Since the start of the new millennium, there have been numerous new companies that have sprung up and taken the world by storm. It’s difficult to imagine a world without Twitter, Facebook, Reddit, or Youtube but all of these companies were created after the year 2005. Every day, entrepreneurs are thinking of new ideas and starting new companies. Both Facebook and Reddit were created while their founders were still attending college.
When creating a new business, there is a lot of preparation that needs to go into the idea. Things that a new entrepreneur needs to consider include thinking about the needs of their clientele, decide the business entity (how the company will be structured), how many employees can the company support, advertising and marketing methods, and financing. An entrepreneur also needs to think about liability insurance, legal resources, and create a business plan for the first three years.
Many entrepreneurs do not turn a profit for their new business until the third year of operation. It’s important for any new entrepreneur to think about controlling budget needs and think about the size of their operation. It probably won’t be until after the third year that an entrepreneur can start to think about growth opportunities and expanding their workforce.
Here at the University of North Carolina at Greensboro, we offer an entire major concentrating on entrepreneurship. If a student is interested in pursuing this major, we definitely recommend checking out the explore majors section of our website, csc.uncg.edu. It would also be beneficial to either do some informational interviewing or take a couple 100 or 200 level classes to see if the major would be a good fit for the student. Some of the workplaces that our student entrepreneurs have worked at in the past include venture capital groups, health care, non-profits, think tanks and research groups, universities and various corporations.
Some national organizations that provide resources for exploring entrepreneurship interests include the US Association for Small Businesses and Entrepreneurship, the Family Firm Institute, the National Collegiate Inventers and Innovators Alliance, the Academy of Management, and the Collegiate Entrepreneurs Organization. Local resources for people who are thinking of starting a business includes actiongressnboro.org, the Nussbaum Center for Entrepreneurship, and Energizing Startups (an organization on campus).
It’s always a good idea to do your research before starting any new business venture. Students who are looking to start a new business should consult with a financial planner, an accountant or legal representation to make sure that everything they are planning is legal.