Introducing Sir Richard Burton
On a trip this year to teach at the University of Edinburgh, I was introduced to Sir Richard Burton. Not the Richard Burton of Hollywood fame, but the perhaps an even more intriguing Richard - Richard Burton who is the CEO of HoodEasy.com, a fast-growing start-up in the online retail space.
Of course, meeting an entrepreneur who is ramping to millions of dollars in profit, and creating a global business is nothing new - but meeting an entrepreneur who is a Sophomore in college and ramping up something this significant is something completely different.
Richard's story is captured nicely in this video snippet...
The dilemma of the college entrepreneur
Perhaps you can feel Richard's pain - he is a very intelligent young man who would likely do well in school, just resting on his cognitive abilities, but Richard has another problem. Every waking moment of his day, he is faced with the reality that at a start-up the work is NEVER done. Quite impossible therefore to every feel complete. Add on top of that a healthy does of homework, classes, paper and reading and you have the recipe for IMBALANCE.
How to balance college life and work life
From my experience in teaching thousands of students and working with hundreds of entrepreneurs in the past year, there are several ways to bring work & life into balance in the college environment:
1) Set reasonable goals: Is it reasonable to graduate magna cum laude AND grow a start-up company to $10 million in revenues at the same time. Probably not. So, take a look at which priorities are more important (money or degree) and accept the fact that doing 2 or more "big ideas" at once may not be workable. In Richard's case, he has several options - he can postpone/defer school for 2 years, he can shift to a more manageable school (community college for example) where less time/energy is needed to pass, or he can hire a CEO to run his company and keep equity in his company as the founder.
2) Learn how to delegate - if you have a business that is doing well, and you happen to be in college at the same time, then use the profits coming in from the business to delegate key workings of the business to a staff. Then use YOUR available time to managing the process. In Richard's case, he can hire a seasoned worker to execute on his plans, or he can hire a CEO (by giving away equity) to run the company.
3) Run the company for school credit - believe it or not, I've run into several students over the years who managed to find a school and specific classes where they got school credit for analyzing, strategizing, and executing on plans that directly benefited their company. Richard, for example, might use his Marketing Course to work on a paper outlining the benefits of SEO, SEM and social media marketing campaigns for e-commerce sites - at the same time directly benefiting his company. A related idea is to enter the company into a university business plan contest. Of course, students in an MBA-like environment would be in the best position to try this advice out.
4) Leverage other students - It is possible to get interns to help with some of the tasks of the company at no/low wages. Where possible, create programs that reward the students, give them valuable work experience and make their college life more "practical". Richard, for example, might train several U Edinburgh MBA/PHd students to relieve his day-to-day tasks by taking on small management roles, analyzing the business, or helping with administrative tasks.
Many would argue that there really is no way to balance entrepreneurship and college at the same time. When a truly great idea comes along, you do as Jerry Yang/Dave Filo of Yahoo, or Mark Zuckerberg of Facebook did - you leave college to focus on the singular thing of your passion. Steve Jobs, perhaps one of the most famous entrepreneurs exemplifies this - Steve has a reputation for building Apple Computer on his obsession for focus, details, and work - for many years at the exclusion of friends, family and hobbies.
You decide - option for balance, or need for focus?






