With the ongoing uncertainty in the job market coupled with economic doldrums, initiating a business after college is a solid option that maximum graduates are considering seriously. According to a study, more than 60% of graduates express their wish to start their own business rather than doing any job in any company.
However, starting a business in Orlando, without any experience, remains risky. Students find it tough to find their position in this highly competitive market. But, still, some students want to take risks to achieve their dreams. The number of startups by graduates is growing day by day. Though some of them succeed, others have to taste the bitter failure.
This blog will let you know the pros and cons of starting a business after college.
Pros of starting a business after college
1. Financial freedom
Apart from college debt, most of the graduates have financial freedom. This is because fresh graduates don’t have to invest in housing, so they don’t have a mortgage payment that they have to cover each month. Most graduates also return to their parents if they have left home in the first place. In this way, they don’t have to think about a new home and don’t have to pay anything as a mortgage. This financial freedom fuels them to take significant steps.
2. Enough time
Recent graduates are not likely to work full-time in any business organization. They have plenty of chances to work hard and build and develop their own business.
3. No pressure from the previous job
Starting a business just after completion of graduation is just like slashing any chance of baggage from the previous job. In this way, the students may open up to new ideas and ways of working because they don’t have to think about preconceptions about what works or the only way to do things. When you have new ideas to develop business concepts, it will be easy for you to beat others who are working conventionally.
4. Stand out from the crowd
Doing a job after completion of college studies is usual. When someone builds his own business after graduation, they will attract the attention of others because fewer graduates want to establish their own business. Moreover, young entrepreneurs are the best choice for the business organization if they want to shun the current business and join any company for the job. They get priority in the job hiring so that they can continue their profession with a high wage.
5. Access to support
Indeed, a fresh graduate doesn’t have any professional network that a more seasoned professional enjoys. However, several institutions and corporate individuals are now showing their interest in investing and supporting startups.
Cons of starting a business after college
There are several disadvantages of starting a business just after college. Some of them are mentioned here.
According to the data revealed by the Kauffman Foundation, millions of Americans owe 1.2 trillion dollars of student debt. So, it is pretty understandable the financial pressure is on graduate students. In such a condition, it will be great to have a job and repay the debts. If they go to start their business, the debt remains as baggage.
2. No focus on life
It is obvious that graduates are not superhuman, and they can’t work for longer hours constantly than a startup needs. The danger looms for any budding entrepreneur that the constant focus on the business can refrain them from taking care of themselves, including their mental well-being.
3. Lack of experience
Fresh graduates lack experience in handling business responsibilities. Due to this reason, most startups fail before they can take up. Due to the absence of practical knowledge, budding entrepreneurs face several issues that strangle them, and they can’t get freed. Therefore, it is a recommendation to have some working experience before starting the business.
Starting a business just after completion of graduation has both pros and cons. It is up to you to tackle the issues that arrive during the process. It is a recommendation to start a business after having experience and skill in a specific field. To make a safe move, it is recommended to talk to business lawyers in Orlando to get the right idea about the legal aspects of establishing a start-up.