For privacy reasons I would not like to reveal a lot of info about my business.
I co-founded it with two other people. Our team is international; we have people in Canada, India, Phillippines, as well as people spread throughout the US. People on our team range from high school to 20s. Some members of our team come from top colleges (UPenn, to name one).
We haven’t generated any profit yet because we started ~2-3 weeks ago.
I was wondering if starting a business is particularly unique.
I did not start this business for college apps, but I would like to know the effects of having it when I get around to applying colleges.
How much profit should the business be making for it be considered something really unique and special (unlike a local business - an example would be selling lemonade or phone cases around your town, or something like that)?
Not a tip. Not unique. Right now, people and no real business. Doesn’t matter if you make a lot of $. That’s not a criterion. Maybe in a year you can tell us the successes.
@lookingforward@intparent Haha yea, thank you for the advice! I will post about this again in a year or so to see if my business becomes profitable. Also, we do not sell a product; we sell various services.
Its not about profit. Or being in several locations. Kids on CC come up with these ventures all the time and expect it to wow adcoms. Tru to know what your targets do look for.
Don’t count on it as a hook. And do you have the appropriate business licenses, filings with tax authorities, accounting structure to report compensation for tax purposes, etc in place? Starting a business is a lot more than just getting people to perform work or sell stuff for you. If you run afoul of local or state or federal regulations, you could have big (expensive) legal headaches.
Whether or not you started it for the sake of college apps, that’s certainly going to be how it appears-- and that’s all that matters. You’ll be applying to colleges 2-3 months after starting this business, And, with the internet, the fact that your brand new business is “international” means nothing.
So enjoy it, follow the rules, make some money. But I would expect it to about as important as having the lead in the play in terms of college apps-- something to mention, but not something that will make any sort of a difference.
@lookingforward I am not doing this for college apps. It was just an idea that two friends and I wanted to expand. We saw this as a good opportunity to learn and test out our entrepreneurial skills to gain experience.
Just starting a business isn’t unique. If the business is unique, then yes. A very successful business with a special mission can help set you apart, but make sure it doesn’t sound like you’re doing it for colleges.
I would look at it like any other EC – if it is something you want to pursue then go for it. And like any EC if you put in time and make a significant contribution to the group’s (or business in this case) success it will be viewed positively.
Like any other EC, it would be good if you have results to share. What have you done for the business? What did the business do?
“Started a bracelet business”
vs.
“Co-founder of business that allows economically disadvantaged women to make bracelets. Recruited 10 employees and designed a website for selling the bracelets as well as set up point-of-sale displays at local businesses.”
^ Nice. But think of all the kids aiming for Wharton or Stanford who think start something is a big deal and expect it to pull them in. “I made 10k!” Or even more $$. Even a great venture is just one piece. It won’t erase other issues or work magic. It would be better to show, throughout your record, concern for others in direct ways, your willingness to roll up your sleeves locally and commit. This is like the fundraisers- kids think the more they hold or the more they earn, the better they are as candidates. And often, it’s to send off a check, they do nothing locally, on going.
So I’d like to see that the bracelet kid is also showing compassionate and active concern in other ways. (Not just random hours with NHS or some club.)
From the posts over time, it seems as though there are lots of new businesses as well as new clubs started as college applications approach. It might be helpful to clarify what you are doing and why. Just stating that an applicant started a club or business isnt compelling with out why. Instead, it may seem self serving and temporary.
Personally, I wou!d be more intrigued if a student had volunteered more hours than those required for graduation to a service, community, organization that demonstrated commitment and awareness.
@zannah I am a rising junior, so I am not starting this as college apps approach. I don’t volunteer, but I do things that benefit my community in other ways. I started a STEM speaker series where speakers from IBM and Baxter will come. I started an elementary school program where I teach kids there comp sci and game design. This month I"ll be coding a website to serve as a repository for STEM resources. And I’m launching a nonprofit with a friend where we try to engage people in conversations surrounding STEM and STEM careers.
Not sure if this is considered volunteering since I don’t count and don’t care about the # hours; I just focus on the results of what I do instead and its impact
How much game design to elem school kids truly grasp? Would you say any of what you do is some challenge?
If you’re applying to compeitive holistic colleges, you do need some comm service. Yes, those count as volunteer things. But you also need to know that they want more than unilateral- meaning more than some STEM activities. And the math-sci ECs need to include collaborative, if you want STEM.
Lots of kids talk about having created talk forums of one sort or another. Many exist. What might help is if you try to understand the difference between joining an existing entreprise, among adults with experience and expertise, vs starting something new, going through all the idea generation and network building, maybe getting some traction, but maybe it takes time and you’re reinventing the wheel. Just think about it. Idon’t mean to discourage, but there are so many ways to truly expand. ANd get excited about that.
And this was without the business you are starting. Red flags start going up. Each of these would be huge time commitment if done correctly. Doing 5 is almost impossible.
@lookingforward Yes, it’s a challenge, I guess. Thank u for the advice.
@Eeyore123 Yep. No, it’s not a huge time commitment. Elem school program took ~7 hours to arrange, and then I’ll have to spend ~10 hours teaching them. STEM speaker series took ~8 hours to arrange too, and once it starts to run, it will be ~2 hrs of effort per month for four months. The business is co-founded by two other ppl and we have three other ppl on the executive team, so the work is spread out among us and much less. I’m starting a nonprofit with a friend. We are creating it this summer and marketing/spreading it this fall, so it’s less effort. Please do not make assumptions.