What advice would you give college students about starting a business? 
ostrichpincher: Although it doesn't address your questions directly, this talk about making money online by David Heinemeier Hansson, co-founder of 37Signals and creator of Ruby on Rails, makes quite a lot of sense when you're juggling around all the thoughts about becoming an entrepeneur. 
http://37signals.com/svn/posts/981-the-secret-to-making-mone...
Enjoy.
Take care,
Karl