I am thrilled that people are finally starting to get it. On the other hand though, people need to get their head out of the sand.
The Institute for Entrepreneurship has engaged an investment banker to raise $250 million in grants for student initiated businesses.
The only catch, the college the the young entrepreneur attends must be approved by the free standing College of Entrepreneurship program.
I like this idea in some respects, and think it is BS in others.
First of all, people ask what would a student entrepreneur do with startup capital? I can tell you this – starting a business, if it has any kind of proprietary backing, is extremely expensive. A young entrepreneur has the same issues that a traditional entrepreneur does in terms of exclusivity and employees.
What I mean by proprietary backing is anything that the business holds; patents, copyrights, trademarks, etc. That stuff is not cheap. Copyrights being the least worrisome to the pocketbook, but copyright legislation can get rough.
I mean there are all kinds of grant money like school grants, small business grants and other various times of Federal Grant Money. The problem is sometimes it’s hard for entrepreneurs to get their hans on that stuff.
Having a central organization who has $250 million, ready to dole out to student entrepreneurs is a good thing.
On the other hand, The Institute for Entrepreneurship requires that the college is approved for their program.
I’m sorry, but some of the best startup ideas I have heard come from people without college degrees or people who attend non entrepreneurial colleges. In fact, there are very few colleges in the country who feel being an entrepreneur is even a profession.
College traditionally teaches you to get good grades, practice all kinds of business theory, and go out and get a job. Let on-the-job training take care of the rest.
To me, having to attend an approved college squashes 95% of a young entrepreneur’s thoughts on starting a business.
What I say? Go out and do it yourself. Bootstrap until you can’t see straight and count on your friends who are of like mind. Then, when you make it, try your best not to subject other young entrepreneur’s with some ridiculous ‘barrier of entry.’ Being approved to anything is just one more hoop to jump through.
If you want a truly entrepreneurial society, alleviate all the hoops.
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