Do Young/Future Entrepreneurs need to go to college?

Are business leaders born, or are they made? I say both.

“I’m an Entrepreneur”. Those very words are attributed to innovation, disruption and creative leadership. Depending on what sector of the population you mention it to, entrepreneurship is also described as instability or volatility. It is received with many different perceptions, reactions, and assumptions. As we circle around the topic, the question at hand springs back to mind. Do entrepreneurs need to go to college to be successful?

That is the question of the century and lately, I have seen this question pop up a lot, whether it’s on my Twitter or Facebook timelines or the topic of discussion in every gathering. Everyone has their own opinion and depending on whom you ask, the answers may vary. There is no right or wrong answer: it’s up to the individual and their support group to decide what’s best for them. In my opinion as a college graduate, I don’t think it is ultimately necessary and realize I use the word ULTIMATELY; however, it is important and valuable for many reasons, which will be further explored.

This is the real question: are people born to be entrepreneurs, or is it something we learn along the way based on necessity, socio-economic conditions, culture and the environments in which we were raised? Mostly all we can do is speculate. This is what we know is true: more so than in most other career paths, entrepreneurship requires a high degree of mental toughness, confidence and dedication to your craft.

College teaches us a lot of things, regardless of major, that will be of value to you as an entrepreneur. Skills like determination, focus, assessment, and even the ability to learn on your own are not just encouraged in college but necessary to succeed. The same skills are necessary to be a successful business owner. Even the experience of starting at a new school, matriculating, and graduating is of value because it demonstrates resolve and tenacity!

For a young entrepreneur, the college experience might be the largest, most relevant network to which you will probably ever be exposed. It’s your cushion for mistakes, trial and error, success and failure, market research and the list goes on. Take, for example, my alma mater California State University Long Beach. This is a big university with an average of about 40,000 students; hopefully with the mention of such a number the light bulb just went off at the unimaginable potential that number of students has to offer. As a college student, you now have a significant network with which you share common interests as well as those that complement your skills and personality. Take a second and imagine - 40,000 students with varying backgrounds, experiences, and majors, along with experienced faculty in all disciplines from business to engineering, to design with whom you are now able to interact. That’s a large pool of resources you can utilize and one or many of these people could end up being your trusted business partners. The most prominent example that comes to mind is Facebook. One of the largest and most recognizable businesses and brands in the world was started while the founders were still in college.

College curricula stimulate and challenge the mind and help you to both expand your knowledge and increase your intelligence. . That’s one of the principles based on which higher-education institutes were formed; so if your goal is not to achieve mental growth, what’s the point of even showing up to class? So much of your learning will happen outside of the classroom when you interact with all of the smart and creative individuals in your classes and on campus. To take it even further, you’re also surrounded by “been there, done that” professors, who have had and continue to have first-hand experience with successful businesses and are able to impart this knowledge to you.

If you’re already an entrepreneur or aspire to be one before enrolling in college, you should have a plan even if you think it is vague or undefined. Without one, you will just be another misguided student blaming the school system for your failures or indecisiveness. If you’re already an entrepreneur or run a business, it makes it easier for you to know why you’re in college, which major to pursue and what career path to follow. Many universities now realize the value of the entrepreneurial spirit and are introducing such classes into their curriculum. Top universities like Babson College, the University of Arizona, and the University of Houston are among the top 5 undergraduate entrepreneurship programs in the country. For example, according to an excerpt from Entrepreneur.com, at Babson, the school encourages management and entrepreneurship; they make it mandatory that all freshmen must take the entrepreneurship immersion course during which undergrads create their business plan. Those who are really serious about it can even live together in pods to create a positive environment for each other. These opportunities weren’t all so possible about 10-15 years ago. For students that are considering entrepreneurship, the possibilities are endless.

How much is education worth in cold hard money?. In today’s world, it is quite expensive to get a good education, and to think of all the student loans that accumulate over the period of your college life can be discouraging at times. However, it pays off, according to the report titled "The Big Payoff: Educational Attainment and Synthetic Estimates of Work-Life Earnings" reveals that over an adult's working life, high school graduates can expect, on average, to earn $1.2 million; those with a bachelor's degree, $2.1 million; and people with a master's degree, $2.5 million. So overall it pays to get an education. If nothing else, having a college education provides you with more viable options, even if your plans of starting a business don’t pan out the way you want. The reality is not everyone is going to make it as a successful business owner. For every 4 businesses that start at least 3 fail within the first 3 years. This is not to discourage anyone, it’s just stating the facts and my form of support for higher education.

College classes help start the process of developing discipline and commitment. It might not be the ultimate necessity for everyone, however, it should be strongly considered. If you make the decision to pursue a college degree you have to be decisive and committed at a very young age; this is always a good trait of an entrepreneur and will help you down the line. Spend your years in college wisely, maturing and nurturing those traits and skills that will give you an edge over others, regardless of your major.