Many people would advise you to give all your focus to your studies and the livelihood will sort itself out once you graduate. The job market right now is very tough and you may not get a job that you think is the right fit. Starting a business while in college has its pros and cons but at the end of the day, it is a valuable experience one can gain a lot from.
·Low Risk, High reward
During your college years, you have fewer commitments relative to later in life and the worst case scenario is that you will be going back to doing what you were doing.
This does not mean that you should take a casual approach to starting a business. Years in college pass very quickly and before you know it, you will be out there in the real world where the risks are much larger. You should target to develop one serious business idea from idea to full-scale execution within 12 months tops. Keep the target of 12 months, because even if you do not get it right the first time it gives you time to factor in the failures and restart again.
· Campus Resources
Colleges’ give you access to fast internet connections and free meeting rooms. Most important of all while you are in college you can get free consultations from seasoned professors and master level students; you would have to pay through the nose to get all these outside college.
And even in college, remember you are paying a good fee, be it taxes or tuition fee. So it would be best to avail all of the facilities that come with it and thus get the best possible return on your investment.
·Learning the real world stuff
There is a limit to what you can learn and absorb in a classroom setting. You learn a lot more from practical application. The start-up world serves as a bridge between what you learned in class and its application. Building a start-up is the best way to accelerate your learning, because, in it, you will be doing everything rather than being contained in a specialized function such as finance or marketing. Also, the challenge of building up a company from ground-up is 100 times harder than any assignment and also 100 times more valuable than anything you do in class.
·College is a market on its own
The college campus is an excellent market for testing out your ideas. Also, students are more approachable and give more qualitative feedback compared to the general public. Plus since you are also on campus, feedback will be a lot faster thus allowing you to change your business plans on the go.
Students also have the ability to manufacture virality. So if you have successfully managed to convince students to part with their precious funds and they like it, you can bank on it.
The best way to avoid student debt is to get more sources of finance to repay off your loans as fast as possible. If your business takes off, it could help you get years in front of your student loans. Plus, there is the fact that if your business does become a commercial success you can pursue it after college instead of worrying about hunting a job.