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"From Steve Jobs to Larry Ellison, Bill Gates and Mark Zuckerberg, some of the world\u2019s most successful founders are college dropouts. In fact, the average net worth of billionaires who dropped out of college is about three times more than the average net worth of billionaires with Ph.D.s ($9.4 billion vs. $3.2 billion). \nHowever, forgoing a diploma isn\u2019t the only option for a budding entrepreneur. It\u2019s possible to launch a startup from your dorm room, and still manage to graduate. You may not become a billionaire, but you will get a ton of real world experience that will help you with your second or third venture. It will also make you a more attractive candidate should you decide to \u2018get a real job\u2019 after school. \nSee also: 4 Tips For Success From Entrepreneurs Under 30\nMy husband and I launched our first business while we were still in law school. That was 1997\u2026a time when a college or advanced degree still pretty much guaranteed a good job. These days, many graduates end up back with their parents taking an unpaid internship to get more hands-on experience. In this crowded job market, it\u2019s smarter than ever to get a head start on your entrepreneurial pursuits. \nIf you are thinking of balancing school and a startup, here are seven tips: \n1. Take advantage of university resources\nThere won\u2019t be another time in your life when you have so many academic, technical, and advisory resources right at your fingertips. A professor can be an invaluable mentor. Depending on the target demographic of your product, fellow classmates represent the perfect beta pool. And there are numerous entrepreneurial competitions and conferences geared toward students; here\u2019s a sampling of some of the top business plan competitions for students that will give you a unique opportunity to find mentors, funding, and publicity for your idea. 2. Find the right partners\nOn a university campus, you are surrounded by hundreds of incredibly bright, energetic and curious people. So how do you go about assembling the right team for your venture? It might be fun to start a business with your roommate, but he or she may not necessarily be the right person. Paul Graham of Y Combinator had some great advice for finding a co-founder: \u201CI\u2019d look for the people who are not just smart, but incurable builders. Look for the people who keep starting projects, and finish at least some of them.\u201D 3. Set aside time to work on the business\nYour classes, exams, and other coursework are scheduled for you, but making time for your business requires discipline. Ideally you\u2019ll want to pick a day or two per week where you and other members of the team all work together in the same room. Many find it easier to juggle this time commitment when taking classes that meet once per week for a few hours. 4. Don\u2019t view your studies and startup as mutually exclusive. Consider the types of coursework that could help you run your business. For example, if you\u2019re studying engineering, take a few economics and marketing classes. You don\u2019t need to become an expert in every field, but exposure to these topics will give you a broader understanding of what\u2019s needed in the business world. 5. Set your \u201Cboat burning\u201D target\nWhat will it take for you and your other co-founders to leave school and dive in full-time to the startup? 10,000 active users? $500 million in revenue? Seed funding? It\u2019s good to talk about these issues ahead of time so everyone understands and buys into the game plan. If you and your co-founder aren\u2019t on the same page, it\u2019s better to discover those differences early on. 6. Don\u2019t be afraid to fail No matter what type of startup you choose to launch, keep in mind that most people\u2019s first business ventures don\u2019t succeed. Many fail miserably, but that hardly makes you a failure. School is one of the best times to times to give things a try; it becomes harder to take risks when you have a mortgage and family to consider. With every attempt, you\u2019ll gain valuable experience and insight into what works and what doesn\u2019t. In fact, a failed startup could be your best teacher during your school years. 7. Remember that school is expensive\nWhether you are taking out loans or your parents are paying your tuition, school is a massive investment that requires both money and active participation. Every time you find yourself pulled between classes and working on your startup, ask yourself which one is most important and which activity will you learn the most from. If time and time again working on your startup comes out on top, you might want to think about taking a leave of absence. School is too expensive to be half-assed the whole time. Have something to add to this story? Share it in the comments.BONUS: 15 Realistic Quotes That Every Graduate Should Hear\n\n15 Realistic Quotes That Every Graduate Should Hear\n\n\n\n\n\n\n\n1. Margaret Cho\n\n\nImage: Mashable Composite  Jim Davidson\n\n\n\n\n\n\n\n\n2. Mindy Kaling\n\n\nImage: Mashable Composite Kristin Dos Santos\n\n\n\n\n\n\n\n\n3. Mark Twain\n\n\nImage: Mashable Composite janwillemsen\n\n\n\n\n\n\n\n\n4. Hannibal Buress\n\n\nImage: Mashable Composite 92YTribeca\n\n\n\n\n\n\n\n\n5. Jon Stewart\n\n\nImage: Mashable Composite Rachel Maddow\n\n\n\n\n\n\n\n\n6. Richard Russo\n\n\nImage: Mashable Composite Hershey Public Library\n\n\n\n\n\n\n\n\n7. Stephen Colbert\n\n\nImage: Peabody Awards\n\n\n\n\n\n\n\n\n8. Ira Glass\n\n\nImage: Mashable Composite John Dalton\n\n\n\n\n\n\n\n\n9. Tig Notaro\n\n\nImage: Mashable Composite Mandee Johnson\n\n\n\n\n\n\n\n\n10. Jessica Williams\n\n\nImage: Mashable Composite Kevin Mazur \n\n\n\n\n\n\n\n\n11. Conan O'Brien\n\n\n\n\n\n\n\n\n\n\n\n12. Louis C.K.\n\n\nImage: Mashable Composite vtdainfo\n\n\n\n\n\n\n\n\n13. Amy Poehler\n\n\nImage: Mashable Composite Peabody Awards\n\n\n\n\n\n\n\n\n14. Walt Disney\n\n\nImage: Mashable Composite Tollie Schmidt\n\n\n\n\n\n\n\n\n15. Louis C.K. \n\n\nImage: Mashable Composite Dan Nguyen\n\n\n\n\n\n"^^<http://www.w3.org/2001/XMLSchema#string>
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