Advice for students following A level results - is entrepreneurship an option?

[FishBowl]

As A Level students across the UK find out their results and some struggle to find a place at University, should entrepreneurship be put forward as an option for them?

Is this the kind of economy we want to be nurturing new entrepreneurs in? With RDAs being replaced with LEPs, can a fledgling business find success? We've already seen from the experience of inafishbowl.com that some businesses can do very well, while others really struggle (Featured Businesses Fishbowls Entrepreneur | In A Fishbowl) - are times just too uncertain?

What are your experiences/tips for students thinking about their future at this time?

[generationy]

WOW! Thanks for asking this amazing questions! In any situation, I personally believe that entrepreneurship is an amazing choice for building something that is an "extension" of yourself. Something that you feel intensely passionate about and love working on is definitely worth your time and effort even if you are great student or poor student. Don't let your circumstances define you! It's your life!

Try to partner up with someone who is a friend of yours and is in a similar situation. Collaborate with each other. Maximize each other's skill sets so that your busines, startup, idea has the most chances of success. Go online and start networking with like-minded entrepreneurs. Learn from their advice, mentorship and suggestions. They might know a thing or two about your industry. Always reach out!

Also, make sure your idea is within an industry that is growing and is a considerable size ($1billion +) which is the general advice from many investors.

Hope that helps! Good luck!

[guylogan]

If someone wants to be an entrepreneur then university really isn't necessary at all. I spent 5 years at university and have two degrees and now feel like I waisted my time and money. Those 5 years would have been better spent on my businesses.

[jkhustle]

As I look back and ponder if my university education plays any role in my current situation, I would say that it does. Any higher form of education can only assist, never hurt. The downfall is the costs associated and time. Other than that, regardless of what anyone tells you, it will never hurt. Let me explain further:

Being an entrepreneur is a risk. Out of college my ability to take that type of risk was limited because of my situation (not to go into details). Having a college degree, I was able to get a pretty decent job, ($50,000 - $60,000 / year range) which granted me the ability to invest money into my own operation on the side: minimizing my risk, creating my own leverage; hence providing me with more options and comfort.

Without the degree, my ability to obtain that decent job would have NOT happened. Corporate America has these weird rules where some positions require a certain education level. I understand that you're in the UK- however, things have to be somewhat similar.

This was my own route. Since it was successful to me, at least at this point (I'm 7 years out of college), I have to provide the recommendation to others who inquire.

I will say that a college degree isn't needed. If you plan on going right to creating your own empire, then I say that it's not a requirement. But if you have the opportunity, don't get caught up in taking the advice from people who didn't take that route and have found success, because every situation is better. A degree, at minimum is a wonderful backup plan.

Maybe you can say that I have a conservative approach, that's probably because I grew up in a tough environment that I was lucky to escape...now every move I make is tagged with: "If I fail, then back to the hood for me (and now my family)", so failure isn't an option. with that in mind, I take a much more conservative, smart, and deliberate approach to my dealings. I don't have the luxury to "mess-up" as some do. So far, no one can say anything bad about my method because I've been pretty successful.

With all this said, I believe that your experience (street smarts) trumps any formal education (book smarts) you can acquire. But note that book smarts opens doors...with smarts the same doors can open, but you may have to use your shoulder.

It's all about what's in you; not on you!

peace

[GC LDN]

What I'd say to any student thinking about entrepreneurship is firstly, focus on something your passionate about. As mentioned in a previous post, entrepreneurship should be something which is an extension of yourself. Also begin to way up risks, is owning your own business something your willing to invest time and energy in? Is it something you really want to undertake?

[Sarenokai]

Look, I am in no way saying that college is either good nor is it bad. Think about it for a little bit. For you to be successful in ANY type of business in ANY industry you need to get the necessary skills to be successful in ANY economy.

Business is broken up into 5 distinct areas; Product, Legal, Communication, Systems, and Cashflow. If you are missing skills in one of these area's you will struggle.

Academic education is by no means perfect, I used to tell myself that college was a waste of time and money. Now that I've been in college for about 3 years now my views have changed. It's how you use the education and tools they give you.

You need to know the basics of Business law, accounting, business structure, networking, selling and moving product, and taxes. Of course you could get a lot of this education from free sources like the SBA, SCORE, IRS, and online (not recommended because you want a more reliable and credible source of information especially in law)

Use the knowledge you gain throughout life to learn these skills, but don't solely point the finger at colleges and universities for lack of success. I wouldn't know a thing about accounting and wouldn't have been given the opportunity to get a internship at a commercial real estate company. Although I cant say I'll use my newly found knowledge of " The Hundred Years War" or the "Deep meanings behind Shakespearean quotation" necessarily useful when starting a business.

Look at what skills you have and what you are missing, If you don't have that knowledge you need you have 2 options; network with someone WITH those skills or learn them yourself. Trust me, the first option is easier.