As a current college student, I'd recommend they try their hand at starting a student organization that does something entreprenurial (a microfinance organization, or a group providing tech services to the poor, for example). I suppose I don't have the experience to compare it to launching a startup, but from what I've understood about startups there are a lot of similarities:

- You are the one in charge, you have to make stuff happen

- You have to figure out where money is going to come from and how to make it last (if you don't have a legitimate budget sheet you're doing it wrong)

- You have to think about recruitment and retention of members (hard when payment is not an option)

- You have to manage and motivate people

- You have to set goals, develop a vision, and convey that to your members

- You have to find organizations who can help you, and learn how to form mutually beneficial partnerships

- You face hard times and good times, but have to keep going regardless

- You learn your strengths and weaknesses as a leader (good for knowing what to look for in a co-founder)

- If you are really passionate about what you're doing, you'll learn what it's like to really devote yourself to an organization

- Somewhat trivially, you'll need to learn how to handle lots of emails, personal contacts, and competing time commitments.

The nice thing is that the cost of failure is pretty much 0 in a student organization. If it doesn't work, no one will really care that much. But if it does, you've made a mark on your university and probably learned a lot in the process.