Traditionally, you would graduate high school, attend college, and then launch your career. This common pathway existed because most people have found value in higher education.
That’s not exactly the case these days. With tuition costs and the accessibility of entrepreneurship, it’s become more fashionable for some to skip higher education altogether, but it may be time to rethink that thought.
The appeal is easy to see. Instead of wasting time and money (as you might suppose) on a degree, you can start your own business. And the sooner you start a business, the sooner you can start earning money.
But should you write off higher education completely, or still place value on it? Before making this thought process a final decision, you should first weigh the pros and cons of higher education.
The Many Types of Higher Education
Before we get ahead of ourselves, there’s a misconception that higher education refers only to a college or university. The truth is that several types of higher education options illustrate the value of higher education.
- Vocational or trade school. As opposed to earning a degree, you would receive a diploma or certificate in one specific area. If you know what type of work you want to do, this is a perfect option since it prepares you for your career
- Community college. Some community colleges also offer vocational programs. You can also earn an Associate’s Degree after two years of study. If you plan to earn a bachelor’s degree or aren’t sure what to study, this is an affordable option.
- Institutes of Technology. If you’re interested in science, technology, engineering, and mathematics (STEM), this is a great option. Institutes of Technology offer degree programs ranging from Associate’s and Bachelor’s degrees. Some even offer advanced degrees like Masters and PhDs.
- Art and Design Schools. If you want to study art, such as drawing, painting, or graphic design, these schools allow you to earn a Bachelor’s Degree. Others are similar to trade schools in that they’re more career-oriented.
- Liberal arts colleges. These are smaller than universities. But you can still receive a Bachelor’s Degree in a wide range of fields like social sciences, the humanities, visual arts, and hard sciences.
- Private or public university. While universities allow you to receive a Bachelor’s degree in a number of disciplines, they also focus on generating research.
- Online college. Today, most certificates, diplomas, and degrees offered at physical colleges can be obtained online. Online colleges are usually cheaper and provide a more flexible schedule.
The Value in Higher Education
Now that we’ve briefly covered the different types of higher education options, let me make the case for the value of higher education.
1. Allows you to determine what you do and don’t want to do.
Whether you attend community college or a public university, during those first couple of years you take a wide range of classes. For some, that may be a waste when they know exactly what they want to do. But if you’re still deciding, it lets you figure out what you’re good at and passionate about.
On the other hand, it also helps you figure out what you don’t want to do with your life. For example, if you’re not digging the sciences, then you probably don’t want to start a science-based business.
2. Learning to learn.
While you learn all about your specific area of study, you’re also going to learn more than just facts. Higher education will help you gain insights into applying logic, researching data, and assessing the veracity of information. Along the way, you’ll also pick up valuable skills and experiences that you can’t find anywhere else.
3. Entrepreneurship education is becoming more commonplace.
More and more colleges are now offering programs dedicated solely to entrepreneurs. Besides learning lifelong entrepreneurial skills, these programs also let students participate in mini-companies.
4. Can leverage the power of your alumni association.
Need advice as a young entrepreneur? Reach out to your alumni association. Besides advice, alumni associations provide plenty of networking opportunities. You may even be able to secure funding through your alumni association.
5. Access to a variety of resources.
Campuses often offer entrepreneurial students free resources like incubators, accelerators, mentor programs, venture competitions, and even seed funding.
6. Gives you time to mature.
Most of us experience emotional growth between the ages of 18 and 22. So, you may not be ready to start a business until after you graduate. Instead of failing miserably, you could take this time to mature while learning a variety of knowledge, skills, and experiences.
The Case Against Higher Education
The case against higher education is shrinking. Some entrepreneurs used to almost brag about this. This is much less the case now.
So, on the other end of the spectrum, higher education also comes with the following disadvantages.
1. You’ll be in debt. (You don’t have to be in debt. You can work your guts out at a job and still do well in school. Believe it.)
The average graduate has $37,172 in student loan debt– up six percent from last year. That comes out to an average monthly payment of $351! That’s money that could be used to grow your business.
2. You may not gain new skills.
Richard Arum and Josipa Roksa found in their book Academically Adrift that 45 percent of undergraduates attending 24 institutions showed no significant improvement in a range of skills. This included critical thinking, complex reasoning, and writing during their first two years at college.
According to Newsweek, “The authors attributed the poor performance to the distractions of socializing or working and a collegiate culture that doesn’t prioritize undergraduate learning.”
3. Traditional teaching methods are outdated.
Unless you’re majoring in something that rarely changes, teaching methods are outdated. While you’re in a classroom learning from a professor teaching the same class for the last twenty years, you could be learning the latest technology from your home computer.
What’s more, traditional education systems are too rigid. As a result, you don’t have as many opportunities to think out of the box.
4. You can socialize elsewhere.
Proponents of higher education say it lets you socialize with peers, professors, and alumni. While there is truth to this, you can join professional clubs and organizations. These provide more real-world networking and learning experiences.
5. Less hands-on experience.
Entrepreneurs thrive on hands-on learning. How can you do that while you’re sitting in a classroom?
6. You can’t learn personality, passion, and purpose in higher education.
“Iconic change-makers like Mark Cuban, Mark Zuckerberg, Steve Jobs, and Michael Dell didn’t earn business degrees. What do you need instead? Personality, passion, and purpose,” argues Richard Branson.
Choosing Entrepreneurship or Higher Education
Still deciding between entrepreneurship and higher education? Answer these questions to guide you in the right direction.
- Do you have the entrepreneurial spirit? Are you a self-motivated risk-taker? Do you enjoy being in charge and don’t mind making personal sacrifices? You just may be an entrepreneur.
- Does your passion exceed your patience? If you can’t wait several years to get your business rolling, then do it. If not, someone else might beat you to the punch.
- Do you have any real-world experience? Let’s say you worked at a store throughout high school. During that time, you may have developed customer service or managerial skills. You usually can’t learn those in school.
- Have you tested your idea? If you validated your idea by getting sign-ups, users, and sales, then you may be certain that you’ve solved a real-world problem.
- How are your finances? Both higher education and starting a business are investments. Calculate your expenses, create a budget, and plan your timeline. Depending on your circumstances, you might also consider alternative financing options, such as private student loans or specialized loans for STEM students, to help cover education-related costs. It may make financial sense to attend college, work a job for a bit, and set aside money for your business over time.
- Do you have a strong support system? Do you have friends, family, business partners, franchisors, or other entrepreneurs to rely on? If not, you may want to wait to start your business until after school. In fact, you may build your support system while in school. Updating this article today: everyone and everything that has helped me in business to date came from the time I spent getting a degree in higher education. What I learned, yes — but more so, it’s who I met there, and forcing myself to get along with highly opinionated, unreasonable professors and the like. You will meet all these same-type people in business, too! It’s an unmatched learning playground.
- Do you have a better option than higher education? If there’s somewhere else where you can learn faster and network with interesting people, then it may not make sense to invest in higher education.
Are you an entrepreneur? If so, have you found value in higher education?
Image Credit: pexels-yankrukov
