The job search after graduation can get frustrating. In a market where 44% of college graduates are unemployed or underemployed (according to a June report from the Federal Reserve Bank of New York), finding any work can be hard, let alone that perfect job you dreamed of as you were handed your diploma.
This has led some recent graduates to leave the job search entirely, and create not only their own job, but their own company, too. Perhaps inspired by Mark Zuckerburg’s billion-dollar dorm room project, the millennial startup revolution is happening, and for some, the payoff is great. For others, the entrepreneurial road leads to disappointment. But before you set out to be your own boss, you have to know what you’re getting yourself into, so here are some things you need to consider if you’re thinking about forging your own path.
1. Think before you act.
The absolute first thing you should do is weigh your options, and take a good look at your motivations and working style. Assess your commitment, your passion, your desires and your means. If you have a mountain of student debt and little capital, perhaps the safer option is more stable employment until you have sufficient funding.
You also need to look at your motivation and drive. If you’re starting a business just to get rich, or so you don’t have to answer to a boss, you might want to rethink your plan. But if you have an idea that you’re passionate about, willing to work night and day to make it a reality, then maybe it’s time you give yourself a chance.
2. Prepare yourself for hard work.
If you have that passion and drive, be sure that you’re readying yourself for some of the hardest, loneliest work of your career. Not only will you be working some of the longest days you ever have, but it’s all self-motivated and solitary. You also have to be willing to do every last detail to make your business work, from brainstorming to advertising to handling finances to taking out the trash. And all that work sees payoffs late—the startup world is one of delayed gratification, if any at all. You need to always believe strongly in your vision and work every minute to make it a reality.
3. Youth is innovation.
That being said, if you can handle the hard work and you have the passion for your idea, being young provides great advantages in starting a business. You haven’t been jaded by the corporate world, and you’re not yet trading in a nice weekly paycheck for uncertainty.
Young, fresh perspectives are also integral to innovation. Discovering how things work with new eyes enables you to see how systems can improve. Young people tend to have more creativity and energy in their pursuits, so use this to your advantage when you’re trying to reinvent the way things work. Plus, the added benefits of having few commitments (no mortgage or children) make young people the ideal demographic to throw their time and energy into making a new business work.