“What is the most important trait in business?” If you ask any entrepreneur this one question, their answer will tell you a lot about them.
Now, if they are real entrepreneurs, they will tell you almost 100% of the time that having “no quit” or having “grit” is the most important business trait. So why is it then that you always hear entrepreneurs bragging about dropping out of college to start a business?
I very nearly dropped out of high school and that wasn’t cool at all. So, what is so brag-worthy about quitting college?
Why People Who Can Afford To Drop Out of College Might Not Be The Best Role Models for Small Business Owners
The thing about the entrepreneurial community is that sometimes it seems like we’re talking out of both sides of our mouths. Unfortunately, this is sending a horrible message to the world of would-be entrepreneurs.
I’m especially talking to the crowd here who didn’t grow up wealthy. Do you know how many of those big CEO dropouts had mom and dad’s house and cash to fall back on? On top of this, how many would-be entrepreneurs did not end up making their dream business happen after dropping out?
Take Steve Jobs for example – If Apple didn’t take off, he would most likely still be hanging out around the apple farm he worked at before his rise to success. (I should mention that he also wasted his parents’ life savings to send him to college.) Did Mark Zuckerburg drop out? Yep. Plus, folks like this didn’t pay their own tuition, so they never had to experience the pain of working for savings just to give it up.
Sure, these folks found success so they feel safe to brag about their lack of education. However, what about the ones that did not make it? How smart was it to waste their parents’ money by quitting college to start a business?
Small Businesses Require Big Skill Sets
For some reason, even though big business is less than 50% of the GDP and only 1/3 of the workforce, it is the only type of business we talk about. Why is that? We talk about the “10 skills Elon Musk has that make him successful”. I hate to break it to you, but these skill sets don’t translate very well to the small business world.
See, the thing is when you open a small business you are doing more than one job. You are the marketer, the finance person, the accountant, the tech guy, customer service, etc. Small business people need to become a “jack of all trades” to stay afloat. To effectively use all of these skills to succeed, you pretty much need an education.
Quite often I hear the comment, “I dropped out of college but all my reports are MBA’s”. What this really means is that they don’t know enough to run the business by themselves without hiring other people who do. But, the thing is, when you’re running a small business you are pretty much always alone; especially at the beginning. And hiring out work you don’t know how to do is a luxury few small business owners can afford.
The Business School Experience
Personally, I found my own success in business before I decided to go back and get a business degree. My MBA taught me new skill sets I didn’t even know existed and I learned valuable tools that took my business to another level. Now, is everything I learned 100% relevant? No. However, I value the knowledge and skills I gained nonetheless.
On top of that, I took the initiative to read, study, and immerse myself in anything and everything I found interesting in my spare time. Doing this made me realize how many great business-related ideas can come from seemingly unrelated things.
The idea of interdisciplinary action comes to mind here. In other words, the theory that different skill sets directed toward a problem equals the greatest solving ability. Direct your mind to be interdisciplinary and learn as much as you can. The most intelligent people are the ones who can framework this theory into action for their lives and their small businesses.
Is School The Only Way to Successfully Open a Small Business?
Now, am I saying that school is for everyone? Not in the least bit. My argument is simply about not quitting what you set out to do. Especially not at the suggestion of some “hustle culture business guru” who tells you to drop out.
If you choose not to go to school, that’s okay too. However, make sure you make it a point to form your own education. Read books, listen to podcasts, watch educational videos, etc. Whatever you do, make sure you immerse yourself in programs you are interested in. Always make a point to learn new things!
For me, it’s the collateral impact of learning that is most important. Sometimes, I come across a new piece of information that takes my imagination on some adventure that leads to some new idea or interesting business concept I wouldn’t have thought of otherwise.
Beware the Self-appointed Gurus…
While we are talking about learning. I am going to make it a point to talk about the supposed “business Gurus” or “Business Coaches” you often hear about. Be careful who you get your information from and always do your own research. In fact, it’s probably a good idea to be a little suspicious of anyone who calls themselves a guru of anything.
The rule of thumb in business about these types of “ business coaches” is: if you have to pay for the information, it’s most likely BS. If it’s free, most of the time it’s some older entrepreneur that wants to return the favor or help because they never had a mentor. Still, these people usually won’t usually call themselves “gurus”.
In my opinion, some of these “gurus” could use a bit more of the “ imposter syndrome” people get when starting a new job or business ( the non-belief in one’s professional abilities). I personally know several business coaches right now that have never opened a business but want to be paid to teach you how. Too many people these days are calling themselves entrepreneurs who haven’t earned their stripes. To those people I say: get a brick and mortar, some employees, and pay for it all out of your pocket, then I’ll listen to you.
Now I will put a caveat on this… I have a coach my MBA program originally hired for me and she’s amazing. But she doesn’t try to teach me business. She works more like a psychologist helping me with business fears and helping me to pull strategies out of my own brain. In a way, she’s like that best friend who makes you think from a different point of view – especially about important decisions.
Key Takeaways
When you’re starting out on the journey of starting a small business, it is important to have people to talk to and help you make decisions in life. Sometimes these people can be professional, legitimate coaches but make sure you vet them so you know they have your best intentions in mind – not just a paycheck.
While school isn’t always the best or financially viable choice for everyone, it is true that you will have more success with a business education than without one. Whether you’re self-taught, taking night classes, getting your MBA online, or attending a traditional college campus to get the skills you need to successfully open up a small business, never underestimate the value of your education. Especially not at the advice of those who don’t have your best interest at heart.
