startup-costs, financeI am a student currently studying at university and have begun developing a strong interest in pursuing some of the ideas I have, and potentially creating a start-up. I understand that there is a lot more to starting a business than diving head first into it, and I’m currently trying to figure out if I am in a position to do it, and if it’s right for me.
One of the biggest cons I can see in going down this route is the lack of stability. I will be leaving university with a mountain of debt, and I’m not sure if it would be better to gain some experience and savings first.
How can I manage in a situation like this? Is it worth starting a business early in light of that debt and instability, or would I be better off going for a less volatile position and saving up some money, at the risk of someone else being first-to-market for a similar idea?
Jump now. As much as you have debt, you probably don’t have a family, mortgage, car payments, etc.
What you also have to recognize is that failing is okay. Think of it like learning to rid e a bike. You could never really ride a bike with training wheels on, but as soon as they come off you’re going to fall off. But falling off wasn’t horrible. It might hurt a bit, but the more you fall off the more you learn to ride.
On the flip side, don’t worry about someone else coming first to market with your idea. Chances are if it’s a good idea there are 10 or 100 other people that have the same idea. There are very few startups in history that were so truly unique and amazing that the first one was the only one. Imagine you were myspace vs facebook. Sure myspace came to the market earlier, but they got wiped out by someone who was better.
Better can be lots of things. More agility, better understanding of the customer, willingness to work hard, access to capital, better innovation… All are different kinds of better.
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