Many people who dream of entrepreneurship also feel like they simply cannot wait.
If your child falls into this category and they have their idea and business plan all ready to go, congratulations. But before they pull the trigger encourage them to take a step back and think about what formal background they might need once the ball gets rolling.
Even if they have already attended college, does their degree support this business venture?
What about the length of time that it has been since they went to college and now? Odds are if the gap is big there are many new lessons to learn that can be very helpful. Or maybe they haven’t attended any college classes, or they did and did not finish.
No matter what their circumstances are there are too many benefits to take advantage of by going back to school before starting a business to not at least consider it. Work collaboratively with your child to flesh out the pros and cons before making a final decision.
Below are a few ways that you can help them throughout this journey.
Financial Support
Earning a degree costs money, and when you have dreams of starting your own business it can be hard to justify spending out of pocket, or they might not be able to afford to do so. Either way, there are options.
Beyond scholarships and financial aid lies loans. As a parent, you can help a student get approved for a student loan by being their cosigner.
Research student loan cosigner requirements early so that you know what to expect going into it. By doing this for your child you can potentially unlock lower rates for the total borrowed amount which will help them with the payments over the life of the loan.
Providing this level of financial support means that you are of course putting your own finances on the line for your child to achieve their goals.
As a potential business owner, you are lessening their financial burden so that they can focus on the road ahead and not feel stunted or held back thinking about what it might look like to graduate with debt and have to take on more to start their company.
Encourage them to use this to their advantage and save now as much as possible, even if it doesn’t feel like nearly enough, every little bit helps. Their approval chances are increased with the presence of a signer as well, so you are starting them off on the right foot.
Adaptable Skills and Lessons
You learn so much more in college than what happens inside the classroom. In fact, the crucial skills you learn in college are the exact ones that your son or daughter is going to need to find success as an entrepreneur.
Things like time management, how to work on a team, and leadership best practices will all be cultivated during their tenure as a student. Encourage them to seek out like-minded peers and use them as a focus group.
Spending time with and around people that share their vision can only yield positive results.
Alumni networks are another wonderful resource that your child can gain as a result of having earned their degree prior to starting their business. Professional networking is a huge part of any business’s success, and it should be thought of as a high priority.
On campus, there are events that they can attend to meet people who have graduated before them and moved on to enjoy professional success, but there are online opportunities as well.
Professional networking sites make it possible to connect them to alumni both near and far, and from all sectors of business. These are the people that down the road might be valuable mentors or even investors.
Mental and Emotional Support
Especially if you have a child who is eager to get going with their own plan it can be a challenge to commit to their studies, but by remaining diligently encouraging, you can help them through it. Additionally, it can certainly take a mental and emotional toll on them.
The years it takes to earn a degree will ebb and flow and it will be during those downtimes that they need you the most.
They might struggle at times wondering if they should skip school to start a business or to see the purpose of going to college if they ultimately just want to work for themselves. Find the balance between allowing them to see past graduation but also understanding how important this present time and task are to getting there.