School Vs. Entrepreneurship

BizGuy · 08-12-2003, 02:39 AM

Now here's a topic that should get alot of discussion. How many of you are currently in College/University or have gone to Secondary studies? Are you currently going to school and running/managing a business on the side? Tell us how that is working out for you? Are you planning on completing your shcooling and then taking that knowledge and starting your own biz or working for another company to learn? Those of you that have jumped right into the entrepreneurial world and have attended the school of trial and error, tell us your thoughts on why you felt the desire to work for yourself right away?
We enjoy your stories so don't hesitate to tell us!

Looking forward to hearing from all of you!

Adam T.

Matthew · 08-12-2003, 03:54 AM

Hello Friends

Entrepreneurship is the only way I see myself being 100% happy and content with my life. Even if I had to make less money trying to come closer to the finality of an idea rather than working to make someone else richer working for them. Being in business for yourself brings a fulfillment that can only be described by me as FANTASTIC!!!
I look forward to the challenge of succeeding on my own terms and when you finally smell a bit of success you will understand where I am coming from, it is very hard to describe.
My mission is to assist all other entrepreneurs with their vision and put forth my knowledge and expertise and hopefully that will drive him/her on the right path to success.

"My name is Matthew and I am an entrepreneur for life."

Cheers,

Matthew Toren
www.YoungEntrepreneur.com
www.1800Voice.com

Steve · 08-12-2003, 03:54 AM

I am at this stage. I applied for a couple schools -- but am deciding to make business my priority. I am enrolled in a couple classes but nothing major.

If I would make school my fulltime priority I would want to go to the biggest and best school I could get into to make contacts that would help me through out my future. Since I know I am going to do business in my future I feel that a good contact is more important than any degree.

Matthew · 08-12-2003, 04:09 AM

The best schools will always be here BUT your ideas will not, people are constantly coming up with new innovative ideas.
If you do not put yours on the table, then somebody else will and you can count on that.

Take action on your ideas and put them into play even if it is on a part-time basis.

School is great and will benefit you in many ways that you cannot even imagine. It's all about prioritizing...

Fantastic biz opportinity that could be huge
or
School

You do not want to have any regrets.

Cheers,

Matthew Toren
www.YoungEntrepreneur.com
www.1800Voice.com

Steve · 08-12-2003, 04:17 AM

Quote:

Originally posted by Matthew
Fantastic biz opportinity that could be huge
or
School

I most definitely agree with you. I love business, I can't see myself making someone else a lot of money and me making an hourly rate.

You do have to love business to be successful at it, because starting out is a lot of work and very little reward.

nate · 08-12-2003, 04:24 AM

This will sound horrible probably but if I could do it all over again I would have skipped the college part and went straight into business. I felt like I wasted a lot of money and time going to college. Others might have had a totally different experience though. My only suggestion is don't go to college just because everyone else is. Do it for the right reasons.

Matthew · 08-12-2003, 04:27 AM

Nate you are 100% on the money with what you said about not going to school becouse everyone else is.

Cheers,

Matthew Toren

melloncollie · 08-12-2003, 06:56 AM

I've always been the entrepreneuring type.
Money has always facinated me and the idea of making money work for you has fascinated me even more. Since a young age I was reading books and working on ideas on how to make money. While I was in High School I started my own website business for people in high school to communicate with each other much like this forum (which i must say is brilliant).

The business took off and I sold it for probably less then it was worth. After high school I was against going to college.
I went straight into another business (importing cell phones from europe and distributing them here in Africa). The business ran very well for 3 years and then a problem with partnerships caused me to leave the business.

Now I have no business and no degree. On one hand im happy I didnt go the college route immediately. The street smarts, confidence and knowldege that I've gained will never be rivelled by any formal education but on the other hand I cant help feeling insecure. The insecurity is my driving force behind looking for new ventures and businesses to start but I cant help to think what happens when I'm older, have a family and have responsibilities that I need to tend to? What if the next business venture I go to fails dismally and engulfs my capital?

I would never fall into the rat race but i can understand how people do - i've started to study by correspondence now. This option gives me to an extent that sence of security that I mite need for the future (Eventhough i know it is a false sence of security) and still allows me the option to look for other business ventures and do what I love to do!

But i think the issue that needs to be addressed is what is being taught in school and college about money and making it rather then wether or not you should do either (it sure could of helped if there were some practical classes on money, tax, law and accounts).

