I really want to start my own business - but I'm not sure whether to wait until I finish university or to just go for it while I'm there. Thoughts?
I'm studying two degrees - advanced commerce and law - however I feel that I'm wasting time solely focusing on them because I plan on starting my own business when I finish university anyways.
Lots of great advice here. I would take the time to finish school first, perfect your plan, and gather resources. You are more likely to cross paths with people who place a high value on a degree.
I suggest being a little creative a suggest to your professors a project for which you will receive academic credit and achieve your goals for becoming a business owner while also mitigating risks.
Your current courses of study combined with your financial services background appears to be to be the perfect opportunity to research, identify, validate, negotiating and buying an existing business that is currently profitable but also presents a significant opportunity for growth if appropriately managed.
You could document your experience of negotiating a purchase for little to no financial investment on your part as the main substance of your academic project. Be it through creative means like seller financing, factoring receivables, borrowing against assets the business currently etc. Then using existing net profits the business enjoys to make any payment obligations incurred.
You will also be mitigating the risks associated with starting a business from scratch by simply taking the helm of a business that already has an infrastructure in place as well as operating capital and existing net profits in place. And be able to pay yourself a reasonable market based salary.
You will be able to work ON your business instead of IN your business from day one and focus on growing it with the best practices you are learning while being able to adapt them to the real-world. Then if you still have the desire to start your own business you will have more viable options.
An who know, maybe this could lead to a new practical portion of your university's current business curriculum for others that follow in your footsteps.
Best of luck Michael in whatever you decide. Hopefully I gave you a little food for thought.
Since you are studying, it will be appropriate to invest in an online venture that demands less time and money in terms of initial investment. Viewing this I suggest you to buy a readymade solution of top business models (top from the viewpoint of demand and scalability) as that would be less risky too. You will get the best websites for as low as $200-$250 and get started without wasting months on development. While you are studying you can gather ideas to grow your business uniquely, do experiment with it and collect suggestions for painting the bigger picture.
In future when you think you are completely available for upgrading you startup, you can implement all those ideas by customizing it. Here are few online business ideas that have great future if started now; pick the one that goes with your interest:
1) Start your online service marketplace script with Yo!Gigs. It’s an easy & affordable way to start local Service Marketplace like TaskRabbit. For more features visit : https://beststartupbusiness.wordpress.com/2015/12/07/build-a-service-marketplace-with-yogigs-make-money-from-daily-chores-business/
2.) Start your online rental portals by investing $499 with Yo!Rent. Yo!Rent is a rental website builder created for entrepreneurs who want to launch online rental platforms like Gamely or Redbox at a small web development cost. For more visit : http://www.fatbit.com/rental-business-portal-script.html
3.) Start your Multi-vendor eCommerce store with Yo!Kart as Yo!Kart is a readymade multi-vendor eCommerce solution available for $250. YoKart offers most affordable opportunity to build a multi-vendor eCommerce store like eBay, Amazon & Etsy. Some of its best features are three layer security, robust report generation, free hosting for 1 year, 1 year free tech support, and customizable design. Get more information here : http://www.fatbit.com/fab/yokart-perfect-solution-start-multivendor-store-like-etsy-flipkart/
4.) Start a marketplace for freelance writers with Paperweight. PaperWeight offers ready to use turnkey solution, which can help you build an online marketplace for writers in no time. Its responsive design and exquisite features can help you start your writer management website clone to earn greater profits.
5.) You can also start your online custom tailoring platform with Stitch. Stitch is an online platform that can help young entrepreneurs with small budget launch custom suits & shirts websites. For more features visit : https://bestwebsitedevelopersindia.wordpress.com/2015/05/26/cash-in-on-popularity-of-custom-clothing-with-your-own-moderntailor-clone-script/
You can start any of the above online businesses with small investment but to make it most profitable first of all choose a business model that matches your likings. For a rational selection, you must discuss your doubts, questions and business concept with development experts.
From your bio I see you are interested in being an entrepreneur in the financial industry. From a consumer's point of view, I would want to hire a person to manage my portfolio who I trust and who is experienced. So here are some suggestions for you if this is your passion.
1) Drop the law degree
2) Add as many financial courses as you can in your commerce degree
3) While at school write your exams for your securities licence
4) Get a part time job (summer) with a bank or a brokerage company.
5) Network with other students in the Commerce program and develop sales skills during your summer jobs.
6) Make sure you have good customer service skills.
This way you will get some experience and it will help validate your passion.
When you graduate I would work for a brokerage company for a couple of years while doing a business plan for venturing out on your own while at the same time getting the advanced certifications for becoming an independent financial advisor.
With this accomplished you will have
a) A degree
b) Work Experience
c) Credibility as a Financial professional
d) People skills
If you change your mind about being an entrepreneur you will have valuable skills that will enable you to have a successful business career.
Michael there is no time like the present. Take advantage of your youth and energy. You will build layers to yourself if you can work on starting your own business, and successfully finish college. There more you put something off the further it will float away.
I answer your question with a question. Do you have time to do both? If not then wait until you finish school.
I highly suggest starting while in college. Coming from your fellow student's point of view, starting your business in college can bring you a lot of advantage. Some of which are the resources available on campus PLUS valuable connections through professors and fellow students.
If you have business idea in your mind and thinking about it all the time, then I recommend to you, putting every details on paper, do some market research and go for it. All the best :)
Starting a business is one way to maximize potential profits, but don't drop the education. I ran my own for years and made a more than reasonable income but after selling I found the lack of degree limited me in some major positions
Learning is the biggest thing. No time is right or wrong, if you have an idea then go for it and implement it before someone else does it.