starting a startup isn’t something you should jump into without career consideration. It may sound very fascinating but you need to know what all positive or negative aspects are there in starting a startup in your college days.
1. Energy factor
One of the biggest advantages for college students is you are full of energy and willing to experiment something new. You have a fearless mind, energy and excitement to innovate to a new level.
2. Available resources:
During collages, a student may not have a proper idea of business implementation but you are free to consult a professor who is filled with knowledge and experience. But once you are out of college you need to hire consultants who will charge for advice.
3. Support of friends and family:
During college days, friends and family members are more supportive. After college, there is an automatic pressure of earning that stops the mind from thinking creative.
4. Failure is not actually failure:
Even if you start a business in college and it fails, it’s a huge plus on your resume. Starting a business shows that you’re proactive, creative, and driven–just the type of employee successful companies are looking for.
1.Lack of funding:
Starting something that requires money isn’t easy in college life. You do get seed funding but only when your startup is exceptionally promising. When Tata gave funds to CarDekho the company already was priced at over $100 million. This is not possible with every other startup. Forget about $100 million, only a few startups are able to raise $1 million. So how a mediocre entrepreneur is going to raise funds for their startup without any seed funding?
2. Problems with expansion:
You can not restrict your business to only one place. Your business needs to expand. But for that, you need more employees.
3. Time constraint:
Any startup needs time and effort. There is a need for dedicating a lot of time in building and maintaining a business. This may deviate you from your college academics which can lead you to not focus well on studies and probably get failed.
4. Lack of knowledge and experience:
Most of the youngsters are enthusiastic to start something but they don’t know important things like how to get a license, registration process and protocols as per government regulations. They don’t have the skill about how to talk with customers. It takes time to learn such skills and not easy to do without a few years of real-life experience.
Being a college student it is difficult to do market research and market a product. In such cases, the only source of marketing is word of mouth and some social media marketing.
Everything has two sides of a coin, so you just need to review all the options before starting anything.