There is a popular false belief that prevents many young adults from starting their own companies. It is the myth that it's impossible to succeed in business without a college degree. Several of today's billionaires, however, were in college when they started profitable companies. You could be starting your own business too!
Mark Zuckerberg was only 20 when he used his programming skills and the Internet to capitalize on social interactions. The result was the creation of the social media platform, Facebook. Wildly successful tech companies like Reddit, Google, and Twitter were also started by young college kids.
Riding the Wave of the Future
Today's entrepreneurs used the growth of the Internet to create new products and services. These leaders of tomorrow will find ways to capitalize on existing platforms still in their infancy.
The following industries are based on newly created technologies that are still growing. Their great potential for growth and profit makes them attractive opportunities for college students wanting to create their own startup companies.
The alternative currency market is still in its early stages of development. Currency mining services like Genesis Mining offer investors the opportunity to earn Bitcoin and other encrypted digital currencies. These currencies can be used to convey payment, be held as an investment, or, be used to invest in other business opportunities.
Bitcoin is one of the most popular cryptocurrencies. It functions as a peer-to-peer payment system. What this means is that payment transactions occur directly between the parties involved in the transaction. A third party, such as a centralized bank or credit card issuer, is not involved in the transfer of value between the two parties.
Acceptance of Bitcoin and other alternative digital currencies is rapidly growing. Over 100,000 merchants and local governments now accept cryptocurrencies as a payment method.
The Internet of Things (IoT)
It isn't just human beings that use the Internet to connect with one another. Wi-Fi technology and smart chips allow devices to connect and communicate.
The full potential of this new technology remains to be explored, but it's already popping up in new products such as smart cars, and smart homes. Smart kitchen appliances is one area that has seen a lot of growth in this industry.
Smart refrigerators use IoT tech to inventory their contents and automatically contact your local grocery store and place an order for you when you run low on supplies. Smart home automation devices allow you to remotely adjust temperature settings, lock and unlock doors, and turn off your lights.
Smart technology is even making its way into our mattresses. One smart bed allows users to customize the firmness of the mattress and measures the amount and quality of your sleep.
Artificial Intelligence and Virtual Reality
What's the next big thing in tech? According to Mark Zuckerberg's recent presentation at the Facebook Developer's Conference, it's combining advances in artificial intelligence and virtual reality (VR) technology to create an experience that he refers to as “augmented reality.”
What is augmented reality (AR)? What will AR products look like, how will they function, and will products and services that use AR tech really take off and become just as popular as Facebook? No one really knows yet.
Nearly everyone reaps the benefits of artificial intelligence when they use a computer or other digital devices, but VR tech is still fairly new. Currently, gaming is one of the main industries that use it. Engineers use it to visualize how a specific design might actually appear and perform before it is built. Companies use VR to train new employees and facilitate meetings. How a combination of these two technologies might perform is anyone's guess.
In his presentation, Zuckerberg expressed a desire to use AR technology to increase connections and build communities. Augmented reality products that could accomplish this would allow users to extend their digital world into the physical, real world. This industry is so new that it's the perfect opportunity for entrepreneurs that want to get in on the ground floor of a completely new technology.
Other emerging technologies could be the basis of a great business. The important thing to keep in mind is that regardless of which industry you enter, being a college student doesn't have to be an obstacle to starting a business.