Now that some of the world’s most successful people in business are college dropouts, do you think you may not need that college degree after all? If you do, you are wrong. In fact, most entrepreneurs who started businesses before earning their first degree tend to go back to school for executive studies.
In addition, research has established that while talent can serve as a good starting point for aspiring entrepreneurs, even those who lack it but have education in a particular field can still go on to become successful entrepreneurs.
On the other hand, those who possess unwavering talent or skill in a particular field have at times ended up failing in their entrepreneurial ambitions due to lack of proper education to augment their skills. The need for education for business owners has prompted educational institutions to introduce programs that are tailor-made for those engaged in business alongside the employed.
For instance, top American universities like Abraham Lincoln University are already offering online degree courses. This is done not in an attempt to increase the number of revenue streams for the organization but rather to ensure that those who are tied to their businesses can also gain the necessary knowledge and certification required to run their enterprises effectively.
While there are notable innovators who dropped out of college and made successful entrepreneurs, most had some college degree. In fact, nearly all only dropped out of their master’s or Ph.D. studies.
For instance, the likes of Bill Gates (Trades, Portfolio), Mark Zuckerberg, Steve Jobs and Sir Richard Branson did not have business degrees when they launched their careers in entrepreneurship. But they all had some college degrees, be they bachelor's or master’s degrees.
Therefore, it would be unwise to try to compare oneself with them in trying to go into entrepreneurship. While the college degree may not guarantee success, it provides would-be entrepreneurs with a higher chance of succeeding. And of course, should things not turn out as planned, a degree can be used as a fallback plan to get employment in the corporate world.
Furthermore, if you consider the fact that most of these so-called maverick entrepreneurs started their businesses decades ago, it is obvious the picture has changed significantly since then.
Back then, competition in the labor force wasn’t as tight as it is today, and this translated to the business world. Currently, you cannot afford to make many mistakes as an entrepreneur and expect to go unpunished by the market.
Some of the common mistakes entrepreneurs make are highly related to the level of education they received before launching their businesses.
Another reason why entrepreneurs might find it important to get a college degree is that they will need to hire employees who have degrees at some point. This can help in their ability to lead. Ideally, why would a master’s degree holder listen to his boss who dropped out after high school?
Having a degree might provide better leeway for entrepreneurs when trying to lead from the top.
Several reports have also established that while entrepreneurs may be excellent innovators unless they have some college education they tend to be poor business managers. This is the same reason why most of them end up losing their businesses to a more educated board that knows all the tricks of pushing out business founders.
Conclusion
You do not need a college degree to start a business, let alone an MBA. However, if you plan to run the business for long and possibly scale it further, then a college degree might come in handy. A college degree might give you the edge against competing businesses where profile matters.
Therefore, having a college degree may not be a prerequisite for starting a thriving business, but with it, you stand a better chance of being successful in your entrepreneurial career.
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