“Stopping Out” of College to Start Up? 3 Ways to Prepare
by YEC, published 04/04/2013
- Know all the facts. Movies like “The Social Network” have glorified entrepreneurship in such a way that people actually believe success in 72 hours is feasible. Unfortunately, it’s not. Being an entrepreneur means condensing all the blood, sweat, tears and stress of a normal person’s entire life into a very short four or five years. When you actually live that lifestyle, you realize it is not easy or glamorous — random pool parties, endless alcohol and Sean Parker are usually not involved.
- Take an inventory of what you know and have. Take a look at what skills you possess. Can you build a product yourself or are you a business guru? Do you have someone else on your team to cover your weak spots? Do you have the technology or resources necessary to actually begin to get something off the ground? Or do you have a plan (and the money) to attain all of those resources? There would be nothing worse than dropping out of college without knowing what goal you wish to achieve, some sense of how you’re going to achieve that goal, and all the right resources to start working toward it. Make sure you have all the necessary equipment in order to survive the entrepreneurial trek.
- Weigh your options. Look at the job ratings from your college. Do you have a good chance of actually being employed once you graduate? Do you honestly need a degree to succeed? If you’re planning on going into the medical field, I’ll answer this one for you – yes, you do need one. But if your degree is something that can be learned in the field by actually working for/on a real business, would you rather get the hands-on experience or use your parents’ (or your) life savings to earn a diploma? If your life goal is to become an entrepreneur, the money to be spend toward a diploma could probably be better spent on your livelihood while you get your company off its feet. Will you seriously be able to live on your own and survive off of more than ramen noodles? Think about your learning style as well as your chances of startup survival in the industry you choose to pursue.