College isn't just about dorm rooms, sororities, late-night
cramming sessions and parties. If you're really on the ball,
you can also build a lucrative business while you're earning
your degree. Think college isn't the best time to start a
business? Think again.
There are tons of benefits to starting a business in college.
You have a slew of campus resources to help you out, and it's
likely you're not bogged down with lots of responsibilities
(children, mortgages, etc.), yet you're chock-full of
creativity and passion. "[College] students are extremely
creative at how to cultivate market relationships," says Caron
St. John, director of the Spiro Center for Entrepreneurial Leadership at
Clemson University in Clemson, South Carolina. "They
haven't had any losses yet, so they will take a risk someone
else might not take. Their fearlessness, coupled with their
creativity, gives them opportunities to do interesting
things."
But don't get the idea that it's an easy venture.
Experts liken starting a business while in college to starting a
business while maintaining a full-time job. Still, with some good
planning, a solid idea and a lot of hard work, you can make a
successful go at it.
Content Continues Below
The founders of AllDorm Inc., a college furnishings manufacturer in
Santa Clara, California, did. Ryan Garman, 23; Kevon Saber, 23;
Chad Arimura, 23; and Ivan Dwyer, 23, met at Santa Clara
University. Garman got the idea for the business while hauling his
belongings from Las Vegas to Santa Clara during his freshman year.
"It was miserable," he says. "I thought, 'There
has to be an easier way to get this done.'" What if
students could buy all the things they needed and have them shipped
directly to their dorms so they would be waiting for them on their
first day? He wrote a business plan and, by sophomore year, got his
friends into the venture.
| Take Their Advice |
| The guidance of mentors can
help you make the right business decisions. Learn more about
mentors in Learning From the
Best. |
But not just any friends. Garman took the idea to partners he
knew would make the business successful, and they've maintained
that hiring philosophy to this day. The AllDorm Inc. founders also
recruited business experts to serve on their board of directors--a
wise move, according to experts. "I often tell students to
team with a more experienced businessperson," says St. John.
"That person could bring accounting and finance skills or
contacts in the marketplace."
Garman and his partners met their board members through various
ways--from their high schools, through Garman's father, at
Santa Clara University's Center for Innovation and
Entrepreneurship and at a business plan competition. The
professionals had worked with companies like Nordstrom Inc. and
Stuart Anderson's Black Angus, Cattle Company Restaurants and
had Ivy League contacts to keep the company in tune with the needs
of students from other universities. "Never turn away a
possible contact," says Garman. "Give them a reason to be
part of your team. [Attracting advisors] usually doesn't have
anything to do with money."
The partners had a head start on getting to know the college
market because they were still in school when they incorporated in
2000. Still, AllDorm Inc. didn't skimp on market research. They
got friends and siblings at other universities across the nation to
weigh in on dorm furnishings and amenities. This type of
word-of-mouth research was powerful. Although the AllDorm Inc.
founders are now out of school, they have at least two college
student interns on staff so they can stay in tune to student
needs--a practice that has no doubt helped grow annual sales to
more than $1 million.
The AllDorm Inc. founders also used resources the campus
offered, from the individual phone lines and Internet connections
in every dorm room to the meeting rooms on campus that were free to
students. Having a separate place to meet clients helps project a
professional image, say experts. "It's the same situation
if you're a nonstudent operating a business out of your
house," says David Gumpert, author of How to Really Start Your Own Business
(Lauson Publishing). "Thanks to technology, it's possible
to appear professional [without] a lot of money." You can use
your cell phone as a business line or get a p.o. box address if you
don't want clients to know you're based at a
university.
Page 1 |
2 |
3 