Billionaire College Dropouts and the Value of Education

**Dill** · 02-23-2008 02:08 AM

Here is an intriguing article about Billionaires who never graduated from college. What do you guys think about college? Do you think it's worth the time and money or would you rather just commit to a business as young as possible?

**crackah** · 02-23-2008 05:29 AM

yeah its definitely worth the time and money just because they dropped out doesnt mean that every drop out succeeds. Im sure most fail.

**wannabeMogul** · 02-23-2008 06:14 AM

It's worth it as long as you go to college for the right reasons. Don't sit through classes daydreaming about being rich or complaining about what a waste of time it is. Use your down time to network and make solid business plans.

It pays off when you get to launching a business or project.

For me, college helped me really discover what I wanted to do and gain the skills to make it happen. Most of the real tools I learned were from outside of classes, but I would have never been inspired to go out there and find them unless I had the classes.

**BusinessAdviser** · 02-23-2008 11:10 AM

You'll never be worse off by going to college, but you might be by failing to go.

**GhostFac3** · 02-23-2008 11:19 AM

The fact is even though they didn't go to college and university, they still had to learn. They just didn't do it in a classroom where you study the situations and learn how to learn and react from and towards it.

So regardless of whether you go or not, you will be forced to learn and I would pick learning before hand then trying to apply it.

Edit: The above was just general advice. I actually am start and running business while I'm in college, but I decided to just give a general thought about the subject.

**pboychuk** · 02-23-2008 11:24 AM

I really dont think it matters that much, its a good backup plan, and you may learn some to help your business, but the main reason I am in college is to get a degree, its one of those things that I am expected to do and I would feel like I failed if I did not. It's an accomplishment, and I would deem myself as weak if I dropped out. I do not feel that making tons of money is enough to prove myself to my peers.

**s2008aw** · 02-23-2008 03:29 PM

I personally am proud to have gone to college/university, its something that was expected of me and I feel its an accomplishment.
It depend really on your reasons for going there, if you went there to help learn new business skills and gain knowledge which if your an entrepreneur may be useful than its a good use of your time.
However, if you think getting a degree will result you being financially successful, than perhaps you should look elsewhere as there is a high failure rate in business.
Also if you choose a degree that is not valued by employers or the market is overcrowded with a certain degree graduates e.g. In the UK there are 100 graduates for every job in particular areas such as Law. Than it may be a waste of time.

**pboychuk** · 02-23-2008 04:39 PM

I guess something else to consider is the fact that going to college kinda puts you on a track, your mind is told I am going to learn this and become this, and in most cases its not an entrepreneur, you are probably placed into a certain job and do that your entire life. So, not going to college wil force you to make some important choices and take control of your own destiny, the majority of people probably choose to work a minimum wage job while others have the drive and motivation to make something of their lives.

**tazman9r** · 02-23-2008 05:22 PM

I wonder how many failure stories are out there about people who went to college, did well, yet still ended up not "making it".

I certainly think that going to college has its merits, but as was stated above, you need to apply yourself. Often, that alone is the best part of the whole education process, learning how to be successful in school can translate into learning how to be successful in other ventures, including business.

Just keep in mind, most education institutions, K though 12 and college, are not designed to make you an entrepreneur, they are designed to make you a better employee. They turn out graduates who are ready to go out and perform for their employer in a position that someone else created.

College will not teach you the reality that companies don't exist to "give" people high paying jobs that provide for all aspects of their well being. Companies exist to make money, to turn a profit. The dropouts who realize this, as well as discovering a way to generate a profit without being an employee, might not all make it as success stories. However, they consciously decide to stop relying on an employer (or a government, for that matter) to provide for their well being, and give it a go on their own.

We can examine rates of success or failure all day long, but the fact is that a person who discovers a product or service that has a demand, or though popularity creates demand for their product or service, and markets it well, on some level will succeed.

**Pnickle** · 02-24-2008 07:46 PM

Dropped out of college myself and i consider it a great move.

Firstly, the value of a college eduction has dropped massively. Everyones getting/got one these days, so you are now no different from the rest. was that not the point of the extra education in the first place right?
so what happens after you get your education? you enter the rat race and to the corporate ladder you go.

Check this talk out:
YouTube - Do schools today kill creativity? (Ken Robinson, TEDTalks) ---- amazing stuff

I also fond that college was killing my creativity and dogma was setting in.
I am sure college would be great if your into the sciences and get to do some cool research, but for business and commerce stuff its useless if your entrepreneurial.

Financially I think even a moderately successful entrepreneur running a small business would do better than the average business graduates that go work for the corporations.

Now that i am not at uni, i got the time and money to have a crack at a wide range of business ideas. A lot of these ideas i would not have been able to do without some sort of funding that my job has provided me with. I am out in the "real world" now experiencing all the problems that everyday people have, and hoping coming up with solutions to these problems that i can turn into business's.

The entrepreneurs that ends up "making it" does not for a second think they wont ever make it, they only see college as a massive time waster that distracts them from their entrepreneurial activities. It is after all, all about taking risks right? and not going to or leaving college can be considered one of those risks.

Take the risk, follow your heart and stay hungry!

