At the dawn of the 21st century, an unprecedented wave of small business startup fever swept the industrialized world and the developing world as well. While the reasons for this trend are numerous and complex, the bottom line is that entrepreneurship has become increasingly popular in recent years. If you’re a new graduate, you’re particularly well-positioned to start your own side business. There are numerous reasons every graduate should consider starting a side business of their own.
The Economy Is Precarious
Despite talk of an economic recovery, the truth is that the Great Recession is still wreaking havoc on the job market. The official youth unemployment rate of 16.3% isn’t a promising statistic. If you do land a decent job, chances are good that it won’t be as lucrative as you’d hoped. A side business can provide some welcome additional income and allow you to explore career opportunities that you may not have access to in your day job.
Time Is On Your Side
Arguably, the most compelling reason to start a side business right out of college is that it’s one of the best times of your life to do so. When your only real obligation is paying off student loans, you have plenty of time to make mistakes with few if any long-term repercussions.
Your Energy Is At an All-Time High
Graduates should apply their boundless energy to starting a business. Doing so increases the odds of success since a small business of any kind requires a large time commitment. Recent graduates have the natural constitution to deal with near-sleepless nights and a lot of uncertainty.
It Builds Discipline & Experience
Your degree is ultimately meaningless in terms of real-world experience. While it does give you a great foundation to build on, it’s no replacement for the experience that comes with falling down and getting back up. Starting a small business you discipline and perseverance teaches in a visceral way that an academic education can’t. It’s also great for padding your resume. Employers prefer go-getters that aren’t afraid to take chances. Starting a side business proves that you’re a proactive individual that can make tough decisions.
It Sets You Up for Future Success
Yet another great reason to start a business at a young age is that it’s a good investment in your future. Whether your side business wins or loses, it’s a great opportunity to network and meet other like-minded professionals. Even if you’re dead set on a being a wage-earner for life, those contacts can pay serious dividends later on. The experience you’ll gain at every level is worth it.
It’s the Wave of the Future
The burgeoning “gig economy” may well be the future of work as we know it. While there will always be salaried employees in the corporate world, contract players are becoming a bigger and bigger piece of the puzzle. If you’d like to learn the ins and outs of the freelance lifestyle, you can do so most effectively by starting a side business right out of college or even high school.
Your Start-Up Could Make You a Fortune
If there’s one thing that many of the great tech corporations of today have in common, it’s that they started out as side businesses launched by young entrepreneurs. From Microsoft to Apple, quite a few massive companies began their lives as scrappy upstarts run by those with nothing to lose. While your own side business won’t make you a billionaire overnight, it may well be quite lucrative if you’re willing to invest the time.
Seizing the Day
Grabbing the bull by the horns and striking out to start a side business may not be right for everyone. However, starting a venture to create additional income and incredible experiences will definitely provide you with increased financial security and will enrich your life. While entrepreneurs of any age can create side businesses that blossom into fruitful ventures, young graduates have certain advantages over their older counterparts. Recent graduates that start side businesses have nothing to lose and everything to gain by taking the independent path to financial freedom.