Entrepreneurs Debate: Do You Need a College Degree to Succeed in America? (Poll)
- Posted on May 8, 2012 at 11:59am by
Becket Adams
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When PayPal co-founder Peter Theil created the Thiel Fellowship, he started a national conversation on the necessity of college.
You see, to qualify for the fellowship’s $100,000 grant, applicants must meet the following requirements: they must be 20 or younger and they must drop out of college during the fellowship’s two year duration. So it’s not too surprising that when Theil unveiled the program last year, many thought he was sending the following message: “You don’t need college to be successful. With the appropriate financial backing and right amount of time, you can succeed.”
PayPal co-founder and stalwart libertarian, Peter Theil
But is that Theil’s message? If so, is it a good one? Has college become an unnecessary waste of money and is a degree really necessary for success?
Lucky for us, the following video from Business Insider offers a back-and-forth discussion on this very question. The video features David Rose of Rose Tech Ventures, Shaila Ittycheria of E[nstitute], and Arden Pennell, program director for Business Insider.
And it’s an important discussion: Can you become a successful entrepreneur in the U.S. without going to college?
Watch and discuss (via Business Insider):
Now take our poll:
This article has been updated.
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Comments (102)
girlnurse
Posted on May 8, 2012 at 1:14pmMost of what I have learned I have learned on my own. I tell the kids-”I don’t care what grades you get-my goal is that you love to learn for a lifetime”
Report Post »The elites are trying to make it so you “have to” have a degree and in most BIG CORPS, they wont even look at you if you don’t have a degree, so in that sense, IF you want to work for someone else you do! I also tell my kids, if you can, get your own business and be your own boss! Thats what I would do if I was doing it all over again. The worst thing you can do is work for the government.
Bottom line is the government needs to get out of our lives! They have made it so that we need to get assistance to do what should be a simple tax return! They ruin everything they touch to get our money!
legal inmigrant
Posted on May 8, 2012 at 4:41pmthis is quite simple i think. i have 10 years experience in doing what i`m doing without a college degree, of course i took a few courses here and there, will somebody fresh out of college sitting in the classroom for four years perform better then i do? NO. education and field experience go hand to hand. the question instead should be: who is running the system and sucking the life out of students promising brilliant jobs by paying a student loan when you have to instead sweat and work hard to earn it. we should reshape the face and structure of college. to much sitting and little doing!
Report Post »JoodeeBee
Posted on May 8, 2012 at 5:20pmI retired as an executive with a high school diploma!! A great deal can be said of OJT and initiative. Every position I have held and did very well at when I left or moved up my replacement “had” to have a degree. The replacement never could accomplish the work load or production. One to two other grads were hired to replace the OJT high school grad!
Report Post »welovetheUSA
Posted on May 8, 2012 at 1:12pmWhen a family has to go in debt for 60,000.00 a year to attend college….to play God on the childs mind and offer radical agends…….I say the child is much better off at a community college for 3-4 years…….then a speciality trade school or on the job training.
Report Post »Inlandmar2
Posted on May 8, 2012 at 1:09pmOn my first day of college, in my first class (economics 101), in September 1966, my professor asked the class who wanted to become a millionaire. About half of the class raised their hand. The professor said “Then you don’t need to be here in college. If you are smart enough to become a millionaire, you don’t need college.”
Report Post »lukerw
Posted on May 8, 2012 at 2:51pmMy Professor said: Who here wants to learn how to Legally Steal?
Report Post »byehlik
Posted on May 8, 2012 at 1:07pmCollage is a must for some and not required for others. I do not have a collage education and have been very successful. I am a senior project engineer at a fortune 50 company. Collage was not required for me because I was born with natural skill. IE: An innate ability to understand and apply the laws of physics in any and all applications, and the ability to communicate my ideas and thought within the corporate framework of engineers. I have been blessed.
Here is the rub. Some folks do not have natural skill and need collage or a trade school to garner the requisite skills to be successful in this world. Some not all. Some folks, to be blunt, are morons, and no amount of education will ever “educate the moron” out of these people. IE: Liberal collage professors. Any questions?
Report Post »Havok
Posted on May 8, 2012 at 1:46pmCollege.
Report Post »GoodStuff
Posted on May 8, 2012 at 1:02pmCollege is a waste of money. I wasted my money, never used my degree in any way, and now own my own business.
