Q: When it comes to succeeding in business, which do you think is more important: education or experience? -- Regina M.
A: Regina, have you seen the television show, Fear Factor? If you haven't seen it you've probably heard about it. Fear Factor is the show where they put contestants through all sorts of pseudo-death defying feats like bungee jumping off a bridge over a pool of crocodiles and driving a car through a wall of fire (you know, the stuff we did for fun in high school).
The contestant who overcomes their personal fear factor wins the cash and prizes (usually at the cost of their dignity, but I digress).
The highlight of Fear Factor is the eating competition. That's when contestants are invited to partake of all sorts of culinary fare. Yummy stuff like monkey brains, all manner of live bugs and spiders, moose intestines, old fruitcake (the horror!), and my personal favorite, live giant worms. At this point the competition becomes not so much who can overcome their fear actor, but who has the lowest gag reflex.
Your question makes me feel a little like those contestants, Regina, because no matter how I answer I am opening a can of giant worms that I will undoubtedly be forced to eat later.
My highly educated peers will argue that education is much more important than experience, while my highly experienced peers will argue that experience is more important. Either way, it's worms ala carte for me.
Oh well, I've eaten more than my share of crow over the years.
How much worse can worms be?
It's important to understand that the success of an entrepreneur is not measured by how much education he or she has or how many years of experience are under his or her belt. An entrepreneur's success is measured by achievements, not words on a resume.
By definition, an entrepreneur is a risk-taking businessperson: someone who sets up and finances new commercial enterprises to make a profit. Entrepreneurs start businesses. The smart ones then hire MBAs to run them.
Let's start with education. Is a Bachelor's degree or better required to succeed in business? Of course not. An MBA from Harvard might give you a leg up in a job interview, but it certainly doesn't guarantee that you will succeed in business. Nor does it automatically mean that you will be a better business person than someone who didn't finish high school. Knowledge is a good thing - if you know what to do with it.
Perhaps it is the academic environment itself that turns mere mortal nerds into budding entrepreneurs. The late '90s proved that college students with no experience beyond organizing a frat keg party could start businesses that would exceed all expectations.
Many would argue that the key to success for most of these ventures was that the founders (or the VC financing them) were smart enough to know that while they had an abundance of education, they needed experienced managers to really run the show.
Larry Page and Sergey Brin were college students when they started the company that would become Google. They were smart enough to bring in Eric Schmidt to be chairman and CEO when the business took off. Schmidt was the former CEO of Novell and CTO of Sun Microsystems. A PhD, Schmidt is a man of education and experience.
Jerry Yang and David Filo were candidates in Electrical Engineering at Stanford when they started YAHOO (Yet Another Hierarchical Officious Oracle) in 1994. They brought in Tim Koogle from Motorola to run things shortly thereafter and now the company is led by Terry Semel, who previously spent 24 years running Warner Bros.
Now on to experience. Is experience a prerequisite of business success? Again, not at all. Many experienced entrepreneurs gained their experience in failed businesses, so experience does not instantly translate to success.
So, when it comes to succeeding in business, which is more important: education or experience? While neither is as helpful as a rich relative, here's the answer that will hopefully help me avoid those worms: Both education and experience can play a large part in business success.
The more important question is can you succeed in business without one or the other, or even without both? And the answer to that one is: yes. Can I get ketchup with those worms?
Many successful businesses were started by first time entrepreneurs who never went to college. Natural talent, ambition, drive, determination, and good old dumb luck have fueled many success entrepreneurs, myself included. I don't have a degree (I drove past a college once. It looked hard, so I kept going). Would a degree have helped make my business trek easier? Perhaps.
Then again, I know people with advanced degrees who are flipping burgers at McDonalds. It's good experience, I suppose.
A combination of education and experience (and a variety of other things) is the best recipe for success. As the old saying goes, "There is no better education than that which comes from experience."
In the end, it really doesn't matter how much education, experience, talent, luck or money you have. It's what you do with it that matters.
Here's to your success.
