As an entrepreneur there are always moments when we wonder if we should continue our education or try to build up our business. This has been a dilemma that I face every semester. Every day I wonder if I quit school would I be able to pursue my business and become the next Mark Zuckerberg. Over the past year I have come to a justification for my reasons to stay in school. 

First off, yes some of the richest man in the world didn’t receive a college degree like Bill Gates. In fact, four of the richest men in the world didn’t graduate from college. However, six of the ten richest have. What does this mean? You can make it without a degree and you can always reach your dreams. But, getting an education is an insurance and a chance to utilize many resources that you may not be able to obtain.

The cons of staying in school is the opportunity cost of letting your idea or business hold fast while someone else in the market can come up with an idea that is similar. This can be a huge cost to you as well as going mad over time. The next thing to think about is the amount of education you can get from trying to start your own business. Experience is a great way to learn. The last advantage that I have thought about is not having to pay tuition.

The pros of staying in school speaking from a first hand experience is gaining a valuable base of knowledge. You have business consultants all around in the form of professors. Also, many schools have entrepreneur centers that are more then willing to help out students. These services include business plan templates, waivers to conferences, and free office tools such as fax machines, phones, and computers. Generally, if you are involved on campus you can have access to an Alumni network willing to help you succeed. Oh and I forgot that degree with your name on it not only gives you a piece of paper with your name on it, but also a textbook of knowledge on how to read financial statements, communication skills, marketing skills, and many more depending on your major. This degree will give you a well rounded view for your business. 

I have been able to experience all of these benefits first hand and have enjoyed many other perks. When your a student many people in the community are more likely to help you and take you serious. If you don’t have your degree you are giving up possible validity to your audience. I recommend if you don’t finish your college degree than you should become the most educated person you can be in the field you are doing your business. You want to be the best and in order to be the best you need to be better than your competition. If your the most educated in your field whether it be with a college degree or personal studies the returns on your investment will pay off. This investment is the time you took to study your business, which will help you reap success for your business. Good luck with whichever option you may choose. Remember you can always try to do both to.

If you have any questions, ideas, or suggestions please email us at questions@businessonthemound.com.

Tags: degree, Entrepreneur

This entry was posted on Thursday, February 28th, 2008 at 1:31 pm and is filed under Entrepreneur. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.