**BusinessAdviser** · 02-24-2008 08:28 PM

Originally Posted by pboychuk

I guess something else to consider is the fact that going to college kinda puts you on a track, your mind is told I am going to learn this and become this, and in most cases its not an entrepreneur, you are probably placed into a certain job and do that your entire life. So, not going to college wil force you to make some important choices and take control of your own destiny, the majority of people probably choose to work a minimum wage job while others have the drive and motivation to make something of their lives.

If "going to college kinda puts you on a track," that's news to me.

**BusinessAdviser** · 02-24-2008 08:39 PM

Originally Posted by Pnickle

Dropped out of college myself and i consider it a great move.

Firstly, the value of a college eduction has dropped massively. Everyones getting/got one these days, so you are now no different from the rest. was that not the point of the extra education in the first place right?
so what happens after you get your education? you enter the rat race and to the corporate ladder you go.

Check this talk out:
YouTube - Do schools today kill creativity? (Ken Robinson, TEDTalks) ---- amazing stuff

I also fond that college was killing my creativity and dogma was setting in.
I am sure college would be great if your into the sciences and get to do some cool research, but for business and commerce stuff its useless if your entrepreneurial.

Financially I think even a moderately successful entrepreneur running a small business would do better than the average business graduates that go work for the corporations.

Now that i am not at uni, i got the time and money to have a crack at a wide range of business ideas. A lot of these ideas i would not have been able to do without some sort of funding that my job has provided me with. I am out in the "real world" now experiencing all the problems that everyday people have, and hoping coming up with solutions to these problems that i can turn into business's.

The entrepreneurs that ends up "making it" does not for a second think they wont ever make it, they only see college as a massive time waster that distracts them from their entrepreneurial activities. It is after all, all about taking risks right? and not going to or leaving college can be considered one of those risks.

Take the risk, follow your heart and stay hungry!

Just a few points:

1. There is a distinction which you are failing to make; that between a college education and a college degree. The value of a college degree has dropped, as it has become more common than it once was, but the value of a college education, including the experiences, networking, etc., has not.

2. I have never heard that a college degree forces one to enter the corporate world as opposed to an entrepreneurial venture. Rather, it opens one's opportunities, as they can do either with a college degree, rather than just one.

3. I think that the ability of a college education to kill creativity is less the fault of the education, and more the fault of the educated. Your creativity can not be killed unless you let it.

4. If you're entrepreneurial, or even if you're not, a college education is far from useless. You grow socially, network, experience life in a way that you otherwise wouldn't, learn about a variety of subjects, etc. FAR from useless.

If you want an example of how a college education does not ruin an entrepreneur, but rather fosters an even better entrepreneur, shoot me a PM. My life is an open book, my friend.

**Pnickle** · 02-24-2008 11:12 PM

1. I agree that it does bring some benefits with regard to networking, experience etc. But for me i found better entrepreneurial networks and advice from people that are actual not in the college community. More from people that are actively out there and giving it a go.
The college professors and a lot of the "community" have a really good knowledge in their specific areas, but are less helpful when it comes to the actual doing part. I know this is a massive generalization, but it is what i found.
If i had to choose to take advice from a person that had a very good text book college based "education" or a person that has instead spent the time on entrepreneurial activities, id choose the entrepreneur any day.

2. If your so sure about your entrepreneurial path, why do you need a second option? I think this comes back to every individuals situation.

3. I agree, but i still think the design of the education system is still strongly designed around being wrong or right. There is a lack of encouragement of "thinking outside of the box", and instead just being taught what others think is correct.

4. I think the 4th point is the same as the 1st.

I spose it really comes down to the individual and how motivated an entrepreneur they are. If you want the networks, experience etc.. you dont need a college "education" to get it, just go do it.

To be a successful entrepreneur you dont need the degree, to me the time and money spent does not justify the benefits. But for others im sure it does.

I find it very interesting to note that many if not most of the massively successful entrepreneurs dont do the college thing (or just drop out). Maybe its because they have a "hardcore" entrepreneurial mentality, so driven by an idea that college is distracting.

If you where about to inherit a large billion dollar company would you go get an college education before you started running to company, or would you just start in the company and learn that way???

This is what happened when Australia's richest man died and his son took over. The father of this son that took over made sure his son was not sent to college and was quoted saying "why would you want to goto uni?, to learn how to smoke pot?" -- something i found very true. haha

**ThePatron** · 02-25-2008 11:44 AM

A lot of people always ask this particular question. Many refer to the people who made it by not going to college. If you have the opportunity to go to college, then I suggest you go to college. These people didn't make it because they DIDN'T go to college. So saying your not going to college because a billionaire didn't go doesn't make any sense. On the flip side, just because you went to college doesn't make you better than the next person who didn't, because that person probably was learning on his own on how to make money. Going to college can land you a good job, which will allow to make more money to invest in whatever it is you want to do. If you are in college and I have a good idea and need the extra time, and you truly believe in your idea, then I say I dropout and pursue it. Good luck in your decision.

**rekid** · 02-25-2008 12:03 PM

I'm in college right now. I'd rather not be there but its a safety lane until I get my entrepreneurial act together. I think I'd fare better learning at the side of a mentor who has a vested interest in my success but until I find that golden opportunity, college isn't too bad. As long as before or by the time I graduate I get into the right gears and find a way to support myself well financially so I don't have to get a job, but at least I'll have a degree to with it.

If you've got ideas, I'd suggest you pursue them along side college and when you hit a homer you can get out