Should you start your own business while at University?

We all wish that deep inside we were Mark Zuckerberg, who dropped out of university to found Facebook, or that within a few years of finishing university we might be multi-millionaires. It might, or might not happen, however, whether you will fail or not, starting your own business whilst at University could be the best thing you do.

So, why is this such a good idea? When you run your own business, absolutely all of your weaknesses will be exposed within a month. These weaknesses can be in experience as well as in knowledge. Unlike a regular job, you will need to correct them extremely quickly if you want to survive in business. Furthermore, if you want to keep earning money then you will have to learn the largest number of subjects in the shortest period of time. For example:

  • You will know basic accounting by the end of the first year. Especially the difference between Revenue and Profit; the need to have a healthy cash flow; taxes that you will need to pay. You might even dip your toes into pensions.
  • Sales and communication will be the skills that you will need to obtain in order to survive. If you don’t have those skills, you will not have money coming in.
  • Time management. Opening your own business requires extreme time management skills, as you will need to juggle so many skills and things all at the same time; whilst trying to not make a single mistake. Furthermore, you will need to find the time to study.
  • You will start to appreciate subjects such as Marketing and Law, as they will become very applicable every day.
  • You will develop basic IT knowledge. Especially about website building and its promotion.
  • You will build a strong network of professionals before you leave university and maybe find future employees.

If you ever apply for a job and state in the interview that you’ve opened your own business whilst at university then the interviewees will be blown away. Why? The reason why it’s so rare to hear that during the interview is because it’s one of the hardest things to do whilst studying. Your own business not only dominates all of your free time but also usually takes all of your interest and focus. So, it’s a risky strategy but if you are prepared to work extremely hard then it could be highly rewarding.

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