College students are ditching their after school jobs in favor of starting their own businesses. Owning your own business can be a rewarding and challenging experience for the young entrepreneur. Perhaps you have thought about going down this road yourself, but something is holding you back. Here are some common fears that keep many young people from starting their own business.
First, many students are afraid that they do not have enough money to start a business. Obviously, students need money or they wouldn’t be looking for a business opportunity. While it takes money to make money, there are many businesses that you can start with little to no start-up cost. For example, a nanny or tutoring service has very little start-up cost. Also, if you have a well-developed plan for your business, take it to your parents or another older adult and ask for a loan. If your plan is impressive, and you can clearly show that you can make an income, chances are they will be more than willing to loan you some capital.
A second fear students face is that they are not smart enough to run their own businesses. They may fear that they have not had enough experience or education, or that their grades are not good enough to run a business. The fact of the matter is running your own business has little to do with your grades in school. Both Microsoft and Apple were started by entrepreneurs who were still in school! Education is not the only factor in determining business ability.
Some students fear that today’s poor economy will hinder their business. This may perhaps be true if you are looking to start a business that offers a luxury. If you are meeting a true need, however, people are going to buy. No matter how bad the economy is, people will need their houses cleaned, their children cared for, and their computers fixed. Do not let this fear hold you back, but let it make you creative! Plan a business that fills a need!
Lack of time is another fear that holds some students back. The truth is you will find time for what is important to you. If owning and running your own business is your priority, you will find time for it. If socializing with your friends is your priority, then that is what you will find time to do. Lack of time is an excuse more than a fear.
A final fear students face is that they are not creative or dynamic enough to run their own business. The best way to combat this fear is to talk to other business owners. Find out what techniques and strategies they used when they started their particular businesses. Keep notes, and eventually the ideas will come. Do some research at the library as well. Many books have been written for young people who want to start their own businesses.
The bottom line is if you have the drive and desire to have your own business, you will succeed. Educate yourself, find a niche, and get the word out. Do not let fear keep you from being a successful entrepreneur!