Keep it up,
Mellon.
-Life Enthusiast

mike · 08-12-2003, 09:05 AM

When I was in college I was working for a marketing firm and it was hard doing both. I also ran a few web sites, which I sold recently. It was not easy, but I think it is important to have a good education behind you.

2003 Aggie · 08-12-2003, 10:04 AM

Well, as you can probably guess from my user name, I just graduated from Texas A&M in May. Although I would have much rather started a business than go to school, it was a very valuable experiance. If nothing else, college teaches you to work hard, even if you have to do something you would rather not do. Plus, my degree in business taught me lessons in finance, marketing, and management that I would have had to learn the "hard way" had I gone straight into business. I was also able to take a class in entrepreneurship and learned the proper way to write a business plan.

I currently work for an entrepreneur, and his advice has always been to work for someone in the industry you wish to enter. You can learn mistakes not to make, get valuable experience, and make contacts that you will need in your own business.

Since I want to open a bar or sports bar in a year or so, I'm going to start working part-time as a bartender to get some experience on someone else's dime before I invest (a lot) of my own and other's money.

The "rat race" is very easy to fall into. I've worked for a large company and a small company. I REFUSE to ever work for a large company under someone else again. If you've never done it, it sucks.

Stephen

Bleys · 08-12-2003, 10:39 AM

I started out going to film school because the thing I want to do most with my life is produce/direct movies. But film school turned out to be a bust. I didn't see the point in spending $32,000/year to take classes with people who knew less about filming, editing, theory, etc. than I already did. So I moved back to my home state (Rhode Island) and I am currently enrolled at the University of Rhode Island. I am slowly (very slowly) getting a degree, but it's a backup. I think I'll make it in business in the next couple of years and will be able to drop out of school completely. I take four classes but only Tuesday and Thursday so I have plenty of time to devote to my business ventures.

mr sprocket · 08-12-2003, 10:46 AM

I guess I came into the web industry in an odd way. After HS I was musician for many years(not much money but quite fun). I work at a day job now while building up my online ventures. My advice would come from someone who laid off in a market of IT/web people a few years back. When I went job hunting I found that not having a degree would lower my income 10K a year at least. If you are you own business and never have to work for others school my not be the way. But if you ever have to enter the work force education becomes a big issue. I know many others besides myself that can do our jobs very well. In some cases better than a person just leaving college with no work experiance. But to a recruiter or HR person they may not matter.

tmellon · 08-12-2003, 11:05 AM

You know, its very possible to go to school and run a business at the same time. I did it very successfully.

I have a BS in Computer Science with a minor in Business/Business Law.

I started taking college classes when I was a senior in high school (Early entrance). I took all my prerequisites in when I was a senior - most of them I ended up testing out of (like the prereq for Computer classes was like Word 5 or something like that - needless to say, I could've taught the class myself - with my eyes closed).

I got my degree 2 years ago.

Waste of money? I didn't have to pay for anything out of my pocket -- nor did my parents. I got scholarships and grants - paid for everything, with even a "little" bit left over to help pay for day care (I have 2 kids - only had 1 when I was going to school), and paid for my gas to and from school (and everywhere else).

If you think college costs money... you're wrong... You can get scholarships and grants to cover your costs. I would've been easily out $16000+. But I sit here now, without debt.

Tonya

Bleys · 08-12-2003, 11:28 AM

I pay about $3000/semester now... though it would have been $0 but I lost $3000 in scholarships since I left school for a semester.

I also did the early entrance thing, so my senior year in highschool doubled as my freshman year in college. Which is why I am a junior now and all my friends are sophmores. I would recommend anyone who has the opportunity to leave high school early, do it... if you are mature enough (and anyone trying to run their own business should be).

I also forgot to mention, in addition to running my own business(es), and going to class, I also work part-time on campus, and part-time doing PR for a start-up computer game company.

nate · 08-12-2003, 04:02 PM

Quote:

Originally posted by tmellon
If you think college costs money... you're wrong... You can get scholarships and grants to cover your costs. I would've been easily out $16000+. But I sit here now, without debt.

Tonya

I was given 13,000 in grants/scholarships but that only covered about 1/3 of my expenses. I still have a $15,000 loan to pay back. College DOES cost money for a lot of people.