Over the last 30 years, U.S. colleges and universities have expanded their entrepreneur education dramatically. In the 1970s, fewer than 200 schools offered classes in entrepreneurship. Now, over 2,000 do, and the class lists are not limited to business school students. Social workers, lawyers, and artists are studying to improve their entrepreneurial skills. So what does that mean for the average Joe who wants to strike out on their own? Is the formal education becoming a necessity to succeed in your own business?
There is no doubt that there are certain skills that improve the odds of success in small business, but there is no clear, linear definition of what entrepreneurship actually means. Basic business skills, such as accounting, marketing, and planning are obvious requirements but do not paint the whole picture. Successful entrepreneurs seem to have something more, something difficult to explain and even more difficult to teach.
If asked, most successful entrepreneurs will tell you their secret to success...but no two of those explanations are likely to match. In fact, some responses may be complete opposites: "No fear of risk" versus "terrified of risk", "flexibility" versus "steadfast focus", "years of experience" versus "beginner's luck"...so what's the real deal? The truth is that any number of personality types, belief systems, levels of education and experience, and a million other factors, taken in balance, will influence whether you can stomach the realities of building your own company.
Formal education is not absolutely necessary, though a drive to continuously learn is essential. Some research claims that a college degree does improve your odds, but it is likely that the distinction is more closely related to those individuals' ability and willingness to learn things on their own than to whatever they studied in school. There are plenty of founders who have limited formal education...but they will all tell you that the road to success was all about relentless learning.
The risk factor that seems inherent in entrepreneurship is another often misunderstood feature. Many non-entrepreneurs assume that you must have an incredible risk tolerance to even try to go out on your own. In reality, the cornerstone of true entrepreneurship is taking the risk out of your business idea by fearlessly confronting every possible obstacle and negative outcome and working tirelessly to reduce or eliminate the odds that they will occur. Again, the path to obliterating risk is paved with knowledge. To win in business, you need to know and understand everything about your product, your customer, your competition, and your business practices. Being a risk-taker might get you over the doubts of starting a business, but it won't drive ultimate success.
One particular advantage of attending formal entrepreneurial education courses is that you are exposed to other like-minded, motivated people. But there are other ways to accomplish this task. Networking is a critical skill for anyone in business, and every city has a multitude of opportunities to spend time with other entrepreneurial types. Join the local Chamber, talk to the local Small Business Administration office (SBA), and watch the business papers for networking opportunities. Get to know other business owners in your area and take in their advice and knowledge. Evaluate your own skills and put in the time and effort to fill in the gaps.
The bottom line is that formal education, while a nice bonus, is not necessary to be a successful entrepreneur. However, a willingness to learn and synthesize masses of information is essential, as the need for knowledge never ends on the road to business success.
About the Author-K. MacKillop, a serial entrepreneur with a J.D. from Duke University, is founder of LaunchX and blogs about starting a business. The LaunchX System for Business Startup is a complete kit for starting a business and will help you learn the areas of business that are new. Visit LaunchX.com and find out how we can help you become an entrepreneur.
There is no doubt that there are certain skills that improve the odds of success in small business, but there is no clear, linear definition of what entrepreneurship actually means. Basic business skills, such as accounting, marketing, and planning are obvious requirements but do not paint the whole picture. Successful entrepreneurs seem to have something more, something difficult to explain and even more difficult to teach.
If asked, most successful entrepreneurs will tell you their secret to success...but no two of those explanations are likely to match. In fact, some responses may be complete opposites: "No fear of risk" versus "terrified of risk", "flexibility" versus "steadfast focus", "years of experience" versus "beginner's luck"...so what's the real deal? The truth is that any number of personality types, belief systems, levels of education and experience, and a million other factors, taken in balance, will influence whether you can stomach the realities of building your own company.
Formal education is not absolutely necessary, though a drive to continuously learn is essential. Some research claims that a college degree does improve your odds, but it is likely that the distinction is more closely related to those individuals' ability and willingness to learn things on their own than to whatever they studied in school. There are plenty of founders who have limited formal education...but they will all tell you that the road to success was all about relentless learning.
The risk factor that seems inherent in entrepreneurship is another often misunderstood feature. Many non-entrepreneurs assume that you must have an incredible risk tolerance to even try to go out on your own. In reality, the cornerstone of true entrepreneurship is taking the risk out of your business idea by fearlessly confronting every possible obstacle and negative outcome and working tirelessly to reduce or eliminate the odds that they will occur. Again, the path to obliterating risk is paved with knowledge. To win in business, you need to know and understand everything about your product, your customer, your competition, and your business practices. Being a risk-taker might get you over the doubts of starting a business, but it won't drive ultimate success.
One particular advantage of attending formal entrepreneurial education courses is that you are exposed to other like-minded, motivated people. But there are other ways to accomplish this task. Networking is a critical skill for anyone in business, and every city has a multitude of opportunities to spend time with other entrepreneurial types. Join the local Chamber, talk to the local Small Business Administration office (SBA), and watch the business papers for networking opportunities. Get to know other business owners in your area and take in their advice and knowledge. Evaluate your own skills and put in the time and effort to fill in the gaps.
The bottom line is that formal education, while a nice bonus, is not necessary to be a successful entrepreneur. However, a willingness to learn and synthesize masses of information is essential, as the need for knowledge never ends on the road to business success.
About the Author-K. MacKillop, a serial entrepreneur with a J.D. from Duke University, is founder of LaunchX and blogs about starting a business. The LaunchX System for Business Startup is a complete kit for starting a business and will help you learn the areas of business that are new. Visit LaunchX.com and find out how we can help you become an entrepreneur.
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