The Entrepreneurial College Student: Learning and Earning

By Aariana Adams

According to the Merriam-Webster Online dictionary, "entrepreneur" means to "undertake;" a simple one-word definition for a long and tricky word. Dictionary.com adds that an entrepreneur "organizes and manages ... especially a business, usually with considerable initiative and risk."

Today's student-entrepreneur has plenty of "initiative," but the capital risk may be far less than that of the traditional entrepreneur. Shoestring budgets fund these dorm room ventures, and because of youthful optimism and no familiarity with failure, the student often doesn't consider his business underfunded.

Forbes Magazine tracks the education level of U.S. billionaires. In 2000, Forbes reported that 18 percent of the then 234 billionaires did not receive a college diploma. Bills Gates, Michael Dell, and Steve Jobs started their businesses in college and then dropped out. When anyone of the three deliver your school's graduation address, however, their message is clear: Get your degree then apply for an interview.

Today's student-entrepreneur falls in one of two categories: one wants to make money now - the future will take of itself, and the other wants to make money now and be a success by graduation day. Motivating forces are a deep conviction that being the boss just makes sense, a yearning to be a CEO just like Dad or Mom, or maybe years of banner headlines beaming corporate layoffs, forced early retirement, retirement-plan bankruptcies, and a electrifying destabilization of everything the student's parents held dear.

Gates, Dell and Jobs couldn't imagine the heights of their success, and that's the way it's supposed to be. Simple ideas lead to a lifetime of satisfaction. It's likely that your city’s most successful landscape architect is at least a multi-millionaire, and got an early start mowing lawns in college. Expectations of success should start with a degree for most students, but an early-on entrepreneurial spirit will propel your good idea light-years ahead of your peers.

The teaching of "entrepreneurship" has evolved into big business, despite the initial doubts of Academics. Researchers, according to Fortune Small Business, found the average annual income for entrepreneurship majors and MBAs, five years after graduation, to be 27 percent higher than for other business majors and students with standard MBAs. Entrepreneurship grads working in large companies earned an annual average of $23,500.00 more than other business graduates.

The March 2006 issue of Fortune Small Business profiles "Ten Cool Colleges for Entrepreneurs" and categorizes them as "cutting-edge programs for budding entrepreneurs." The ten are: DePaul University, Chicago, IL; Florida International University, Miami, FL; Harvard University, Cambridge, MA; Howard University, Washington, D.C.; Simmons College, Boston, MA; Sitting Bull College, Fort Yates, ND; University of Arizona, Tucson, AZ; University of Colorado, Boulder, CO; University of Texas, Austin, TX; and University of Rochester, Rochester, NY.

Contributing reporter Patricia B. Gray for Fortune Small Business, writes that the University of Arizona’s program started in 1984 and is "one of the oldest and most competitive in the U.S." University of Colorado is a "leader in green entrepreneurship" - a very hot entrepreneurial market. DePaul’s website describes its programs as "where one can become proficient in self-employment skills." (Note: Simmons College is open to MBA's only.) The programs are unique, just as entrepreneurs tend to be different from the mainstream.

Along with new programs, new degrees, workshops and seminars, schools are offering a wide range of services to entice bright young minds. The University of Maryland’s Hinman e-Dorm is designed to aid talented students in about every aspect of entrepreneurial endeavor. The e-Dorm receives frequent visits from bankers, attorneys, venture capitalists and CEO's from a wide range of industries. The students benefit from the latest software and plush Wi-Fi-friendly surroundings.

Youngmoney.com tracks college entrepreneurial successes throughout the U.S. In an online article, Managing Editor Daniel Jimenez interviewed attendees of the annual conference of the Collegiate Entrepreneurs’ Organization (CEO). Jimenez sites "The Ten Commandments of Student Entrepreneurship" as gleaned from these interviews: Get Motivated, Be Innovative, Find a Mentor, Get Experience, Seek Financial Freedom, Build a Great Team, Act Now, Network, Practice Leadership and Learn to Solve Problems.

The Entrepreneurs’ Organization (EO), now more than 20 years old and 6,000+ members strong, recognizes some of the most successful college entrepreneurs through the annual Global Student Entrepreneur Awards. The 2005 First Place winner of $10,000 was Adam Blake, a junior at Texas Christian University majoring in Finance and Entrepreneurial Management. Blake owns two companies - a real estate business and an acquisitions company - both managed while attending school as a full-time student. Youngmoney.com's Jimenez asked what contributed to his success. Blake was quick to credit "staying determined" and family and friends who "encourage me to keep succeeding, make smart decisions, and try new things."

A student-entrepreneur has a tenacious belief in him or herself, a passion for the business, a passion for the act of succeeding, a frugal mind-set, an open mind, and the ability to seek out and listen to those who have run the gauntlet of entrepreneurship and succeeded.

New areas of entrepreneurship are limited only by your vocabulary or your dreams. Measure your probability for success by the immensity of your passion, determination and tolerance for long hours and late nights.

© Doityourself.com 2006