Two days ago I was on the campus of Towson University in Maryland and speaking to a few students who were meeting for their monthly entrepreneurship club event. The most common subject with these people was whether to finish school or drop out in order to pursue their dreams full time. One of the more captivating conversations went like this:
Guy: I am sure you understand what I mean right? I mean you studied chemical engineering but you are doing something completely different. So what’s the point of wasting more money here and not needing what I get in return.
Tolu: (nod my head in agreement), right…
Guy: I just see no point. I have a great idea, a great plan and I am confident in what I have to offer. That’s what you preach after all, no?
The guy in this conversation seemed really smart and looked like he had everything together so one can exactly say he was delusional but he certainly has been watching CNBC way too much. You know how these shows make it seem like most entrepreneurs never went to school or that they didn’t finish school yet they built and run some of the biggest corporations in the world? Yeah, he’s watched and read one too many of those stories, so had most of those kids in that room.
There is no denying the fact that some entrepreneurs never finished school but turned around to write their own amazing success stories…take Bill Gates, Richard Branson, Larry Ellison, Paul Allen e.t.c. as case studies. These men have gone on to hold the most prestigious positions even without a college degree. Yet it is important to understand that these are one in a million success stories for people who have dropped out of school. Before making such a decision you have to understand the benefits of a college degree, you must grasp completely what the real world is like, and most importantly have a backup plan should your business fail (…and businesses do fail, infact more than 8 in 10 startups fail in their first 3 years for several reasons). The funny thing is that these people who took the gamble and succeeded are the ones that people report about and celebrate but those who fail are too downcast or embarrassed to come share their stories. Everyone enjoys a good fairytale so the media feeds us what we like, you will rarely see the story of the guy who dropped out, tried everything he could to succeed but failed and now works odd shifts loading and unloading trucks to save up enough money so he can go back to college, get a degree and venture into the corporate world.
My advice to that guy that day and to every other entrepreneur in college is this: instead of seeing college as a money
grabbing beast that holds you back, why not look at it as a great means to an end and treat it as such. There are so many things you could do in college that will brilliantly set you up for a successful entrepreneurial career. I will discuss a few very briefly and hopefully you can go on and dissect these tips in more detail for yourself.
While you are in college studying your major say Economics, engineering or whatever it is you are in school for, join an entrepreneurship club or form one and get an advisor/mentor who has experience with startups to serve as the leader. This way you are not only learning your trade, you are sharpening your startup knowledge and ultimately building connections…people who can help you in future. That’s why you must make sure you build a relationship with those advisors/mentors you have for your club. They will know you enough to vouch for you in the future when you need funding or whatever.
College is the perfect place to build and grow your team. If you get a cofounder and a few others that will be on your startup team, the months you spend in college gives you enough time to learn about each other, know each person’s strengths and weaknesses and most importantly perfect your idea.
Make the most of the vast diversity of the student body. Meet as many people as possible and go out to entrepreneurship fairs. I always notice smiles on the faces of investors and entrepreneurs at these sort of events when they see young, driven college students show up and ask questions. They don’t like you enough to throw their money at you…yet. They just like your spirit and desire right now, but the more you keep asking them questions, talking to them about their experiences, the more the open up and get used to you. Before you know it they are on your blackberry and that’s a potential reference or even investor right there.
