Student life is a period of impressive intellectual and social activities during which young people develop many academic projects. A good number of projects developed during this period can give rise to very profitable companies.
And, many students find themselves, at some point, at an impasse not really knowing whether to follow this idea, start a business around it, or simply continue their studies. “Should I drop out of school to start a business?” is a question that often comes up in student circles.
The confusion is even greater with the Internet, social networks and TV shows which are always breaking the news about people like Steve Jobs, Mark Zuckerberg and Bill Gates who did not finish their studies, but created of the most successful companies on the planet: respectively Apple, Facebook and Microsoft.
In Africa, in particular, the confusion is permanent because of the high rates of graduates who wait years before finding a job. Young students on the continent (and elsewhere for that matter) are increasingly leaning towards entrepreneurship before they finish their studies. The big question is: should they? Because at the same time, many of these projects don’t last long. I would say it depends on individuals. I also think the real question would be whether a college degree can give you the tools you need to succeed as an entrepreneur.
No need to drop out of school to start a business
Education is a proven path to many opportunities. The university experience guarantees students who are potential entrepreneurs:
- Intellectual capital leading to success. Although you won’t be able to learn everything you need to become a successful entrepreneur in school or in a book, some basic business concepts, such as sales and negotiation, are taught in some university programs.
- A degree that guarantees a job just in case… Degrees increase the likelihood of a better salary and a stable source of income making a potential entrepreneur more attractive to banks, venture capitalists or angel investors. On the other hand, with a degree, especially in the area of business you want to start, can provide a high level of credibility because having more knowledge of your industry.
- A network of students and professors who can be useful when setting up a business. They are potential partners, investors, or even mentors; people who are able to help you with your business project.
- It develops analytical skills by developing critical thinking and objectivity, and opens your eyes to new ideas. Critical thinking, in particular, allows you to carefully examine an idea before starting a business around it.
- Improve trust and transform perspectives.
The combination of education, natural intelligence, hard work and the will to succeed is both a weapon and a tool associated with a winning business idea.
Perhaps you should drop out of school to start
Dropping out of school to start a business has its own advantages. Starting a business at an early age clearly gives you an advantage over students pursuing graduation (before starting a business) in terms of experience. While your peers are going to college, you’re already in the field, and by the time they graduate, you’ve already got 3-5 years of experience.
You haggle, you attend conferences about your industry, you meet people who work in the industry you are targeting, you can above all find a job, learn on the job and gain experience and financial means to start a business later. And, if you learn fast and start a business during that time, you’ll likely be a few years ahead of your peers (even without a degree).
Many successful entrepreneurs say they never apply what they learn in school to business; that school and entrepreneurship are two different things. For them, running for a university degree is a waste of time when one has a business project; that on-the-job experience is the best way to learn many different things in a short period of time.
Nothing guarantees success
But nothing… Neither giving up studies to undertake, nor pursuing studies for a degree, nothing guarantees you a successful entrepreneurial career. Whichever path you take, they are equally difficult. And, it’s how you deal with problems that will determine your future.
It is important to note that there is much more than the will to undertake behind the success of Steve Jobs, Mark Zuckerberg and Bill Gates: they are hardworking people with sound business acumen, prodigious intelligence, parents privileged and enjoy other factors that have contributed to their success. And that many individuals who venture to drop out of school to start a business experience failures that no one mentions. This reality is also topical for the category of those who complete their studies before committing themselves to entrepreneurship.
The fact is that entrepreneurship requires a certain natural disposition (and one that can be acquired with the will) that allows you to manage people, meet deadlines, attract customers, manage the business, etc.
The false rumors
It’s not just people who dare to drop out of school to start a business who succeed in business. Indeed, a study conducted in the USA last year shows that out of 400 successful entrepreneurs, only 63 had not completed their studies. This means that 337 of them had completed their studies.
The problem is that 337s don’t get the same attention as 63s. Those who don’t have a college degree are thought to be smarter than those who do because they learned it all from them. themselves. Yet, as you can see, there are more business successes among people who finish their studies.
How do you know if you should drop out of school to start a business?
If you’re in college or planning to go for one of the reasons below (or a combination), then you better reconsider your plan:
- You are not really there by your own will (Example: just because your parents wanted you to).
- You are there just to earn respect in society, friends and family.
- You are there just in case of…
- You do not plan to use your degree.
- The education you receive does not benefit you. This usually happens when you think that the quality or the object you are looking for can be learned on your own. For example, Mark Zuckerberg and Bill Gates (for example) were already working on their businesses before entering college. The university could not teach them what they were looking for. Both were young enough to return to school if their business failed.
People who succeed after dropping out of college need a number of things: tenacity, self-knowledge, self-confidence, and, above all, not caring what other people think. others.
Ultimately, being tired of studying or having a potentially profitable business idea is not enough to give up studying to start a business. It takes a certain level of determination.
Only when you have reached this level of determination can you leave college and succeed without college degrees. If you don’t have that level of determination, then it’s best to stay safe in college. After all, not everyone is born to be an entrepreneur. But if you have that kind of determination, then go for it. And you will be highly rewarded.
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