One of the most beautiful things about entrepreneurship is that there is no “right” way to success. Each successful entrepreneur has their own story for how they made it and learned the skills necessary to thrive in business. Because the entrepreneurship path isn’t as well lit as the corporate ladder climb, it can be nerve-wracking trying to decide your own “right” steps.
As you define those steps, you’re likely to consider whether higher education will aid your entrepreneurial success or whether skipping business school is best for your entrepreneurial vision. Bill Gates and Mark Zuckerberg are just the beginning of a list of business billionaires who didn’t graduate from college. But many notable entrepreneurs did complete a college education, and it made a significant impact on their success.
Let’s hash out a few pros and cons of attending college to become an entrepreneur. We’ll then discuss different paths to successful entrepreneurship and provide actionable tips for exploring any pathway to entrepreneurship.
Pros and Cons of Attending College to Become an Entrepreneur
Attending college isn’t necessary to become a successful entrepreneur, but it can help because of the specific skills, language, and certifications acquired after finishing an entire program. For example, those wanting to start a freelance bookkeeping business would benefit from a comprehensive education in accounting because you master skills like accounts receivable, payroll, or purchasing, all necessary for running a successful accounting-related business.
Many people feel that attending college to become an entrepreneur isn’t as valuable as real-world experience. Combining it with an internship could result in a beneficial mixture of hands-on experience and in-class learning. Because there is so much room for anyone to become an entrepreneur, sharpening your skills through a degree program can be a great way to stand out and ensure your venture can survive and thrive over the long term.
Ultimately, the value of attending college to aid entrepreneurial success is dependent upon your attitude, mindset, and goals. Suppose you’re not committed to thoroughly grasping the lesson in each paper, class discussion, and project. In that case, chances are your college experience won’t be as effective as someone with the proper attitude and mindset.
Other pros include:
- Obtaining a degree.
- Building a network of new entrepreneurs.
- Compiling a list of potential mentors and funding resources.
- Polishing your interpersonal skills.
Other cons include:
- No real-world experience other than a potential internship.
- You learn concepts more than application.
- A lot of professors you’re learning from aren’t business owners themselves.
- Completing a college education doesn’t mean you’ve learned everything necessary to be a successful entrepreneur.
Other Paths to Successful Entrepreneurship
Many of the most successful entrepreneurs out there never got a university or college education in business. They didn’t receive any formal training or education in entrepreneurship, for that matter. Yet, they were able to start and maintain companies that grew into our favorite brands. There are other ways to embark on a path to entrepreneurship and be a successful business owner that doesn’t involve any in-class learning.
You can honestly become a successful entrepreneur in almost any field, so long as you have the skills and the drive. If you’re adept in AI and automation, you can create software that addresses any industry gaps. If you’re a cybersecurity expert, you aren’t far from starting a business installing cybersecurity software if you have the vision for it. The point is, even if you have to forge your path, entrepreneurship is available to each of us with the right mind, plan, resources, and action.
Many business opportunities and ideas came to fruition through effective networking. Going to events and bonding with other entrepreneurs based on similar experiences, challenges, and visions can get you in the door to opportunities your degree couldn’t prompt. Being able to engage in productive conversations often results in partnerships, mentor relationships, and funding opportunities.
You could also work for a startup or small business and get hands-on experience with effectively running a business from the ground up. You’ll experience all of the challenges, successes, and efforts involved with entrepreneurship. It can help you shape your interpersonal skills, learn the importance of flexibility, on-your-feet thinking, and problem-solving skills.
Actionable Tips for Exploring Any Route to Entrepreneurship
If the higher education route speaks to you, use search engines to research specific colleges that offer high-level courses in entrepreneurship. Identify colleges and universities that are well-known for producing successful entrepreneurs. Learn about the professors, networks, and other professional resources provided by the school. Factor in location, financing, and how time-sensitive your business idea is to determine if college/university is the route for you.
Join an entrepreneur network on Linkedin or through social media that houses many business owners to partner with and learn from. Lean on your network for emotional support and business growth. See what’s working for them and research strategies working in your industry. Attend networking events in-person and virtually whenever possible. After forming solid relationships with them, attend events put on by fellow entrepreneurs, visit their businesses, and tap into their networks.
Use job search engines like Indeed and Monster to find opportunities to work for a startup or small business. Search for opportunities that would allow you to wear many hats and be successful in multiple roles to ensure you’re forming a holistic experience around entrepreneurship. Hands-on experience is often all the education you need to start a business and scale it.
