Reasons to start a business while in college: mentorship
Some of the greatest entrepreneurs of our time believe they wouldn’t have achieved what they have without the close mentorship of someone they looked up to. A report by the Federation of Small Businesses revealed that 70% of entrepreneurs with a mentor remain in business for at least five years, while 45% of new businesses fail in the first five years.
Bill Gates considers Warren Buffett to be his mentor, and Steve Jobs thought of Ed Woolard – the Apple board member who encouraged Apple’s cofounder to return to the company after several years in the wilderness – as his mentor.
As a student entrepreneur, College is a great place to find mentors easily. Your professors are a go-to option. Preferably, consult with professors who have experience running a business. It is also a good idea to check if your university has a student entrepreneur mentorship programme. Many do.
The university programme will connect students with local successful business people, perhaps even successful alumni of the university, demonstrating to young entrepreneurs that their visions of success are achievable.
A mentor can help you accelerate your business. You’ll also probably face many of the same challenges as your mentor during your journey. They’ll be able to offer ready answers or solutions to your problems. Also, make time to network. Join groups and programs designed for student entrepreneurs. These are great places to make valuable connections.
Jed Singer and Erik Harbison both count long careers in the marketing industry that bloomed through the launch and growth of digital marketing. Now, they’re offering that experience to the next generation.
The pair met while working at King of Prussia-based tech company GSI Commerce more than a decade ago (before the company’s sale to eBay in 2011 for $2.4 billion). Singer said Harbison was a mentor to him, and they kept in touch for years after they were no longer coworkers. They both moved on to work with universities locally and around the region to develop their marketing curriculum.
After years of collegiate work and mentoring thousands of students, Singer and Harbison started a podcast — The Marketing Career — that would spawn their now-business. In 2018, they launched The Marketing Help, an online space for mentorship, training resources, and career navigation, where people in the marketing industry could connect.
Sources:
- https://youtu.be/63tVsJI31Tk
- https://www.entrepreneur.com/article/273689
- https://technical.ly/professional-development/marketing-help-student-mentorship/
- https://www.quicksprout.com/business-ideas-for-college-students/
- https://www.nerdwallet.com/uk/business/how-to-start-a-business-as-a-student/
- https://members.themarketinghelp.co/c/marketing-careers-podcast
- https://www.themarketinghelp.co/
- https://us-east-2.console.aws.amazon.com/polly/home/SynthesizeSpeech
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