Start your own business!

If you wanted to be really wealthy, then running your own business is the way to go. Of course, there are rich salaried people too and working for a company might be a lot less stressful in the near-to-medium term, but there's a lot more to be gained in starting and running a successful business enterprise.

Of course, starting a business is by no means extremely easy; but if you can start young and devote yourself to it, you are giving yourself much great chance for success. Rhonda Abrams of ThePlanningShop, publisher of books for entrepreneurs, gives some simple tips to start a business to graduating students of 2008 (personally, pay particular attention to the last one: work hard! ... and of course, work smart!) . While you are it, here's a simple tip from me to build a sustainable, successful business: Start small, but think big.

Tips to budding entrepreneurs from Rhonda, published in this article in USA Today:
• Do something cool. Lots of people succeed in business doing something completely mundane — there's plenty of money to be made selling dental supplies. But you're young, so do something fun, challenging, interesting.

• Choose a business that will make a difference. Go ahead, start a business that will save the planet, people or animals. The hottest thing in business today is "social entrepreneurship" — for-profit companies with a greater purpose. You can make money and make a difference.

• Develop a business plan — at least a very simple one. Sit down and think through what you're going to do, how you're going to do it, and how much money it will take. And you'll need a business plan when you go out and raise money to fund your new venture.


• Choose a concept with low start-up costs. After all, you're broke. But I was broke when I started my first company. Internet-based companies can be dirt-cheap. There are still plenty of opportunities in social networking and user-generated content sites. Personal and business service businesses are also inexpensive to launch.


• Start with a friend, or friends. But draw up a simple agreement to clarify who owns what, who does what, and what happens if someone drops out (Hint: They should lose everything). Hey, you could be starting the next Facebook; you don't want them coming back and suing you for their share of the billion dollars.


• Make a sale. Find someone to buy what you're selling, whether it's an ad on your Internet site or a client for your service business. Nothing teaches you more — and emboldens you more — than having a real customer.


• Get some good business advice books. Even through you made it through college using Wikipedia, I know just how much is missing — and how much misinformation there is — on the Internet. And I'm not just saying this because I write business books — honestly!


• Work hard. You thought you worked hard in school? I know you did, since most students must work while they go to school. But you're going to have to work even harder to make your business a success. Don't let that discourage you — you don't really need sleep at your age.