How To Leverage A Private College To Launch A Business

Did you know what I did after my graduation? I started a fast food stall inside my college premises with the help of the alumni group. The alumni association of my college was of great help. 

That says, when it’s time to decide which college to go to, you must choose a reliable institution that will give you all the resources, mentors, and support needed to launch a business. Although it is more expensive, private college education with a focus on entrepreneurship is the best option.

Since every future businessman or businesswoman needs to make an informed decision, here is a list of solid arguments that will show you why a private college is the best path to future business success.

Why Private Colleges Are Worth The Investment

College education is one of the first investments you make in your future. According to recent data, the average cost of attendance for private colleges in the US is between $26,000 and $57,000. However, the total cost of a degree can range between $53,000 and $227,000. 

Historical representation of annual costs and fees (Education Data Initiative) 

Over $200,000 is quite steep, even for well-to-do families, but if you want to get results, you first have to invest. Also, many universities and colleges offer aid and discounts to attract the best and brightest students.

The education you’ll receive at a reputable institution, known for its entrepreneurship initiatives, is priceless and will help you build successful businesses. Then, there’s the access to resources and a culture of innovation that teaches you how to take risks without losing all your hard-earned money. 

Specialized Entrepreneurship Programs For Private College Business Plan

Private schools and colleges have more freedom than public ones. This means they have a say in what will be part of their curricula, and oftentimes, this means niche and innovative programs. 

For instance, Stanford University has a dedicated startup accelerator called StartX that has helped hundreds of startups, some of which have achieved multibillion-dollar valuations. Harvard University also has one called Launch Lab X for alumni ventures. 

Access To Niche Resources And Facilities

Some private colleges offer access to the following facilities.

• Dedicated incubation centers
• Maker spaces
• Cutting-edge technology. 

A great example is Berry Private College from Georgia, where students have access to internships, living labs, and research facilities.

Culture Of Innovation And Risk-Taking

The world of business is pretty cutthroat, with competitors always prepared to outrun you or drive your brand into the ground. To survive and thrive, you need to know how to take risks, be bold, and lead your team to success.

But how would you know all these if no one taught you?

No one is born ready to do business (despite what some internet bros would have you think). You have to learn how to identify and assess risks, when and how to take action, and how to learn from failure. And this is exactly what many private colleges teach you.

How To Use Your Private College Education After Graduation For Private College Business Plan

A private degree from a respectable institution will open a lot of doors, but it’s the things you can do while you’re a student that can make you the next Jeff Bezos.

Here are three tips that every successful entrepreneur wants you to know:

1. Lean Into Your Alumni Network

The friends and connections you make in college may last you a lifetime. But private education institutions understand the power of networking, and they create more opportunities to meet professionals outside of school.

These professionals are often successful alumni who could become mentors, investors, and future partners. This creates a sense of community and belonging that drives social initiatives and provides new entrepreneurs with a solid network.

Who knows? Your first business partner may be an alumn who likes your vision. Or maybe your passionate friend and colleague will decide to support your endeavors. 

2. Take Advantage Of Mentorship Programs

Mentors are usually alumni and faculty members, but some colleges also open the door to industry leaders who are willing to take students under their wings. Stanford University’s VPUE STEM Fellows Program is a great example of a program that allows students to connect with both faculty and peers.

A mentor can provide wisdom, advice, and emotional support during your first tries at a startup. 

Strong mentorship programs also strengthen faculty-student relationships, creating an open environment that encourages open communication.

Some colleges have Living-Learning Communities where students with shared interests and goals live together on campus, under the close supervision of faculty members. This type of initiative is meant to foster a supportive community and integrate learning with daily life.

3. Tap Into Those High-Profile Partnerships

Established private institutions of education have long-term partnerships with major companies, venture capital firms, or industry-specific organizations. Some of them are run by alumni, some belong to faculty members, but most partners are there to get access to top talent.

It’s a win-win situation where businesses and investors get to size up the new crop of employees and entrepreneurs, and students get to connect with interesting companies and business models. 

As a student, you should take full advantage of these partnerships and apply for as many internships as possible. It’s a wonderful opportunity to infiltrate successful businesses and study their internal processes, motivation strategies, market research methods, and culture. 

In Summary

Getting admitted into a private college with a focus on entrepreneurship is the first step you’ll take toward launching a business. 

This is where you’ll learn how to design a good business plan, attract investors, and identify risks and pitfalls. It’s also where you’ll grow your network, meet amazing peers, and get your first mentor.