I was recently asked if I would recommend that college or MBA students try and launch a venture while they are in school or just graduating.
First let me say that the school itself will tend to provide a ton of FREE resources. It could be anything from professors to office space. Aside from these, here are four more reasons the earlier you do it the easier it is:
- While you probably don’t have a lot of money you also typically have no real financial obligations, no mortgages, you can probably go back home and live if you need to. You may have student loans but if you are “self employed” or make under a certain amount most banks will allow you to claim hardship and postpone payments for a long time (I actually did this for the first year after Darden).
- When you start a company there is a good chance you will fail. As you age you tend to take on more responsibility, wife, kids, etc. When you are young if you/your company fails you can bounce back and the only person you really effect is yourself.
- The longer you are at a corporate job the less likely you are to start your own thing. You get comfortable with a paycheck and typically as you age you become more risk averse.
- Entrepreneurship is a great story & learning experience. If you do fail, having an entrepreneurial endeavor on your resume is amazing. You will have learned more than most of your peers would at the entry level position. I truly believe it will make you a much more attractive candidate for any position.