While traditional employment prospects are certainly less accessible and less rewarding, college grads faced with these challenges might consider a different strategy altogether – starting their own business.
Here are some reasons why today’s college grads have an advantage as entrepreneurs:
1. Less to lose. If it’s going to take a year or two to find a job, if it’s going to pay peanuts anyway, and if the chances are it can be outsourced and leave you unemployed, then the prospects of self-employment suddenly don’t look risky by comparison.
2. Information Explosion. There has never been more information available on how to start and run a business. In addition, with your college education, you have learned how to learn, how to research and how to access that information. Your college experience has taught you to seek out the advice of experienced experts, a key to business success.
3. Essentials. If you had any liberal arts classes, you learned how to communicate with people, and respect history, culture and psychology, all essential for entrepreneurial success. If you had any business classes, you will be able to at least understand the basic principles of commerce and provide value to your customers.
4. Youth. Most of you grads are relatively young and can handle the long haul it takes to develop a successful business. Get started soon and have a greater advantage over folks who wait or who are forced to become entrepreneurs. You have more time to learn from your mistakes, perfect your processes, and build your brand.
5. Cheaper Costs. Ironically, labor is relatively inexpensive. Rent is down. Interest rates are down. Suppliers and service companies need strategic allies and are more likely to offer beneficial terms. Unemployed and retired experts are available to give you advice.
6. Increased Demand. More than ever, the country is looking for new ideas to help invent our way back to prosperity. “Find a need and fill it” has never been more necessary. We need to save our environment, find clean energy, feed more people, improve education, and solve our clean water problems – just to name a few.
7. Opportunities Abound. Technological advances are begging for applications. We have only scratched the surface of what we can do with what we already have discovered. From digital to genomes, from materials to biotech, and from optics to communication, the world is your oyster. Check out “Abundance” by Peter Diamandis http://www.abundancethebook.com/.
Yes, times are tough, but remember that the last downturn spawned many of the top companies of today. Many of them were started in a garage. As you approach today’s challenges, your college education will give you a big advantage.
A degree is not a vaccination, anyway. Can’t find a job? Maybe its time to say hello to your garage.
Michael Houlihan and Bonnie Harvey co-authored the New York Times bestselling business book, The Barefoot Spirit: How Hardship, Hustle, and Heart Built America’s #1 Wine Brand. The book has been selected as recommended reading in the CEO Library for CEO Forum, the C-Suite Book Club, and numerous university classes on business and entrepreneurship. It chronicles their humble beginnings from the laundry room of a rented Sonoma County farmhouse to the board room of E&J Gallo, who ultimately acquired their brand and engaged them as brand consultants. Barefoot is now the world’s largest wine brand.
Beginning with virtually no money and no wine industry experience, they employed innovative ideas to overcome obstacles, create new markets and forge strategic alliances. They pioneered Worthy Cause Marketing and performance-based compensation. They built an internationally bestselling brand and received their industry’s “Hot Brand” award for several consecutive years.
They offer their Guiding Principles for Success (GPS) to help entrepreneurs become successful. Their book, The Entrepreneurial Culture: 23 Ways To Engage and Empower Your People, helps corporations maximize the value of their human resources.
Currently they travel the world leading workshops, trainings, & keynoting at business schools, corporations, conferences. They are regular media guests and contributors to international publications and professional journals. They are C-Suite Network Advisors & Contributing Editors. Visit their popular brand building site at www.consumerbrandbuilders.com.
To make inquiries for keynote speaking, trainings or consulting, please contact sales@thebarefootspirit.com.
Learn how Michael Houlihan and I built an incredible business and made a lasting impact… Read More
Women’s representation in senior leadership dropped to 18.3% in 2024, down from 18.7% in 2023.… Read More
“OUTSTANDING speech! Better yet, PERFECT. What an incredible way to end this conference.” -Robert Reiss,… Read More
We often hear, “Follow your passion” as the universal prescription for happiness and success. But… Read More
When you brand single-use containers, you are signing your own garbage. These “brand impressions” last… Read More
How Barefoot Wine Mastered Brand Positioning and Customer Research to Capture a Market Gap //… Read More
View Comments
Yes Dong, I would be happy to. It seems appropriate now to elaborate considering how the very idea of a college education is being threatened by unemployment, decreasing job opportunities for grads and huge debts just to get through college in the first place. I'll write more about this hot topic next week, so tune in!