Lilah Raptopoulos

How to Start a College Entrepreneurship Club

 


External support should consist of alumni and community members.  Often, your college's Alumni Office, along with resources like LinkedIn, can help you find alums that have been involved in start-up businesses.  These relationships can offer you free advice, resources, and even financial support.  

"I think the grassroots approach is the most effective," says Kalyn, who believes that alumni support is especially integral once the club is established, with actualized student business plans.  You don't need to ask for much to sponsor an idea: "Even a gift of $500 can affect a student's ability to try something," she says.

Hills suggests connecting to entrepreneurs living in the surrounding area, who can come to campus to motivate the students unaware of the value of entrepreneurship. "Particularly for non-business students, seeing an artist who sells their songs or paintings is often a revelation," he says.  "There are a huge number of students that still don't think of entrepreneurship as a viable career alternative for them. But it fundamentally is; entrepreneurship plays a vital role in revitalizing the economy."

Hills is also the president of the Collegiate Entrepreneurs' Organization (CEO), a nonprofit society for college entrepreneurship programs with chapters in 187 universities. A resource for students focused on extracurricular entrepreneurship, CEO offers access to advice from successful student programs, leadership training, newsletters, and an annual conference each November. Hills suggests that meeting and developing support from other like-minded young entrepreneurs is integral to starting a successful group. "Get a few students and ideally a faculty member, to attend the annual conference," he says.  "It usually creates a very favorable impression."

Finally, begin advertising yourself to students who would want to join your team. Spread the word however you see fit. Start an easy, accessible website. Put up fliers. Promote the importance of entrepreneurship as an alternative career choice.

Dig Deeper: Cool College Start-Ups 2010


Starting a College Entrepreneurship Club: Make it Official

Once you have a strong mission statement and support network, it's time to register as a student organization and apply for school funding.  What's the most effective way to pitch an entrepreneurship club? Remind them of three things: One, creative thought is profitable.  Two, starting a successful small business is possible.  And three, everyone else is doing it.

Kalyn insists that the goal of C&L is not to acquire immediate tangible results. "We want to get our students thinking in an entrepreneurial way so they can apply it in the future to everything they do," she says. "You have to be prepared for the long term gain. Create the culture now and instill it on that basic level: you can't just have an idea.  Everyone has ideas.  Try it."

Give them facts and figures about the role of entrepreneurship in today's economy.  Find data about the success rate of young entrepreneurs on websites like the US Small Business Association (SBA) and the Kauffman Foundation.  For example, today, half of startup businesses persevere beyond the first five years.  Describe your involvement with alumni, faculty, and organizations like CEO.  Then ask your administration for money.

If you decide to start a club like Hopkins Student Enterprises, Kelly-Cline suggests you come in with an actual business. "A group of students, even as little as 2, need to come up with some sort of a vision, a mission statement, but back it with one concrete business plan they can start up," he says.  Write a business plan for an idea, and "try to make it one that's simple, understandable, most importantly, profitable.  Start with that, if it goes through, stay with that for a year.  Don't worry about the next step."  

Kalyn believes that institutional support is invaluable for a venture like this. "Students can be a bit reticent about it, but as long as the institution knows when to get out of the way, their support is essential to fundraising, to connecting students to alumni, and to making sure things are sustained."

Dig Deeper: The One Day Business Plan Worksheet


Starting a College Entrepreneurship Club: Put Learning into Action

Once you are an official club, try to get your business started – at school. Design a course rating website, book buyback program, or late-night snack delivery service.  Find a product or service a school doesn't offer, and provide it.

Hills explains that entrepreneurial success is like a three-legged stool: you need resources, opportunity, and people. "Most businesses don't require a lot of startup capital, which is something we tend to forget," he says. "It does take one or more good entrepreneurs who can recognize innovative prospects, and a market opportunity – people that'll hand you some cash.  It's simple and basic, but that's what it comes down to."

Finally, if you have the time and motivation, don't be afraid to offer your services outside the college doors.  According to the SBA Office of Advocacy, 41% of nascent entrepreneurs are under the age of 34.  There's no reason one of them can't be you.

Dig Deeper: Top 30 Entrepreneurs Under the Age of 30

 

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