Monday, 15 January 2018

Entrepreneurs Need Education More Than Before, Here’s Why

Thinking college education is not so important anymore? You’re not alone.

According to the latest findings of the Pew Research Centre, 54 percent of Republicans and Republican leaners in America who said college had a positive effect (in 2015) have quickly surged (in 2017) to 58 percent of them who now say, “Colleges have a negative effect.”

Aside from the story of iconic entrepreneurs who made history after dropping out of college, there are more reasons to look down on college education -- especially if you’re overwhelmed by entrepreneurship furore.

But in reality, do entrepreneurs need education? The shortest possible answer is YES.

Every individual who thinks otherwise generally points to the likes of Steve Jobs. Of course, Jobs dropped out of the College and so did Mark Zuckerberg. But there’s nothing as killing as thinking that they ever stopped learning. Listen to Jobs talking about the essentiality of education: “I really believe in equal opportunity. Equal opportunity to me more than anything means a great education.”

Below, let’s look at some fundamental reasons why entrepreneurs must make education their life partner.

1.        The rate of business failure

If failure is the best teacher, then the rate of business failures suggests nothing than the need for more education. According to Fox Business, 80 percent of new businesses fail in their first year. What are the top reasons? Bad management and cash crunch problems.

The above data is heart shattering. But the bare truth is, timeless knowledge about your business is all-important, if you must escape that plague. And note: Managerial skills such as keeping finances healthy, gathering and interpreting industry data and managing human resources -- among other vital business skills -- are not randomly acquired on the street. They take substantial amount of proper arrangement, time, and mindfulness.

Thanks in large to the Internet. The easy access to knowledge continues to expand. With educational virtual realities such as MOOC and online MBA in their varieties, entrepreneurs can maximize their success by properly learning about business and/or continuously honing their skills.

2.      The need for maximum success

Success is not just an opposite of failure; it’s the preferred option ever. But why do people miss the preferred target? The above point tells us partly why: lack of knowledge.

There’s usually a day in business that entrepreneurs run to investors. As you probably know, investors don’t trade checks for nothing. In all instances, metric, substance, and a proficient team are essential factors that interest venture capitalists.

Take a lesson from Amy Freeman, a co-founder and CEO of The Spice and Tea Exchange. To create a franchise and secure financing for her company, Freeman had to learn on her own about accounting, marketing and starting a business -- and through painful lessons sometimes. In her words, according to an interview with CNBC, “I would have known how to build that structure. I would have had resources to tap into.” That is, if she had received a formal education in business.

Businesses nurtured by wide knowledge are not only fortified against failure, they are potential step to maximum success. For any entrepreneur going after maximum success, find and use knowledge to your own advantage.

3.      Networking

This has a lot more to do with getting higher degrees from universities.

Not to be surprised, business networking by creating relationships has been proven to be the best type of marketing. But building a bank of professional contacts isn’t something that just happens out of nowhere.

You can connect with as many as possible people online. But the truth is, none works better than a networking that takes place face-to-face. Traditional networking cannot be replaced even by the most advanced kind of technology.

Now, can you imagine how many seminars and conferences held in various Universities each year? Talking of networking for entrepreneurs, their extent of opportunity is not confined to business-related seminars alone. Since business involves some sort of buying and selling, consider every seminar an opportunity because literally every living human being is into business.

If you have been wondering where you can build a huge basis of networking or you just start considering it now, you can consider offering a college or University education. Think of it as a place to plug into wider more fruitful business networks.


Now let’s take a break from the tempting stories of successful university dropouts and focus on data a little more. Yes, they blow our minds every day and when you are a young man brimming with entrepreneurship ideas and dreaming big, it is easy to just stop bothering and take the plunge.

But quickly visit Medium, Linkedin and other platforms of storytelling. See from people with firsthand experience how the flame of rushing into entrepreneurship burned them, almost to the point of literal death.

Obviously, entrepreneurship is a sharp move and our world undoubtedly needs more of it. I once pointed out that everybody in this world has become a refugee. We are always running away from one problem or trying to solve another. Entrepreneurs make life easy for all of us. But then there is education, which has been part of human history for long and has not for once been short of purposefully solving problems for the world. Today, if you get education as an entrepreneur, it is at your own advantage.


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