Students: You Are Probably Not Mark Zuckerberg, So Stay In School
wadhwa.com
wadhwa.com
Moreover, I think it's interesting to think if Facebook would be different had it been founded by post-graduation Zuckerberg. Better? Worse? I bet the Facebook experience would be richer had Zuckerberg been more mature when he crafted the initial vision.
Also, how can someone consumed with an idea finish school? It is that singular purpose that drive Zuckerberg to succeed. You can't just put that on hold and finish up a degree.
The uber-point is really, people who are bright enough to found $1B businesses are also bright enough to realize that you don't leave college until you have the idea moving along a good path.
To put it another way, are there any $1B SW companies started by people who either didn't go to college or dropped out of college before they had started creating product for what would be this company? I honestly can't think of any (but that doesn't mean there aren't any -- and it should be easy to enumerate since there's probably only 20 or so billion dollar SW companies).
And I think half credit for Twitter. I don't know much about Twitter, but it appears Dorsey was still in college when they started Twitter.
But in any case two pretty good examples.
It's actually really hard to drop out or fail out of an elite college - I tried a couple times when I was still in undergrad. They always want you to take a leave of absence because then you don't show up in the dropout statistics that drag down their U.S. News rankings. This is why it's not really all that risky to drop out of college; you can always go back and pick up where you left off, but you'll have a much better idea of why you're there.
I was definitely thinking about Evan Williams for Twitter. He dropped out of college because he always knew he wanted to be an entrepreneur, but had no idea what sort of company he would start. I don't really know about Dorsey and Biz Stone's backgrounds.
It is always assumed that success and failure in business corresponds directly to skill. I doubt this assumption and suspect luck has a lot to do with it. Once you get your first success earning you several million, many doors open to you.
I suppose in a sense he's doing students a favor with this article, because the ones who don't perceive the fallacy are probably the ones with a low chance of succeeding.
In either case you are making a decision out of emotion (fear or hope).
edit: better noun.
I am very fortunate I did not listen to anyone who told me their opinion when I was preparing to drop out of college some 5 years ago. As difficult as it was to do back then, the choices I have to make to run my company and keep my employees employed make that one decision appear pathetically simple and obvious.
Being an entrepreneur is about making decisions for yourself because no one else can tell you what to do (and once you become successful everyone will have an their opinions of what you should do.)
If you are incapable about making challenging decisions to run your own life you are not going to be a successful entrepreneur and you should listen to what other people tell you.
I am glad you were successful, however your experience remains only anecdotal. I have one too: my father did not go to university, worked hard at his trade, started a business, and went bankrupt.
Why do you think that has happened? From my perspective (I graduated over 20 years ago) things like CS degrees seem to have been tried to become far more directly useful by becoming rather more like vocational training than pure academic subjects.
[NB I'm largely interested because I have a son who is starting to think about what he might do at University].
Other than to edit your LaTeX document files, or course! :-)
I mean 10 years from now will a college education be devalued to the point of not being worth what you paid for it?
I don't know the answer to that but if I were giving the advice I'd tell students to try the startup community while attending an accredited online institution. You could spend a few hours a week doing that and have a degree in 6 years while still chasing your startup dreams.
[Edit: £9000 is the fee for EU citizens, probably a good bit more for anyone else]
Indeed. If you make decent high school grades in the states, then it's possible to attend a state university on scholarship and owe less (perhaps much less) than $20K in school loans after graduation.
[NB I actually don't think this is very fair]
If this guy was an econ professor at least he would know he was just talking his book. You don't need a symposium on entrepreneurship you need to sell stuff at a higher price than you bought it to paying customers. Thats it, it's a sentence not a 2 year degree program.
This is an extremely ignorant and insulting statement. Further, you have just asserted that the worlds best minds, and many of histories great figures, are all incapable fools. I hope you realize how this statement makes you look.
Did Einstein have tenure or a teaching position when he discovered relativity? Point out to me those revered figures of history known primarily for their teaching or tenure positions. The worthlessness of the university system is exemplified by people like the Admissions Dean of MIT who was able to perform magnificently at her job sans the appropriate degree. The degree obviously being so unimportant to MIT to even bother checking that she had it for some 30 odd years.
http://www.nytimes.com/2007/04/27/us/27mit.html
The statement is insulting only to those who hold their degree / teaching position as part of their identity which is supposed to be some kind of proxy for them knowing / being able to do something.