Report Post »Favored93
Posted on May 8, 2012 at 1:00pmI am 30 years old married with 2 small boys and I have to say that I would MUCH rather see them in a trade school! There is a good place in life for a higher education. If you want to be a doctor or lawyer fine I guess I could see that. However the market for those two professions are absolutely FLOODED with bodies to fill those positions. MOST of us are just not made for that kind of work!
Report Post »It would be FAR better for my boys and most of the kids out there to just learn a trade you will enjoy and work your way through sweat equity to fire your boss and work for your self!
My bride and I have decided we will not pay for collage for our boys. I do not want them to end up like those occutards! Learn a trade work harder then the next guy and you will do well in life!
I am connected to a family that owns a farm and I already have my 4yr old out there with me mucking stalls….This kid is already BUFF!
All you commie hipsters out there go ahead tell me I am abusing my boys… LOL!!!
GET A JOB LEARN A TRADE …. TAKE A SHOWER!!!!!!
handsmcml
Posted on May 8, 2012 at 6:55pmGood advice. I also have a college degree and do not really use it. Experience is a much better teacher than a college professor is. I see many college grads who don’t know the difference between then and than, or between me, myself, and I. With texting so popular, many cannot even spell simple words, and no one seems to know how to use spell check before making a post. These are personal gripes.
Report Post »tzion
Posted on May 8, 2012 at 12:57pmA college education is an investment. Depending on how wisely you invest it it can pay out more than you put in, you could break even, or you lose big. The key is to know what you are capable of and to plan your career path accordingly. Investing in a college education without planning ahead is a recipe for disaster. Better to wait until you know what you want to do before making any decision either way.
Report Post »hi
Posted on May 8, 2012 at 12:49pmI liked everyone’s post. BUt, I admit I am brainwashed and insist my kids go for the highest education, as long as it’s not worthless like philosophy. It will take me a while to accept anything different even though I get what you are saying.
Report Post »Matt
Posted on May 8, 2012 at 1:01pmAnything your kids study will be worthless unless they make sure that they are the BEST in their field. Thats the biggest factor, most people fail to make money after college because they were not in the top 20% of the graduating class. ESPECIALLY if they are going to study business. On top of that, they need to be doing some sort of actual WORK in the business world or in whatever field they want to go into while they are in college, whether that is interning, or volunteering or whatever, they need that. Just going to school and getting wasted and getting C grades is throwing money away.
Source? I am a college student right now, I am getting a business degree, I am working as an auditor and interning at a small business. I get straight A’s, and go to the gym 3-4 times a week at 6am, and I still manage to date more and cuter girls than a lot of my friends and hang out plenty. Teach your kids correct priorities and they will be fine.
Report Post »Locked
Posted on May 8, 2012 at 1:05pm@Hi
I agree with you. It’s foolish to say “do you NEED a college degree to succeed?” because there are always exceptions. But those are not the norm. We play the odds in all things. You could win the lottery: do you only buy scratch tickets? You could be a sports star: do you only practice all day? No.
The statistics, as they stand right now (according to the BLS) are that those above age 25 without a high school education have an unemployment rate above 12% while those with at least a bachelor’s degree have an unemployment rate of 4%. My children might be geniuses; but whether they are or not, I’d never recommend they stay away from higher education in a solid field.
Report Post »blanco5
Posted on May 8, 2012 at 12:45pmI know someone who graduated from yale and is working in a cheese shop. I know someone else who never went to college and owns a successfu restaurant.
Report Post »SgtB
Posted on May 8, 2012 at 12:37pmI just want to punch this mush mouth guy in the jaw because of the way he talks. Not to even mention his idiotic viewpoint. He is the evil liberal my parents warned me about.
Report Post »Thevoice
Posted on May 8, 2012 at 12:36pmWhat is irrelevant is a Obama degree…That’s the degree being given out today. It’s the degree where the Guberment took control of hiding 9 to 10 million able working bodies in colleges. And again done because (1) a Obama and his commie gang believe the guberment supplies you the right to education. (2) It was the perfect time to keep a whole lot of human beings off the unemployed numbers. Basically what is strangling this country is this idea that everything has to start as big as a Solyndra disaster today. See we used to start with a whole lot of something in this country and then let the free market dictate what worked and whose product was superior and at what price the consumer would pay. But today give it some thought …what doesn’t the gubernment interject their control into…Thus ruining our free market and the potential growth of the individual.
