Faced with a tough job market, business grads and MBA students are ditching the job applications. Dismissing the idea of working for large corporate firms like hedge funds and investment banks, some of the brightest young minds are off starting their own companies.

What’s on the chopping block these days for recent grads? Many of them have launched their own food companies, technology firms, and real estate development. In previous years, many finance majors and MBAs have fostered long-term plans that involved becoming an entrepreneur a few years down the road. However, since the job market is so sour and companies are making fewer offers, graduates are acting now.

These days, it’s definitely not uncommon for fledgling businesses to be popping up left and right. But why start your own business when it takes so much time and energy to get started? Believe it or not, there are lots of advantages to starting your own company while you’re in school or recently graduated. After all, when you are your own employer, you can set your own hours and determine your own salary!

Take Mark Zuckerberg, the 22 year-old founder and CEO of Facebook, for instance. The social-networking site has successfully generated millions of dollars for the young entrepreneur, who turned one single idea into a business that has changed the world.

Getting started on your own business is not as hard as you think! Many colleges have a wealth of resources and information that is available to current students and alums. Here are some ways to make the most of your hard-earned education:

• Take advantage of business classes. Lots of colleges offer courses on entrepreneurship, marketing, and advertising. Not only will you be furthering your education, but you’ll be learning some practical skills in the process.

• Get good advice. Speak to professors and faculty members about your business plan. They might have some really good insight about managing your own operation. Some schools have entrepreneurship and career counseling offices to help students develop their own small business.

• Advertise on campus. Posting on bulletin boards, student mailboxes, and doorknobs can be a cost-effective way to spread the word about your business. College newspapers and radio shows is also an inexpensive way to get the ball rolling.

So, if you have decided that you don’t fit the corporate mold and want to work for yourself, setting up your own company can be a great way to establish a very fulfilling career.