TAPPING INTO a steady supply of money is difficult for most college students. While some can prudently budget their summer earnings to last an entire academic year, many find year-round jobs not only convenient but necessary. Part-time college work, however, can be very restrictive. A job in retail or at a restaurant is common, but for students trying to find a job they actually like (that will also allow them to work around often rigorous course loads) it can be a bit more complicated. The answer is simple: If you can't find the perfect job, create it.
Now, more than ever, college students are bolder about making the leap into business ownership while still in school. And while little data exists about college entrepreneurs, growing enrollment in entrepreneurial classes and applications for grant funding for student projects are strong indicators that this movement is growing.
The University is certainly no stranger to this trend. By recognizing and providing needed services, some students have been able to meet -- and even exceed -- their financial needs.
The Corner Meal Plan, for example, was founded in 1992 by fourth year University student Jason Palmer. Convinced that students wanted an alternative to typical dining-hall fare, Palmer created a plan that allowed students to charge meals on a debit card at local restaurants in the Corner business area adjacent to the University. The plan, which grew to consist of 40 restaurants by 2001, now includes almost 60.
Although usually on a smaller scale, there have been a number of successful student run businesses on grounds, all of them catered to other students. J.J. Feminella, for example, a University student who graduated last year, started up S Cubed, a professional note-taking service, during his second year as a student. More recently, a group of undergraduates launched VCAV, a specialized party-planning service. And students in the McIntire School of Commerce are constantly designing small entrepreneurship projects as part of their classes. This interest hasn't gone unnoticed. Nearly 2,100 colleges and universities now offer at least one course in entrepreneurship, and 18 have devoted entire departments to the study, according to the Kansas City based Ewing Marion Kauffman Foundation, which researches entrepreneurial trends.
Nobody knows better what students want than students. It is logical then, for them to market their own products. Some people, however, disagree.
"In my opinion, a lot of kids who run small businesses in college aren't legitimate. They aren't registered, tax-paying entities. It's about cutting hair in the dorm rooms," said Sharon K. Bower, director of the Global Student Entrepreneur Awards at St. Louis University in a Bankrate.com interview.
Other people are quick to point out the well known statistics: 90 percent of new businesses close within their first two years.
"Why if I had a quarter for every time I've started something and failed, I would be able to start my own business," jokes third year University student Andre Grimes. "Yeah...working isn't what I'm here for," agrees student Christopher Moneymaker.
These statistics, however, can be misleading. Many businesses close for reasons other than failures. In fact, according to the U.S. Census Bureau, only 17 percent of all small businesses that closed in 1997 were reported as bankruptcies or other failures. The other terminations occurred because the business was sold or incorporated or closed while still making a profit.
And while many students find the widely dispersed statistics discouraging, the members of VCAV, who are launching their first party this weekend, have not been swayed. "Because of our experience and our prior knowledge of many different kinds of parties, we honestly believe that we can provide cheaper and better alternatives for people who really wanna have a good time," says one of its associates. "These aren't the type of parties where 'here's the keg' and that's it."
"Even young business owners need to understand the fundamentals to succeed," argues Sloan. "You need a passion for what you're doing, and you must be disciplined. If you are not interested in growing this business, I have to tell you quite frankly that you may be better suited to taking a job."
"I'm too lazy to do it," agrees University student Ben Ross. "But a guy I know here has an online business and he's made a lot of money."
While many people tend to underestimate student-funded businesses, the truth is college students are just as capable as adults.
"Think about it," add VCAV's funders. "It's a hassle to have to have to organize everything on your own. And even the most avid of party enthusiasts want something new and different."
From note-takers to party-planners, the University has housed an assorted group of entrepreneurs over the years, most of whom have been successful. So why not give it a try? It certainly beats being a waiter.
Andrea Arango's column appears Fridays in The Cavalier Daily. She can be reached at aarango@cavalierdaily.com.
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