Is Starting a Business After College for You?

Being a post-college graduate can be scary. Going from a support system of professors and administration ready to help guide you to a self-made, self-sufficient business owner can be daunting. That nervousness can be increased if you’re debating whether or not to start your own business, which means managing everything by yourself. However, if you possess any of the three traits mentioned below, and think about all the logistics before you take that risk, then a life of entrepreneurship could be for you. 

A Great Idea
If there is one trait all successful businesses have in common, it’s that they started with a great idea. This may seem obvious but the importance of it cannot be overstated. Think about a business idea as the foundation. The sturdier it is, the overall health of a company will stay healthier for a longer period of time. 

However, where do great ideas come from? One of the most sure-fire great ideas comes from identifying everyday problems and solving them creatively. Yakir Gola is a perfect example of doing just that; developing a solution to a problem he discovered in his own life. Gola was one of the only people in his friend group to own a car while at college, which meant he was the only person to ferry his friends back and forth to the convenience store. Seeing that this was a problem for many college students, he got to work creating a business that would deliver convenience store goods right to peoples’ doors. 

Problem-solving is a great central idea for a business, especially if it removes one less thing for people to juggle in their everyday lives.  So, think of some problems the general population may face every day. Have a solution that’s creative and/or innovative? If so, then you may just have the next great business idea!

An Ability to Lead
There can be an immense amount of pressure on you when you are the founder of a business. You are now the one everyone will look to for answers when something goes wrong. Leadership skills are vital for a company to thrive and grow, and to keep you sane as you traverse the entrepreneurial landscape. 

Being a leader, however, doesn’t mean your demeanor should be cold and ruthless. While it is important to look out for the overall good of the company, being compassionate will always net you better results than overlooking others’ emotions to get to a bottom line. Experts in the field even state that being nice will make you a better leader overall. Why wouldn’t it? People are attracted to compassionate people. Those who listen and care will make their teams feel heard. If an idea is a foundation then the employees are the supporting structure of your business, and treating them with respect will only lead you closer to success. 

A Want to Succeed
The journey to reaching your entrepreneurial goals may not always be easy. Roadblocks are almost a guarantee when in the driver’s seat of your own company. Growing pains happen to everyone and it’s important to remember not to assume you’ve failed when you hit one. There will always be ways to overcome these problems that pop up, but one thing that may not always be there is the want to overcome them. Being self-motivated, even in the face of adversity, might be the most beneficial trait to possess. Remember, at the end of the day, this business is your business. It wouldn’t exist without your work. Whether it be life events or the growing pains of business, a desire to persevere is an essential trait of any business owner. 

Being a Young Entrepreneur
Those three traits are not the only things to think about when deciding if starting a business after college is right for you. Being a young entrepreneur can be exhilarating, but there can also be some hardships ahead. Here are some pros and cons to consider:

Pros

• You’ll have fresh ideas - Being a young entrepreneur means that you have a unique perspective on the world compared to some. You also haven’t been in the industry so long that you have been heavily influenced by the business world and can truly be a clean slate that cultivates new ideas.
• You have time to explore - Having the freedom to explore your career options is truly a bonus of being young. Pivoting an idea or even completely overhauling your business is easier to do as a young entrepreneur when you have your whole business life ahead of you. Take advantage of this time of your life to really hone in on and expand business skills. 
• You have the energy for the work - Starting your own business can be tiring. Long hours, little resources, and many meetings take most of the day. However, college has prepared you for all-nighters and you still have the ability to bounce back from them! Energy dwindles as we age, so it’s beneficial to get the initial long hours out of the way while you’re young. 

Cons

• You may feel inexperienced - Unfortunately, people will judge you based on your age. No matter how knowledgeable you are, there are some who will feel that the younger you are the less authoritative you are. You may also feel some sort of impostor syndrome yourself while trying to gain respect as a business owner. 
• You might suffer from fear of missing out - “FOMO” happens to everyone, but being a young entrepreneur can exasperate the feeling. While you have to work tirelessly at growing your business, your friends may be off enjoying their free time. This can feel like you are wasting your youth.
• Your funds may be low - Leaving college means the kick-off to paying back student loans, which will lead to a dwindling bank account for you to start a company. Businesses can require an immense amount of money to get off the ground which can be a reason to decide entrepreneurship is not for you. Using a startup calculator can help you break down your costs and give you a clear idea of the amount you’d be looking at.

The world of entrepreneurship can seem intimidating, even with college classes on the subject under your belt. However, if you are prepared to put the work in and implement these three skills then the title of  “business owner” could be in your future.

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