College students contribute to their school funds through many creative means. Some students squeeze in part-time jobs between schooling to help pay for school expenses. Others start their own business for extra cash. Little do these young entrepreneurs know that they are getting more than money. They are actually supplementing their classroom education with skills and know-how that is vital to thrive after graduation.

The owners of College Bell Hop, Alan Ringvald and Assaf Swissa, started their cleaning business for other students while they were college sophomores in 2002. By the time they were about to graduate, the partners had hired a team of cleaning staff to serve about three hundred customers.

College Canvas was launched in 2005 by three Brown University students - Joe Lace, Mike Frederickson, and John Harroff. They realized that there was a favorable market for original, affordable art in dorms when they decorated their room with artwork and people offered to buy it. Even now, the College Canvas website continues to sell affordable art to students, and helps local artists in Rhode Island get exposure for their work.

Think you have what it takes to start your own business?

Randall Pinkett started his business while a student at Rutgers University. He is now the CEO of a multi-million dollar consulting firm, BCT Partners. Pinket suggests the current generation of college students is well-positioned to be entrepreneurial and to build businesses now. Some tips how students can launch their own business from Pinkett include:

• Find your passion, and base your business on this passion.
• Launch your business at the time that is most suitable to your personal schedule, balanced with good timing for peers to buy from you.
• Craft a powerful business plan that details your business precisely.
• Use the resources you have on hand. Use to your business's advantage the available supplies, free teacher advice, libraries, competitions, etc.
• Stay on top of your academic studies despite having the business.

But where will a student find the capital to launch a business? At this time of easy access to the internet, launching a business can be cheaper than ever. Some students use their own savings or borrow from family and friends. Additionally, many startup entrepreneurs forget that the Small Business Administration (SBA) offers grants and other financing opportunities for those who need more funding.

Young people today know that a stable corporate job is just one of the many opportunities in adult life. Starting and operating a business may allow students to learn how to uncover entrepreneurial opportunities, mobilize resources for business operation, exercise their creativity, create sustainable solutions, take educated risks, and participate in the rewards. Where such experiences may be missing in the classroom, they can be learned in practice, while running a business.

The extra cash it yields does not hurt too!

References:

College Canvas. About College Canvas.
Cone, Judith. Teaching Entrepreneurship in Colleges and Universities: How (and Why) a New Academic Field Is Being Built.
Entrepreneur. How to Run a Successful College Business.

Pinkett, Randall. Secrets to becoming a Successful Campus CEO

Small Business Administration. Finance Start-up.

Steele, Robin. Student-run business hopes to bring local art to the dorms.