Is College Education Necessary For Aspiring Entrepreneurs?

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Do you wish to be an entrepreneur? Do you need a college degree to become one? Is university degree worth it? Most aspiring college graduates are wondering these things and the answers to these questions are not that simple either. Some people believe that college education is the doorway to career advancement and economic prosperity. However, others opine that now college students are graduating with heavy debts than ever before, which is affecting their financial standing. Moreover a bachelor’s degree does not necessarily guarantee career and economic development. 

Is A College Degree Necessary?

 

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Venture capitalist and billionaire Peter Thiel, along with his fellow MIT dropouts Laura Deming and Delian Asparouhov, believe that higher education is surely important and can certainly help you in your career; but that does not mean you need a traditional 4 year college degree. Moreover if you are an aspiring entrepreneur with a solid business idea, then going to college can be detrimental to career. 

However, if you feel that you need to earn a diploma, then I believe that online education is perhaps your best option. By pursuing an online university degree, you will be able to work on your start up and continue your studies at the same time. Moreover you will be able to apply the lessons you learn immediately into your business. 

Should You Leave College Then?

 

Thiel says, “My view is there is no one approach that works for everybody. I’d never claim that everyone should drop out of college and become an entrepreneur. I don’t think everyone should become a celebrity; I don’t think it makes sense for everyone to go to an elite school, and they won’t let everyone go to an elite school.” 

For Asparouhov and Deming, dropping out of college has proved to be rather beneficial. Both of the Thiel Fellows are receiving $100,000 to progress their business ideas from Thiel. Both of them were MIT undergrads and had to leave school for 2 years to get the fellowship. Although Asparouhov and Deming believe they learned enough in their 2 years in college, but none of them regret their decision of leaving college before earning a degree. 

Asparouhov said in an interview “I sprinted through MIT; one semester I did three times the normal course-load — that’s one of the reasons I feel like I left. I got that framework, I know how to learn.” He added “I was moving out to California and signing this lease that’s like three times my net worth,” he recalled. “Three days before moving out I got the fellowship and was like. ‘Oh, yeah, I can pay rent!’” 

Business Is Education In Itself

 

Deming believes that starting up a business is a comprehensive learning experience in itself which does not require a formal university degree. She said, “Not having a degree can be a problem sometimes, but of all the problems you encounter in the start up world, it’s by far the smallest.” 

Thiel, co-founder of PayPal, himself supports this belief that you can learn more from developing a business in real life then spending time cooped up in a classroom. He said “There is this sort of idea that learning happens in college and once you leave college you leave your books behind and you go on with life, but there is some sense in which you’re always learning more. When I started PayPal it was like a super intense learning thing. You learn a lot about managing people, the finances, telling the story of what your company is doing — you learn about a vast array of different things.” 

So Is College Worth It For You? 

 

Deming answers “People ask, ‘Should I drop out of college?’ That’s a bad question. The question is, ‘Are you passionate and competent about something?’” Until you are confident about your start up idea and your abilities and knowledge regarding your sector, “it is a bad idea to drop out of college.” 

If you are aspiring to be an entrepreneur and still want to earn a degree, but don’t want to waste precious 4 years from your life, then getting UK university degree online would be the next best idea. Online diplomas offer you the scope to study at your own time and focus on your start up company as well. Moreover, as online UK degrees are highly valued, it will help you to get investors and provide you ample networking opportunities as well. All these can directly help you to expand your business. 

So what do you think? Is dropping out of college a good idea? Share your views and opinions with us. We would love to hear from you. 

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