Becoming Your Own Boss: Dos & Don'ts, Challenges, Benefits & Other Things Students Should Know

While many students are eager to find the ideal job to kick off their career after graduation, many others don’t have the same aspiration because they want to be their own boss. Launching your own business might be very alluring and thrilling, but it can also be difficult and challenging.

According to a survey conducted by the Intelligent, an online education magazine, 43 percent of students expected to complete their university studies in 2023 or later are “very likely” to drop out before earning the degree if their business becomes profitable so they can make a living for themselves. Similarly, “somewhat very likely” to quit school before graduation were 33 percent of students.

The survey involving 1,000 college students in the United States, found that 17 percent of graduates from the Class of 2022, have already started their businesses, 16 percent are “definitely” planning to operate a business, and 27 percent are considering it. Two in five graduates said they are definitely considering to be their own boss because they want to work a job they are passionate about.

“Business ownership will enable this generation of workers to maintain flexibility while exploring their passions in ways they couldn’t previously,” marketing expert Dennis Consorte said.

Top three industries in which 2022 graduates consider launching a new business are:

• Community and social services;
• business and finance; and
• design and visual arts.

From Students to Entrepreneurs: Key Lessons for Starting Your Own Business

Every student planning to launch a startup alongside studies, or after graduation, should keep in mind some essential things.

In an interview with Erudera, the Assistant Professor of Entrepreneurship at the Whitman School of Management, Syracuse University, Cristiano Bellavitis, said he advises his students to conduct customer interviews, among other things, at they can save money and time, and if they think they have an idea, to launch it faster and see the feedback they will receive.

“Do it faster, do it cheaply, and see whether these things stick. If not, change the product. Research before and then again experiment as much as possible to see the things that work best, and if things work, you can dig deeper and invest more money into your start-up,” he said.

Bellavitis, who is also the co-editor of “Venture Capital,” an International Journal of Entrepreneurial Finance, said that aspiring entrepreneurship graduates who want to have successful businesses, should prepare in advance for the competitive job market as there are challenges in every profession. He said among the challenges for graduates are the job market that is changing rapidly, the set of skills and jobs available, with artificial intelligence replacing many current jobs and the new technologies that might replace many other jobs in the future.

According to him, it is therefore important for students to make an analysis of which jobs will not be replaced in the next five or ten years, and try to get into those job markets.

“Anything that does not require a lot of thinking and empathy will be easily replaced within twenty years, so you don’t want to be in these industries. That is a challenge that every graduate must consider for the next twenty years, as the job market will change a lot, and robots will replace simple jobs,” he said.

While advising students to start analyzing which jobs will not be replaced in the next few years, Bellavitis mentioned many large companies, governments, and central banks are looking into blockchain, therefore students who want a job in this market or even those looking for entrepreneurial opportunities, should pay attention to this industry.

“It is an interesting industry because it is a new technology. Many large companies, as well as central banks and governments, are looking into the space, so as I said before, it is important to look at what is coming in the market in the next few years and be ready to take advantage of it,” he added.

The Dos and Don'ts of Starting a Business

There are many things, but some of particular importance, that must be taken into consideration before when launching a business in order to avoid unexpected difficulties.

Dos:

• Write a good business plan
• Do as much research as you can
• Educate yourself continuously
• Receive feedback from prospects and customers
• Be persistent and measure progress

For some people, launching and operating a business might also be too risky. Here’s a list of don'ts for those who are ready to take the risk:

Don’ts:

• Don't start without having a clear idea
• Don't ignore market research
• Don't focus on too many goals at once
• Don't underestimate the cost of business as well as competition
• Don’t spend money on what is wanted, spend on what is needed

According to a survey conducted between September and October last year by Big Village, a global advertising, technology, and data company, 75 percent of respondents aged between 13 and 17 years, were more likely to choose careers in entrepreneurship, but 55 percent said they need more information that would help them have a successful career.

The same revealed that 79 percent of respondents believe the ideal age to launch a business would be before 30s.

The survey published by Junior Achievement USA, world's largest organization helping youth gain the necessary knowledge and skills to plan their future through their academic and economic decisions, found that 58 percent of teens would be likely to launch a business that focuses on societal needs even if such a business would generate less income.

>> List of Entrepreneurship Study Programs Around the World

Image by Andreas Klassen from Unsplash