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.
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Jun 13, 2016
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.
Dec 22, 2015
Hi Michael,
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.
Dec 15, 2015
Hi,
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.
Jul 15, 2014
Hi Michael,
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.
Jul 18, 2014
Good luck Michael with your decision. Whatever you decide, you are in the driver's seat with a B.Comm degree, no matter what!
Apr 15, 2014
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.
Apr 15, 2014
I answer your question with a question. Do you have time to do both? If not then wait until you finish school.
Apr 14, 2014
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.
Apr 14, 2014
Hi Michael,
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 :)
Apr 14, 2014
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
Apr 14, 2014
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.
Apr 12, 2014
Dear Michael:
We all have dreams. We are talking about peoples` lives. It is important, that you consider all opinions bit think for yourself. Have you asked yourself, "Am I a real entrepreneur"? Do you have a customer to feed your dreams? Do you have "love money" to keep your business breathing while "they" don`t come yet? Being an entrepreneur does not necessarily mean to open a business right now. It means however that you evaluate your chances. Ask yourself what is your cost of losing the opportunity of doing the other alternative. . . This is the question that will follow you for your whole life , every day , to all alternatives you will be facing. As a business owner, you better off learn well, how to recognize and turn down bad business alternatives, rather than taking "good-looking" bets.
You don`t need to leave your university course to open your own business. Have you noticed that for the career you chose (a colleague just said about having something under the belt, good figure, you have to be seen as a player in your market, if you want to play). It is a question of what you have in your hands vs. what is going on out there. And yet doing whatever you choose, You will face situations, when you feel you would like to go back and follow the other path, while the path is not there anymore.
My advice - If you have started something to be finished in one , in two years still ahead, do evaluate that it has a cost of time invested to be computed. I wouldn't let it go myself, for free. The other alternative has to be better, otherwise it is emotional decision. Consider that with a degree, you will be entitled to new horizons you are just not allowed to penetrate right now, what has to be taken in this account, too. You don`t study because after all a University would be giving you a pot of gold at the end of the rainbow. You study and learn as much as you can because the society will benefit of your better solutions, and maybe (not guaranteed), a pot of gold could be the community recognition for the solutions you provide.
I am an independent consultant based in Brazil, who supports industrial companies willing to establish themselves in South America, Interim Manager for Turnaround, mechanical engineer, MBA Finance, since last year I was accepted to LLM Contracts at FGV Law School in Rio de Janeiro. I have restarted my professional life with 44 years old , and I am in the 50'ies. To "own" a business is not so important as Opportunity Cost evaluation.
Apr 11, 2014
Michael, if you can find the time to get started now, do it. At least, get started with the planning stage. If you haven't put together a solid business plan for your business idea, then invest your energy in doing your homework. Even if you have the best new idea in the world, it won't fly unless you have invested time and energy into preparing a detailed business plan. The process of creating the plan will help you clarify and refine your thinking, and help you to see how viable your new business is -- and whether or not you're ready to move forward.
Apr 11, 2014
Hi Michael,
I admire your drive for starting your own business. May I suggest you utilise the knowledge from your degree and apply to your business. hence draft a business plan and always up date it, with the knowledge you gain from your degrees.
Apr 11, 2014
I suggest you finish your school first, but in the meantime you should look for places to let you do some hands on work in the field that you want to go into, that way you could get some experience even if you have to do it for free, it will help you when you start out on your own.
Apr 11, 2014
What will you need to run the business? Will it interfere with your schooling and schedule? Can you take a certification course to get started and continue with your schooling as well? There are so many factors to consider when starting a business such as capital, and the management of that business that must be considered before you start the business. The ultimate goal is success, with school and business. Just have a plan.
Apr 11, 2014
Dear Michael Scullino Starting a business takes time, concentration and a lot of sacrifice. I think if you don't rest much of the year in the studies continued and it is better for your years of study take the time to better strucuture your ideas to the business plan. You must take the time and if your ideas are clear you can start doing business in the informal see if it can market and then spent creating your business. If I can help do not hesitate to contact me. Good luck!
Apr 11, 2014
If you have an idea you believe is valuable, spend your time evaluating the first 10 customers for your product or service. If you find 10 organizations willing to pay you for the implemented product/service and you believe you can make money from those 10 clients, stop going to school and work on your business.
What often happens in these cases, is the idea is either refined (and the economics change either favorably or unfavorably) or the idea is invalidated.
The goal of a business is to make money. The economic landscape is littered with good business ideas that were either unprofitable or not desired by clients. Spend the time up front to sell your idea and you'll know based off of your efforts, whether the business is worth your time.
Apr 11, 2014
Does it have to be "either or" - or could you finish your studies while starting your business?
If it really *is* a case of one or the other (and you are "in two minds"), firstly make lists of what each option will give you and what they will cost you.
Then toss a coin (I'm serious) - "heads" studies, "tails" start business. When you see which side it comes down, notice the feeling. So if you feel a bit disappointed and think, "I wish it had come heads" that gives you your answer.
Apr 10, 2014
Michael - Just do it. Don't be cavalier about it though. Start your business plan, financial projections, marketing schedule and networking with a purpose. Where and if possible, begin to test trade.
You'll find out that in doing this you will need help. So the sooner you get the help the better. It cuts your lead time etc. So the sooner the better.
Finish those degrees though. My mama told me never to start what i won't finish otherwise it will haunt me and success in other things won't erase the memory.
All the best in it.
Apr 10, 2014
Just go for it. "If you want to build a forest the best time to plant the trees is now."
Hi Elaine,
Thanks for such an in-depth response, some great advice in there! I've already got 2 years worth of financial services experience, however more couldn't hurt. You've hit the issue right on the head - do I defer a few courses to get experience, or give it my all and start with a small consumer base whilst studying. I guess only I can answer that haha. Great answer though!