I greatly respect the capable, the intelligent, and the driven, what I don't think is that having a teaching position / tenure is a great proxy for knowing that.
Your statement is insulting to anyone who values knowledge, teaching it, and pursuing it. Perhaps you are not a native english speaker, but your statement is very easy to read as implying that only those who cannot do [what? research? engineering?] teach, and only those who are lousy teachers get tenure.
It is an indefensible position and your obvious hostility towards modern academia is unjustified. For one academics don't necessarily want to teach. But as a society we deemed that we will in essence force them to. Why? We need good teachers and goodness knows industry won't waste money on it, let alone have any sort of quality control. So we force these people who have devoted their lives to research to also teach.
As for tenure, it is often attacked as something protecting poor researchers. I think this notion is very much overblown. In modern times you cannot even get tenure before you are 35 or 40. If you look at those with tenure, the majority continue to do good work for the remainder of their careers. That aside, the main purpose of tenure is actually to protect the pursuit of knowledge. It exists to prevent management from dictating what people may research. It is to allow researchers to pursue risky or unpopular approaches.
Academics do what they do because they primarily enjoy research. Insinuating that they are incapable of doing this simply because they also teach and are granted the protection of tenure is very insulting.
In many cases, for a person who has real conviction and skill about what it is they do, dropping out is merely the path of least resistance.
For the 'regulars,' the ideal should be for universities to offer the resources to students who are passionate about their field, and not saddle them with administrative barriers in the name of 'getting a degree.'
1. Stop comparing yourself and/or others to Mark Zuckerberg...it's an insult to both parties.
2. School is useful for connections and work ethic, but if you need neither, than there's no reason to cling to the dying ideal that school = security.
3. Any skilled hacker can find enough freelance jobs to support himself (or herself) while he builds a side project.
I was able to manage before by teaching myself out of books, but there's something to be said for learning with expert guidance and a community of peers.
I am also gaining exposure to a variety of fields which lend themselves less well to self-instruction than programming does (for example, molecular biology) and in which I believe a lot of the action for the next fifty years will be happening.
So, yeah, unless you already have a product that has traction and that demands your fulltime attention to continue growing, there's no reason to drop out of school.
My advice to students is: imagine that you were forced to drop out of college against your will, and then were given a chance to go back five years later after slogging it out in the real world. Would your attitude be different than it is now? Would you perhaps go to more office hours, skip less class, explore more subjects, play less Xbox, join more clubs?
"students may come up with great ideas and start a company, but they aren’t going to be able make it big unless they have the educational foundation."
College isn't the only way to get this educational foundation. I'd rather learn through trying to succeed in business, even if it means failure at first.
And you can only learn these topics in university.
"Most importantly, if students don’t learn the importance of finishing what they start, they will never achieve success—this requires perseverance and determination."
And you can only learn perseverance at university.
"And by dropping out of college, they won’t have the alumni networks that they need to help them later in their careers and in business."
And you can only make friends at university.
To me, the only real reason to stay in university until I graduate (aside from inertia) is the belief that being a dropout instead of a graduate will hurt my future career. (I speak as one who's been tempted to drop out a few times)
Paul Allen, Richard Branson, James Cameron, John Carmack, Andrew Carnegie, Michael Dell, Barry Diller, Walt Disney, George, Eastman, Thomas Edison, Larry Ellison, Henry Ford, Bill Gates, David Geffen, J. Paul Getty, William Randolph Hearst, Steve Jobs, Ingvar Kamprad, Kirk Kerkorian, Ray Kroc, Ralph Lauren, Craig McCaw, John D. Rockefeller, Steven Spielberg, Dave Thomas, Ted Turner, Ted Waitt, Steve Wozniak, Frank Lloyd Wright, Orville and Wilbur Wright, and Mark Zuckerberg.
Some lesser known billionaires: Eike Batista, Ronald Burkle, Richard Schulze.
MBA's are a different story.
If professors knew what business ideas would succeed and which would fail then they'd be investing instead of teaching.
It's not ideas that succeed or fail, but founders.
I am assuming that the really big hits are a consequence of the right idea, right time, and right people.
I'm not saying P(x) ≡ Q(x), but ∃x P(x) ∧ Q(x).
And think twice about exhortations to follow in the footsteps of the masses too.
...and then advocates waiting a few years before seeking such experience.