Making The Grade College programs offer real-world business experience.
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University students today no longer covet management positionswith high salaries and stable pension plans. Scared off by thedownsiz- ing of corporate America, they're becomingentrepreneurs instead.
Nationwide, schools of entrepreneurship are turning thesetalented students--and their fledgling businesses--out into theworld. And because students who double as business owners canaccess state-of-the-art computers, research libraries andentrepreneurial professors who give free business advice,they're in a critical position to prepare themselves for thereal world.
But even with such incentives, college entrepreneurship has itspitfalls. "It's difficult to give the business theattention it needs," says William D. Bygrave, director of theArthur M. Blank Center for Entrepreneurship at Babson College inWellesley, Massachusetts. "And if the business grows rapidly,the student might drop out of school."
Jeremy Weiner, founder of Cover-It, a textbook-covermanufacturer in Boston, agrees. "At times, I was very close toquitting college," he says. "I had to say no to sales,and it hindered my company's growth."
Upon graduating, students must decide whether to continuewithout the support of parents and college loans. "When[college entrepreneurs] leave school, they're no longersurrounded by friends and family," says Bygrave. "Theysuddenly have overhead, and the business has to support them withan adequate income."
For most students schooled in entrepreneurship, however, theindependence is well worth the risks.
By The Book
There was never a doubt in Jeremy Weiner's mind about whathe wanted to get out of college: entrepreneurial experience.
As a sophomore on summer vacation, Weiner discovered the nichemarket that would eventually put him into business as owner ofBoston-based Cover-It. "I went by my high school, and myformer principal was still having problems with damaged textbooks[because they weren't properly covered]," says Weiner, 24.So he quickly proposed to provide free book covers to four localhigh schools. He profited by covering the costs--and the bookcovers--with advertisements paid for by local businesses.
When he returned to Babson College in the fall, a professorhelped him write an award-winning business plan. "Collegedefinitely helped me because [I could consult] the professors atall times," says Weiner.
Today, Weiner admits he misses the on-call availability of suchconsultants. But despite the disadvantages that come with leavingschool, one benefit is obvious--being able to focus on the businessfull time. Cover-It is certainly a positive example of that; thebusiness has grown 580 percent since Weiner graduated lastyear.
On The Outside Looking In
The thing many college entrepreneurs miss after graduating andtaking their business full time is, well, everything--fromfree access to computers, office equipment and work space toadvisors available 24/7. William D. Bygrave, director of the ArthurM. Blank Center for Entrepreneurship at Babson College inWellesley, Massachusetts, offers these tips for going fulltime:
- Don't buy anything you can lease or rent. If you needoffice furniture, buy secondhand.
- Consider renting office space in a facility where you can sharethe cost of office machines and a receptionist.
- Keep your personal expenses as low as possible. Months may goby before you'll be able to pay yourself a salary.
- Network with contacts who have given you useful advice in thepast, including former professors and classmates.
Contact Sources
William D. Bygrave, bygrave@babson.edu
Cover-It, (617) 232-6500, fax: (617) 232-6511
