Entrepreneurs Need To Find Balance In Education And Ideas

Becoming a great entrepreneur means that you always stay curious. Developing a passion for learning will help your own business grow well after you complete traditional studies.

Not All Entrepreneurs Are A Students

To be a successful entrepreneur does not mean you have to make the Dean’s list in order to succeed.

Dr. Thomas J. Stanley studied the connection between self-made entrepreneurs and post-high school education. In his book, The Millionaire Mind, Stanley dissected self-made millionaire entrepreneurs' educational endeavors. The expert devoted nearly 50 pages of his research on this subject.

One detail he determined is that 90 percent actually finished university. This is the opposite of those who look to college dropout Steve Jobs as an entrepreneurial role model.

He noted that their SAT scores were good, not exceptional. Lastly, the overall GPA average was 2.9.

Instead of top grades, Stanley noted that leadership skills, diligence, honesty, and discipline were more important than grades.

Student Debt Can Prevent Entrepreneurial Risk

Student loan debt is one of the toughest obstacles to new entrepreneurs. Instead of finding time to tinker and experiment with new technologies and entrepreneurial ideas, those with good ideas, but lots of debt have to immediately work normal jobs to start the long process of paying off their astonishingly high loan.

Even if the intention is to work for a short period of time, often life gets in the way. This can also adversely affect the timing of a product or service. Getting an idea out when people need it is key to entrepreneurial success. Waiting until loans are paid off just interfere with that delicate timing.

Angel Investors

Some entrepreneurs can benefit from Angel investors. They get paid to make their ideas come true. This is because their new business venture has an influx of cash that can help take it from an idea to a product.

For example, PayPal co-founder, Peter Thiel, created an angel investment company. The billionaire pays people to quit college. In return, he gives them $100,000 seed money. He believes that “credentialing and debt is very bad.”

He believes that although education is good, but obtaining that credential has a price. That price is your future. Instead of focusing on ideas, college graduates are focused on their big monthly payments.

Of course, Thiel doesn’t just pluck anyone from the university. He looks for the brightest prospects.

No matter what the business, an entrepreneur needs to always find balance in continuing to educate the mind, as they grow their business.