I read this post on Facebook and was surprised how short sighted the writer was. There are many websites which have a lot of traffic , but few are profitable. Social networking websites are good time pass for bored college students and office workers, but few make enough money to cover their expenses.
If they have venture capitalists or others to spend money on them, the founders can continue, but during a recession, cash flow is important and only the fittest survive. College students may not realize this, but working in a very well managed profitable business has its advantages.
This post has got 2 comments , so I will clarify what I meant:
Getting admission to one of the five top IITs is far more difficult than getting admission to any top US university. Record 11,231 Applications MIT admissions , for the top IITs more than 100,000 students apply
Most students in India spend at least one or two years studying for the IIT entrance exam and their parents also spend money on additional books, since the books needed are different from the state curriculum.
If you are very sure that you want to start a business when you are sixteen or seventeen and are sure you can arrange funding for it, it is better to do a B.Com degree and start your business, instead of wasting your time getting admission in an IIT and then dropping out. Your parent’s money will be better invested in your business. You will also not waste a seat and government money (IIT education is highly subsidized, in the 1990s, annual tuition fees were less than Rs 3000). There is no better education that real life experience.
If you don’t want to take money from anyone, you have no option but to work for a few years, save enough money and then start your business. And if you are good at giving Powerpoint presentations, you can always get funding from venture capitalists.