Why College Grads are Starting Businesses
A decade ago, a college graduate could breath a sigh of relief and feel relatively comfortable that his future job prospects were promising. Today, college grads leave school and may feel overwhelmed with the “real world” in today’s not so bright economy. Many college grads have opted to start their own businesses, rather than venture into corporate America. Here are some of the reasons:
• Unemployment Rates – College graduates must confront historically high unemployment rates. Fewer corporations and small businesses are hiring, so those that are have hundreds or thousands of potential candidate’s resumes to sift through. Today’s grads are competing against some business professionals who have been laid off, but have decades of applicable work experience. Some college graduates have decided to circumvent this problem by opening their own business.
•Experience - College grads who are looking for their first job often encounter the traditional Catch 22: They can’t get a job because they lack experience, but they can’t get that experience without someone hiring them. Opening their own business lets these former students establish themselves in the business world, get applicable experience and broaden their professional network.
• Technology - According to Bloomberg’s BusinessWeek, some college grads have decided to open their own online businesses since they have the technological know-how to create their own website and online business venture. With a low overhead cost, an online business opens a new avenue for a young college grad who wants to get his name out there, but enjoys an unconventional business. Technology also helps recent college grads set their own schedules and use communication devices to operate and network the business. College grads who had late classes or who are opposed to the 9 to 5 schedule can operate their own online business at their leisure and text, IM, email, tweet and post information at a time that is convenient for them.
• Other Trends – Some college grads have decided to go back to school to pad their resume or get an MBA online to help expand their skill set for the financial market place. Some college grads combine an MBA online program with the operation of their own business. If you are a college grad who is thinking about opening your own business, Entrepreneur.com offers an informative website on methods to get started, as well as a list of the pros and cons of starting your own business.