To Start a Business or To Wait?

The idea of starting a business directly out of college can be enticing to young graduates and entrepreneurs, but is this the best move, or is waiting a better idea?  There are a number positives and negatives to both scenarios.

The first issue to discuss is the idea of volatile income.  In a new business, there is no guaranteed paycheck.  This can leave many young business owners very uneasy not knowing how bills, salaries, or other expense will be paid.  However, one could argue it might be better to take this type of risk when you're young and have fewer responsibilities.  A person in there late 30’s with a family to provide for could overwhelming for many business owners to manage.

The second point is centered on connections to others.  While new business owners could feel isolated from their peers who are working a 9 – 5 job with a steady paycheck, it could also be a time to make new relationships with alumni groups and other colleagues.  This resource is very valuable in one’s early 20’s as these relationships tend to dwindle with time.

Lastly, while securing capital to start a new business can be difficult for someone just of out college, it does provides an experiential atmosphere where each day is a new adventure, one where there's much to be learned.  It will be much more difficult than having a steady job, but there is no better way to learn than jumping right in. 

In either case it comes down to the individual, are you someone who wants to jump in head first and take advantage of that entrepreneurial spirit and rush that comes from graduating, or would you rather get your feet wet slowly, pay your dues and get your ducks in a row? Both are good strategies with their own set of pro's and con's, which would you choose?

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Nick Banks

Nick created Front Street Commercial Real Estate Group in 2002 and spent the first eight years developing and acquiring office and retail projects in South Florida as well as North Central Florida. In 2010 the focus of the firm was shifted to primarily serve third party clients and perform brokerage, property management and mortgage banking functions. Nick has personally developed and acquired nearly 200,000 square feet of office and retail properties in markets throughout Florida. Prior to founding Front Street, Nick was the Director of Finance and Dispositions for Stiles Corporation in Fort Lauderdale where he financed and sold over $500 million in commercial real estate. Before joining Stiles, Nick was an Associate Director at GE Capital Real Estate where he sourced over $200 million in financing throughout Florida. Nick is a graduate of the University of Florida with a degree in Finance and a concentration in Real Estate. He serves as a board member and current vice-chair for the United Way of North Central Florida where he also chairs the Development Committee. Nick is actively involved with the Gainesville Area Chamber of Commerce where he serves as a board member and committee member for the Council for Economic Outreach. He is also a recent graduate of Leadership Gainesville which is a year long leadership program hosted by the Chamber. He is a member of Grace United Methodist Church where he has served as finance chair and as a member of the leadership council. Nick serves as an advisory board member of the University of Florida Bergstrom Center for Real Estate Studies. Nick was recently named chair of the Gainesville committee for the North Florida chapter of Urban Land Institute (ULI). He is a licensed real estate broker in the State of Florida and is a long time member of the International Council of Shopping Centers.

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