Tim is the founder of DropshipWholesale.net, an online organization dedicated to the success of online and eBay entrepreneurs.
http://www.prosperityandprofits.com
http://www.smallbusinessqa.com
http://www.30dayblueprint.com
Select the best response to the statement below:As a solo... Read More
I've seen terrible images today on the television and internet-bodies... Read More
Enjoying the title of entrepreneur is a hollow feeling.If you... Read More
I was reminded of my own mortality today. I guess... Read More
Being an entrepreneur and running a successful home-based business is... Read More
"Berkshire Hathaway (NYSE: BRK.A) to purchase Clayton Homes for $12.50... Read More
Many people have the professed desire to be their own... Read More
When I ask why you don't start your own business,... Read More
About 6 years ago I started to notice that certain... Read More
"Real champions believe in themselves even when no one else... Read More
With the growing number of franchise offerings recently it is... Read More
1) Go back to basics. Take a couple of steps... Read More
If you are just starting a company and looking for... Read More
Every business has to start somewhere. What truly makes this... Read More
Does anyone remember that book "Built to Last" done y... Read More
In my last article, "Follow That Guru", I told you... Read More
In the United States we have the most efficient delivery... Read More
Dwight Payne and Gary Heap reside in Santa Barbara, CA,... Read More
I recently conducted a lil' survey asking my colleagues what... Read More
Lauren Rosenstadt was a single mom working at a herbcompany... Read More
Entrepreneurs know their business. They know their product, their service.... Read More
I have worked in the credit industry for over 17... Read More
Having built a business from a bucket of water and... Read More
Franchising InformationFranchise oppotunities are all around us today. You may... Read More
I recently took an entrepreneurial quiz which evaluated my answers... Read More
Owning a detail shop can be an exciting and rewarding... Read More
What's a niche?Dictionary.com provides a great, twofold definition:"A situation or... Read More
Isn't it funny how people think that being self-employed is... Read More
Becoming a successful entrepreneur in the online world is no... Read More
1) No Umbrella Business Plan or Strategy -- Without a... Read More
Companies seeking capital often ask how long the Executive Summary... Read More
Many of us slave away for years for one uninspiring... Read More
If you believe that every little bit helps then keep... Read More
You should wait until you're older and have more business... Read More
Print off this page, take the quiz and find out... Read More
Entrepreneurial e-gnorancePart 1: Questions for the entrepreneur to beIf you... Read More
The morning sun sheds its brilliance and warmth... Read More
Business plans continue to be an essential element of the... Read More
When companies enter into negotiations with venture capital firms, there... Read More
One trait of franchisors and something you will find in... Read More
In his book, The Road Ahead, Bill Gates of Microsoft... Read More
Sylvia Acevedo needed a break from her technology job so... Read More
This year, over 800,000 of the approximately 2,000,000 start up... Read More
Franchising InformationFranchise oppotunities are all around us today. You may... Read More
I recently took an entrepreneurial quiz which evaluated my answers... Read More
With billions of dollars of venture capital residing down the... Read More
Q: I am interested in starting my own business. I... Read More
I sat watching a documentary on U.S. Navy SEAL Team... Read More
It seems odd to think of a person opening a... Read More
There are many coating businesses in the market today, but... Read More
Cooking isn't much different than building a business. You have... Read More
When I ask why you don't start your own business,... Read More
Franchises offer the first time business owner a proven and... Read More
How you think, your relationship with yourself is what decides... Read More
The following laws will provide guidance on how to act,think... Read More
Hair care has been around as long as humans have... Read More
Start your own business, and soon enough, you find yourself... Read More
We've all seen the hype: "We'll put your plan in... Read More
The "Great One" said it bestHockey legend Wayne Gretzky, when... Read More
Living in the twilight zone has its advantages. In the... Read More
When franchise companies are moving fast in the market place... Read More
Q: I want to start my own business. I have... Read More
Does A Franchise Meet Your Needs?Do you look forward to... Read More
Becoming a successful entrepreneur in the online world is no... Read More
Does it seem like everyone and everything is vying for... Read More
A primary inhibitor of business start-up is that few people... Read More
Entrepreneur |