4 Best Types of Entrepreneurship For College Students
Not every college student is cut out for a 9 to 5 job that pays a fixed income after graduation. Some people are naturally gifted and burning with zeal to launch their businesses and control their finances. If you are a student in this category, this article is for you. It contains the top four types of entrepreneurship students can explore to reach their full potential.
Launching A Business In School
So, maybe you’ve been doing your business on a minor scale, but you feel you are ready for a full launch; congratulations. The following paragraphs detail the top four types of companies for budding entrepreneurs.
Consider Launching A Scalable Startup
Anyone with a groundbreaking and innovative business idea can launch a scalable startup even while they are still in college. After all, Mark Zuckerberg was still a college student living in a dorm when he launched Facebook (Mata), the largest social networking site today. A scalable startup is a business that has the potential to generate a lot of buzz and attract investors within a short time. Most of the multiple-million dollar Silicon Valley firms you see today started as scalable startups in garages. All you need to get started is an innovative idea.
Your entrepreneurship venture can be a small business if registered under the United States Small Business Administration. It has many advantages, including access to business loans and certain tax benefits. The scope of what is considered a small business is broad. It describes establishments that offer products or services on a small scale. These products can range from finger foods to soap, which means you can sell anything you want. Start small with your savings and apply for a loan when ready to expand.
Be The Change With Social Entrepreneurship
For some people, launching a business isn’t just about making money and creating an instrument for social change. These people are social entrepreneurs primarily known for spearheading non-profit organizations like charities. If you have a cause you believe in, you can rally others and seek funding from those with similar beliefs. It can be anything from an orphanage to a foundation that promotes environmental conservation.
Enjoy The Comfort Of Intrapreneurship
You can explore this option after you graduate and get a job. Intrapreneurship is a model that involves maintaining your business acumen while under the employ of a larger organization. As an Intrapreneur, your responsibility would be to develop innovative ideas and spin-offs of existing products within a company.
For example, you can get a job in a tech conglomerate like Samsung and launch a new tech product under the company’s umbrella. It would be a Samsung product, but you will be credited for this historical innovation. After gaining recognition and wealth, you can break out and start your own business, introducing new products to the public.
Entrepreneurship for College Students: Getting Started
Before you launch any business, you need to research thoroughly. Choose the most suitable option for your brand and make sure you file all the paperwork you need to be regulatory compliant. You may need to consult a business attorney for advice on compliance.