Whether you plan to start a venture or work for a startup you can come out as winners if you keep in mind few fundamentals. You haven't really achieved anything until the business is profitable and self-sustaining. Just being a dotcom or a startup, does not make it cool or highly valued. An idea does not just become valuable because it is in a browser. Making it to the winner's stand is all about having a viable business model that can achieve the holy grail - positive cash flow.
Investors are interested in the long-term sustainability of the business model.
Work on your business model to ensure that it becomes profitable in reasonable time and is able to sustain the same. As bright young students, you have the capability to generate innovative business ideas without restraint. However, good ideas are only a good starting block. But first, do your homework, be realistic and leave your ego at home. If necessary, reconceive the product or service.