• Take advantage of inside and outside advisers at school. Some college faculty members have great practical experience. Find the ones with experience, and the ones who are willing to share, and tap into it for free. Most universities also bring in outside advisors to mentor budding entrepreneurs. It's a huge opportunity to learn early.
• Build a business plan early on. Pick an idea, any idea. There is nothing like writing and pitching a business plan that makes you realize what you don't know. Most schools have business plan competitions, and even give out seed money to winners. Once you graduate, you can't take that course you need, and even the advisors are gone.
• Business networking is key. These days, every student has his social network of peers. But these won't help you much finding investors, key executive hires, and pitfalls to avoid in the real world. Plug yourself into a new network of business people. You'll be amazed at what you can learn by listening to experienced entrepreneurs.
• Just do it. You will learn more by struggling through the process of setting up a company and making it work, than all the other items above put together. If possible, team up with someone who has been there before and is willing to provide some mentoring. Don't try to "bet the farm" on your first company. It's the learning that counts.
Once you are out into the real world of running a startup, your academic credentials mean very little to anyone, and practical experience in invaluable. And don't forget that the hardest part of dropping out of Harvard to start a business, for most aspiring entrepreneurs, is that first you have to have the credentials to get in.
