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Entrepreneurs - You Might Want to Drop Out of College
Young entrepreneurs and business owners are often times faced
with the choice of which road to take. On one hand, there is the
more conservative route of staying in college and getting a
degree. On the other hand, many have thriving businesses that
are making more money than their degree will ever get for them.
Is college simply a hindrance? Or is it a valuable resource that
should be continued at all costs. Many college business owners
don't even realize they have the choice of dropping out. Knowing
this option is there could be vital to the success of their
future business. If you are in college and are an entrepreneur
or business owner you must ask your self this question: should I
drop out of college?
The answer to this question often comes in many forms from many
different people. I was recently at an entrepreneurial
conference and had the opportunity to discuss this matter with
many rich entrepreneurs. The answers I was getting from them
were vastly different from those that my family had given me. On
the one side I was being told that college is only useful if you
are getting something out of it, and that if I was serious my
businesses should take priority over schooling. From the family
side I was being told to stay in school no matter what, put
schooling at the forefront - there will always be time for
business and it will be good to have a safe backup. Both of
these answers have their merits, but which one is right? During
all of this I was in the middle of starting one of my online
businesses. It became clear to me that it was my decision-
not the other wealthy entrepreneurs, and not your family.
Why are you in college?
This question is the fundamental element in the decision to
drop out of college. Entrepreneurs must figure out the reality
of why they are in college before making a decision to drop out.
Some business owners are in college because their parents told
them to go there, or because they didn't realize they had the
choice. Other young entrepreneurs are in college because they
find the information valuable and want to continue learning
while they expand their business. Even more still had childhood
dreams of one day being an engineer or architect and want to
follow through with their early ideals. You must answer this
question truthfully and honestly if you are going to make a
choice about running your business full time or staying in
college.
Why Do You Want to Drop Out?
It is very important to understand exactly why you want to
drop out. Many business owners and entrepreneurs have vastly
different reasons for dropping out of college and it is key that
you understand yours. I have often fielded this question in
conversation, and many times a young entrepreneur will want to
drop out of college on pure speculation. This is never a good
idea without a solid business plan. I recommend having a solid
business plan and some backups in the least, as well as some
plans for continued learning of business skills. Dropping out is
a risky decision - entrepreneurs will
understand and easily
accept this fact. Understanding and accepting risk is part of
being an entrepreneur and starting new businesses. I have also
talked with many entrepreneurs who already have million dollar
plus income, and are thinking about dropping out in order to
focus more on their business. This instance presents an entirely
new set of questions. Whatever your reasoning make sure that you
understand and research your position.
Here is the Secret to Making the Decision
It all comes down to balancing the two sides of the argument.
If you've figured out both your reasons for being in college and
your reasons for dropping out and starting a business, then you
can easily make a decision. The trick is to look at a list of
both sides: your reasons for being in college and your reasons
for going out and becoming an entrepreneur. If either side has
reasons that aren't your own, or that have doubt in them, then
you will most likely pick the other side. Here is an example
situation, look at the two lists and decide what the student
should do.
Student A - Reasons to Stay in College:
- My parents are paying for it, and they would flip if I
left
- Everyone I know is in college, it would be weird to leave.
- A degree might give me some security later on.
Student A - Reasons to Drop Out and Pursue Business
- I have a solid business plan and have been working on it
for months
- My income is almost half of my parents already
- Having more time to work on business would let me expand
faster
I think it is fairly clear in this setup that we have an
entrepreneur at heart. There is doubt in the reasoning behind
college, and he also doubts that he will even need the security
of a degree. The second list is much more profound and certain.
This student knows he will be successful as an entrepreneur and
he only wants to build his business more. There is certainty and
understanding in his tone. With this situation it seems very
likely that the student would be far better off dropping out of
college and pursuing his business goals.
The case is almost never as cut and dry as the situation above,
most young businessmen have far more complicated setups. Even
with the complications, the end result is always the same.
Follow the path that you are sure of in your heart. If you are
an entrepreneur in the right position then you will know
exactly why you want to drop out and that it will
be better for you. Or, you will know that staying in college
will teach you more about business and let you grow faster out
of college. I will leave you with one last thing.
Listen to your own thoughts, and pick the path that you
know is better for you.
About the author:
Mason Hipp is an eBay powerseller and the author of many
articles and guides aimed at helping people sell online. His
work is availible at http://www.selladeal.com For more learning
about eBay and selling you can visit
http://www.selladeal.com/guides
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