However, Sjogreen managed to benefit from his young age as well.

"Professional consultants charge $120 an hour. I'd charge half that much for the same thing. It was a lot of money for me and a good deal for the company," he says.

Mixing College and Business

Running a business is very time-consuming. Yet somehow these undergraduates manage to be entrepreneurs and students at the same time.

"The amount of work I put in was two times as much as schoolwork," says Kanter, who adds he took a year off from college so he could focus more on his business.

Goel also says that schoolwork sometimes interferes with his business. Because of a problem set that he had been working on for the past few days, Goel's company experienced some unusual customer service.

"I didn't have time to contact people to fill their orders," he says.

Although these student entrepreneurs do most of the work on their own, many say that they have several others to thank for their success.

"My dad's an entrepreneur, and he encouraged me to do it," Sjogreen says.

Israel says she gets lots of help from the man who invented the learning technique she works with.

"He's responsible for a lot of the connections I've made and the things I've been able to do," she says.

Regardless of the particular field they work in, student entrepreneurs have several attributes in common.

"I love being my own boss. I know that I'm an effective man. I can get things done," Kanter says.

Sjogreen echoes Kanter's beliefs.

"If you make an agreement to do something, you do it," he says.

Most of all, these students enjoy what they are doing.

"I've just got that kind of entrepreneurial spirit. This is not the first business I've started and I'm sure it won't be the last," says Goel