So you want to start your own business? But struggle with your college activities and curse the situation. However, cursing never brings you a solution. From Steve Jobs to Larry Ellison, Bill Gates and Mark Zuckerberg, some of the world’s most successful founders are college dropouts. In fact, the average net worth of billionaires who dropped out of college is about three times more than the average net worth of billionaires with Ph.D.s ($9.4 billion vs. $3.2 billion).
But dropping out is also not the optimum solution for every one of us. Figuring a way out to be productive at both the things is crucial for your success. Following tips might come handy for you in order to balance college and startup dreams:
1- Utilize college resources.
There are lots of entrepreneurial workshops, seminars, competitions and conferences that gives you the platform to share your ideas, find funding, co-founders etc. Your college professors can be your valuable mentors. As well as, your fellow classmates represent your beta pool.
2- Find the right partners.
Your B-school’s campuses has many energetic and incredibly bright people. The college can be helpful for you to find co-founders that shares the same vision as yours. Finding a right co-founder can be crucial. Paul Graham of Y Combinator had some great advice for finding a co-founder: “I’d look for the people who are not just smart, but incurable builders. Look for the people who keep starting projects, and finish at least some of them.”
3- Set aside time for business.
Building a business requires dedication and hard work. You must have to complete college assignments, exams, classes etc. But give proper time for business too. Make yourself a better manager as a true manager is the one who first learns to manage his time.
4- Your studies and startup are not exclusive.
Expose yourself to many fields and learn various subjects. Do not think that your startup and studies are mutually exclusive. Consider the types of coursework that could help you run your business.
5- Don’t be afraid to fall.
“The greatest glory in living lies not in never falling, but rising every time we fall.” —Nelson Mandela.
As an entrepreneur you need to keep in mind that perseverance is the key to success. No matter any kind of startup you launch, obstacles will find their way to harass you. Many fail miserably, but that hardly makes you a failure. With every attempt, you’ll gain valuable experience and insight into what works and what doesn’t. In fact, a failed startup could be your best teacher during your school years.