Is College Worth it for Entrepreneurs?
Did you get your college or university degree after finishing high school? Has it helped you with your entrepreneurial education? Most colleges train you so that you can get a job once you graduate but they don’t offer much in terms of practical experience for students who are looking to become entrepreneurs.
With all the stories of people who dropped out of school to go on and build multi-million (or billion) dollar companies, more and more students are wondering if college is for them.
The US news recently came out with three suggestions for how entrepreneurial-minded students can benefit from college:
1) Study entrepreneurship while developing an outside niche.
Tina Seelig, executive director of the Stanford Technology Ventures Program at Stanford University, says that while successful company builders have a natural inclination to be entrepreneurs, sometimes it takes education to bring that inclination to full bloom. “There are people who are natural athletes,” Seelig says. “There are people who are natural musicians. That doesn’t mean we don’t try to teach them those skills.”
2) Expose yourself to as many different courses and experiences as possible.
What if you don’t go to a school that lets you study entrepreneurship directly? Seelig says she would advise trying to get as exposed to lots of different disciplines. Having broad knowledge can make it easier to identify opportunities as an entrepreneur. Hello, liberal arts education.
3) Consider even more education.
Depending on your field of interest, going on to graduate school can help a lot. Litan says that the stakes are now higher for tech startups because the world of technology has grown so much more complicated and expansive. “If Bill Gates were asked if when he was 19 years old, could he create Google, he’d probably say no,” says Litan, whose organization recently published a study that looked at founders of tech startups. It found that 31 percent of them had master’s degrees and 10 percent had Ph.D.’s. In addition, the study found that having an M.B.A. meant that a tech entrepreneur on average founded a startup 13 years before others.
What do you think? Is it worth going to college or is your time better spent working on your business?
Evan CarmichaelYoungEntrepreneur.com Blog Manager
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12 Comments so far
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In my experience an education can be helpful but only if you have the correct perspective. I personally like a general business course of study as it leads to a well rounded person. It doesn’t tell you how to run your own business, but it gives you an understanding of economics, accounting, marketing, etc. I also like the advice about a rounded education. That is key to help find your niche and run your own business.
A technical degree can be useful, but I find it easier to hire someone to be your technician. Engineers, programmers, and web designers are available. Creative vision and direction is the entrepreneur’s job!
Don’t go into debt and break the bank. That ivy league diploma will not land you new orders. It won’t grow your business. All it can do is give you bragging rights and a heck of a lot of baggage. A good local college will give you a similar education for much less.
Also, find ways to pay your way without debt. Don’t start your life off behind the eight ball. And anyone who says they are too busy is full of bunk. I know because I’ve personally gotten two degrees (BS Business and BS Engineering) while employed full time and with a family.
[…] Young Entrepreneur Is College Worth it for Entrepreneurs? […]
I often find myself asking this question too. However, college is great for “learning”. I love to learn new trades and skills. After I learn something, then my entrepreneurial side begins to think: how can I make this a great business?
informative and very interesting
I started a business out of highschool and never went on to college. I think the way I think is a little less conformed and is actually a benefit. Education in itself is important and if you are not going to college then you should be prepared to do your own studies. Libraries and bookstores across the country will give you the knowledge you need but you have to have the discipline to take advantage of them. You can focus on exactly what you need at the time. Never stop learning but keep your head out of the box!
M.
[…] I was randomly going through articles on Startups at Alltop and came across Is College Worth it For Entrepreneurs? at youngentrepreneur.com. […]
Nice post Evan. I’m biased in this of oucrse, but I would only add that a student get involved with Peer (peervp.com) or something like it that gives you ‘real world’ exposure to deals as well as capital to start something while in school. I think the risk profile/life style of a student and the exposure (as you mention) to several different disciplines can help many entrepreneurs, but to me most of the college system is about turning out soldiers for corporate America and is just now migrating to a more entrepreneurial friendly place.
I have very strong feelings about this. I have openly discussed my frustrations with today’s college experience in past posts of my own. I am a self-taught internet entrepreneur. 90% of what I do today, I learned to do myself. Only 10% I learned in college. I taught myself by getting online, attending online webinars or local seminars, reading blog posts and articles, and watching online tutorials.
However, having a degree is extremely important in terms of credibility today- I think in 20 years it will even be worse. People will expect you to have a master’s degree in addition to your undergraduate degree. Maybe it has nothing to do with education- perhaps students just simply aren’t ready to embark on their own careers, I don’t know.
But we live in a world where if you don’t go to college, and you’re just starting out with your own business, you may get less respect and less business from clients. However if you had a degree on your resume…those 10 or so little worlds can give you a world of opportunity. So yes, I think college is worth it for entrepreneurs- if not just for the experience, for the little words on paper when you’re finally done.
I do think that the whole college experience and curriculum needs to be drastically revamped in order to prepare students fully for life after graduation. I agree with the concept that experience is much more helpful and beneficial than a college education. However, both would be ideal!
Is College Worth it for Entrepreneurs?
Another great post asking the question: is college even worth it if you’re going to be an entrepreneur?
[…] I may be beating a dead horse with this post, but it is really interesting to me to see some of the recent posts about college and questioning whether getting a degree is worth it. Campus Entrepreneurship countered the WSJ article about the declining value of a college degree and how it no longer guarantees a certain wage level. And Tim Berry discussed a post from YoungEntrepreneur.com regarding whether or not college is worth the time for an entrepreneurial minded individual. […]
College was a good experience and it gave me the time to explore some options while starting my first business during my 2nd year of College. Could you be a successful entrepreneur without it…? You bet!
This is a debate that will never end.
Personally, I found college a complete waste of time in terms of learning. If I were to do it over, I would have never gone to college and instead just started my business straight out of high school. College doesn’t eliminate any risk for you, you are NOT guaranteed a nice comfy job even with an excellent resume. Actually, you may not receive a nice comfy job BECAUSE you have an awesome resume. Just ask Dennis Kucinich, he was mayor at 31 of Cleavland and possesses a masters degree. For many years after he was dirt poor and struggled to find employment (ouch!).
I’m not trying to be pessimistic, in fact quite the opposite. I don’t think you should make a plan that focuses on “what happens if I fail, what job do I have to fall back on”, this may be an illusion. Instead, realize that the best job security in the world is money. You can start a business, you can start a social project, you can run for senate, you can give it to me.