6 Reasons to Start Your Own Business at University

If you start your own business while still at university, you’ll be well-placed to make full use of the ready-made professional network higher education institutions provide. Need some partners to bring complementary skills to your project? Advertise around campus and via university social networks. Struggling to find a space in which to house your initiative? Ask if your department or careers service can help. Looking for an industry partner or professional mentor? Tap into university alumni organizations and professional networking events.

As well as providing this often close-knit network of connections and potential new contacts, many universities have well-developed systems and resources in place to support entrepreneurial students. In some cases, this means a dedicated ‘start-up hub’, in which students can develop ideas and seek guidance from faculty members and industry partners, perhaps even gaining start-up funding or financial support. There may also be opportunities to gain publicity and wider exposure by participating in entrepreneurial competitions such as IE University’s Venture Day contest.

If you do decide to take the leap and start your own business, you need to be prepared for failure. Statistics on the percentage of start-ups classed as ‘failures’ vary (largely depending on how you classify success), but it is generally accepted that a majority of new businesses are not destined for longevity. However, it’s also generally agreed that this is ok; in fact the ‘failures’ are essential not only for the growth of the individuals involved, but also the wider market. If you really do want a career at the helm of your own business, you’re likely to go through several stages of learning curve – so the sooner you start failing, the sooner you’ll get to your success story.

You may not be planning a career in entrepreneurship, even remotely. But you never know what the future holds. If the global economy goes through another wobbly phase, you may find those entrepreneurial skills, experience and connections mean you have far more options and opportunities to choose from. You may also be able to benefit from governmental and institutional support for entrepreneurs, amidst growing recognition of the wide-reaching benefits of investing in innovative individuals and enterprises; the US, for instance, is currently investing in a series of dedicated innovation institutes, as part of a drive to bolster economic growth and jobs generation.

For more on the benefits and many faces of entrepreneurship, read the full article in the QS Top Grad School Guide 2014/15 (free to access; site registration required).