This is an excellent post, and a very timely one with The Social Network coming out. The film certainly glamorizes startup life, and makes it seem like you won'

This is an excellent post, and a very timely one with The Social Network coming out. The film certainly glamorizes startup life, and makes it seem like you won't fail. I released my iPhone app this Summer (SeizeTheDay, http://seizethedayapp.com http://seizethedayapp.com). I'm in school at Ohio State for my senior year. We got featured on the App Store, and received app of the week from Time and CNET. This has put us around 100k downloads in the first couple of months. While in SF this Summer, I received a lot of advice to drop out and blow it up. I disagree significantly. College is fun, and the idea is that it's something I can do on the side while I'm in school. I'm currently making somewhere between beer money and a salary from iAds (will probably post some data on this at some point when we have more data available). I figure if I can grow revenue to about 4x what we're currently doing, I can afford to dive in full time. This gives me 9 months of school to keep working on the side, and see if it's realistic when I graduate. We put about $800 of investment into it, and our only recurring cost is Apple's dev license ($100/year). While not every startup can operate this way, I feel this is the way to do it. Our model lends itself pretty well to tackling a small problem and growing slowly.