Answer the following questions to determine whether you should leave school to start a business.
Today, entrepreneurship is a popular trend receiving considerable community support, while continuing college or university has become an expensive choice. Alongside people who accumulated enough money and time to study before pursuing business are entrepreneurs who consider formal education unnecessary.
There are many ways to start a business and achieve financial stability without a university degree. What matters is equipping yourself with the right tools and support system for your career. Answer the following questions before deciding whether to leave school to go into business:
Is your entrepreneurial spirit strong enough to succeed?
Before entering the business world, make sure this is the path you want to pursue. Building a company is very different from working 8 hours a day for one. Pressures and challenges will increasingly weigh on your mind each day, and they can drive you “crazy.”
If you have enough motivation and inspiration to begin, never doubt your choice. But if you do not feel confident about it, do not rush to leave school to do business.
“Being an entrepreneur is a full-time, 24/7 job,” said Tom Portesy, president of MFV Expositions and producer of Franchise Expo West, Franchise Expo South and the International Franchise Expo.
Portesy recommends asking and answering: ‘Are you ready to sacrifice time with friends and loved ones? Are you ready for rejection, disappointment and business failure? Are you ready for long sleepless nights and to risk everything you have for the business? Success brings many rewards, but are you mentally prepared to make sacrifices?’
Passionate, but patient enough?
Sometimes great ideas will not wait for you to grow up, and 4 years of study may cost you the opportunity. Taso Du Val, founder and CEO of global technology network Toptal, is a prime example.
“I once wanted to attend MIT, but the thought that I would have to wait 4 years before starting a business made me restless,” Du Val said. “So I began pursuing a business career while I was still young. A few years later, I solved a problem in IT outsourcing. For me, business is something I have to do, and I do not want to waste time studying and listening to lectures that I will never need in my life.”
Eduardo De Arkos, founder and CEO of Dynamic Agriculture Solutions, had a similar experience and quickly decided to leave school to start a business.
“I felt that I had all the skills needed to start a business after the business courses I had attended,” De Arkos recalled. “The sense that a potential business opportunity has appeared is rare, and it will pass you by very quickly if you do not seize it. Although I did not attend school, I actually learned through practice. These were no longer theories on paper; I truly applied that knowledge to starting a business. Most importantly, I spent time mastering the necessary skills rather than merely encountering them in an academic setting.”
Do you have enough real-world experience yet?
For Randy Wyner, founder and Chairman of the Chronic Tacos franchise restaurant chain, dropping out of school was his only choice. Responsibility for his young son forced him to earn a living instead of continuing his education. After rising to management at Jiffy Lube, Wyner knew he had enough experience to steer his own business. He had prepared himself with an entrepreneurial mindset before starting out.
“Learning through practice quickly taught me how to manage a business, whereas students mainly learn these things through summarized theories. Following this path of self-education helped me understand what I should and should not do when running a business. Although university can teach you the principles needed in business, you cannot truly learn how to run a company until you actually do it.”
Have you thoroughly tested your idea?
Although risk is inherent in business, do not take excessive risks by leaving school without testing your 100% confidence in the business idea.
‘Validate your idea before dropping out of school. Have you ever considered that?’ suggested AJ Nelson, co-founder of Clusterflunk, a social network and document-sharing platform for students. ‘Run a feasibility experiment. Collect sign-ups for your service or product, conduct market research... These are steps you can take while still in school to strengthen your business idea. Once you can prove that you can solve the problem and that people are willing to use your product or service, then consider pursuing the idea full-time.’
What is your financial situation?
A university education can be an investment in the future. So can a business. You need to reassess your personal spending, build a budget plan and organize your time to prepare to turn your business project into reality.
“Understanding the total cost involved is a prerequisite for going into business,” Portesy shared. “Before pursuing a business opportunity, map out the total investment cost and estimate the related resources you may need before diving in.”
Sometimes students finish their education, then spend a few years working in an industry of interest, gaining experience and savings to start a business later. If you do not think you can drop everything and build a sustainable business, it is best to continue studying.
However, if you are currently studying and feel an urgent need to spend time testing and nurturing a business idea, consider deferring your studies for a few years before deciding to leave permanently.
Do you have a strong support system behind you?
Business is not a solitary game. In reality, your career is closely connected to friends, family, business partners and other stakeholders.
“Take ownership of your work and stay connected with other business owners who have experienced both success and failure. Learn from the challenges you have overcome and remain open to new lessons and mentors,” Portesy advised.
Like Portesy, Wyner understands that his business success would not have been possible without the support of family and friends.
“Surround yourself with intelligent and knowledgeable people. I have been very fortunate to have excellent advisers beside me. They are wise and experienced, and always willing to offer me candid, challenging advice,” Wyner told Business News Daily.
Is your reason for starting a business sound?
This may be the crucial question: Is your reason for starting a business strong enough to leave your current educational path?
Matt Brown, co-founder and CEO of freelancer management platform Bonsai, is a volunteer mentor with the Thiel Fellowship network. The network selects and funds promising students to make a positive social impact through research and innovative solutions rather than attending university.
“People need to think critically about the value of investing four years in education and paying enormous tuition fees. Is there a way to learn faster, meet more interesting people, and gain hands-on experience with more business projects? Do you want to leave school because you feel compelled to create something and school is standing in your way? Or does your reason for leaving school to start a business come from some (apparently) successful entrepreneur you read about on Facebook?” Brown analyzed.
“Dropping out of school without a valid reason is just as foolish as continuing to study without any purpose. Ultimately, you need to understand clearly what you want,” Brown added.
Collected.
>> Great Articles on Entrepreneurship
>> Success Energy Activation Course
>> Business Consulting Program
Chương trình liên quan tại YUP Education: X-Startup – khóa học khởi nghiệp «Khởi Chánh Nghiệp» · The Journey – lộ trình phát triển doanh nhân