Report Post »Locked
Posted on May 8, 2012 at 12:36pmIn the same way we don‘t tell our children to ignore their homework and just play basketball or baseball for 12 hours a day because they’re going to be a sports superstar, it‘s ridiculous to tell someone to forego college because they’re going to create the next Paypal. Now, if they show an aptitude for it, encourage them; play sports, or start up your own business. But don‘t give up your education because you think you’re going to be the .01% who truly strike it rich with their innate skills. Thankfully, making your own business is much easier than becoming a sports star; but it’s still a ton of work, and most small businesses will fail within a few years… especially if the owner has no knowledge of how to run, finance, or insure a business.
A degree is not necessary for true visionaries and geniuses; but it can only help so long as you pick a good major and make the most of your education.
Report Post »TheSoundOf Truth
Posted on May 8, 2012 at 12:55pmYou are wrong.
The reason why starting a business is so hard is because of taxes, regulations, and all of the bureaucratic BS that you have to do. The accounting alone requires a freaking degree.
Running a buisiness should be this:
I have a product
Other people want my product
I sell my product to those people
I make a profit
DONE.
Most of the traditional farmers and ranchers in this country have no college. 50% of the world’s millionaires have no college. Of the other 50%, a very, very small % have PhD’s.
Not t mention that the American College Experience is now more about getting wasted and getting laid on your parents’/Government dime.
It is MUCH more productive to learn a trade or start a business with someone who has business experience.
Also, if you go to college, you are in debt for at least 20 years (provided you go to grad school, then, maybe only 12 years). You have to find a job, which is rather hard to come by these days. Then you have to keep that job that you went to school for. Having a degree actually *limits* your versatility. Also, you know how many people I know in their 30′s still “working on there master’s”? I also have a friend, in his 40′s, who JUST finished Med School now (after getting two degrees he decides he wants to be an MD) and can’t find “work”.
Nowadays, you have to find your own work and be a creator and a producer, not a worker or a consumer. And…the internet provides all the resources
Report Post »Locked
Posted on May 8, 2012 at 1:12pm“The reason why starting a business is so hard is because of taxes, regulations, and all of the bureaucratic BS that you have to do. The accounting alone requires a freaking degree.”
You just echoed what I said. If you don’t have the education required for running a business, how can you expect to succeed? It helps to have basic skills easily learned from management and accounting courses, and basic legal courses provide a solid foundation for what businesses have to deal with (hint: ALWAYS incorporate if you have a physical location or product).
Also, starting a business is easy. I ran a business during college (nothing fancy, just a graphic design shop with some friends; shirt designs, posters, graphics). Cost to incorporate and set up a website was less than $500. It ran until we graduated, and we earned enough to fund our fun times and help pay for the cost of university. Shut it down after and went into the corporate world (which I actually find less stressful and more lucrative, if less fulfilling).
“Also, if you go to college, you are in debt for at least 20 years (provided you go to grad school, then, maybe only 12 years). ”
Graduated with zero debt in four years with my bachelor’s; all of my friends from undergrad paid off their debt within 5 years of working. Your exaggerations aren’t helping convince me much ;-)
Report Post »Favored93
Posted on May 8, 2012 at 1:16pmSorry but a 4 year degree is a 4 year wast of time and money.
Report Post »Go to a trade school learn a trade you will enjoy, work harder then the next guy, fire your boss and start your own business!!! Tell me this is not better then 20 years or so of crushing debt just so you can join our UN-employment lines.
No collage is not the right fit for MOST of our kids….
hillbillyinny
Posted on May 8, 2012 at 12:31pmEasy answer, NO!!!
Many of us who have been very successful in our life never had the opportunity (or the money!), to go to college, especially right out of high school. We went to work, we got raises and promotions on our ability, we applied for new jobs higher in ranking that our present job maybe even in a new field(!), we searched out the information we needed, learned the skills we wanted, and many of us (like me) have worked for years on our abilities and common sense.
Yes, I did find a way to attend college later in life and not have to pay–working fulltime at the university! But my education is in an area of interest for me, not related to my vocation for over 45 years! I barely graduated from high school, I was bored in a non-college prep track so read books on my lap instead of paying attention. Read books at home instead of doing homework. Took tests on what I “heard” in class and got “C’s”! But in my college classes in a field I want to study I earned a 3.75 *** and in the honor society for my major!
Get out, get to work, go in the service, be a volunteer or an intern, learn what life is about and THEN take classes if you want or need them. You can’t start at the top anyway–you might have three degress, but I learned when I worked in personnnel at a zoo, if I can’t trust you to lock a cage door, YOU’RE useless to me or my company!
GET A JOB and learn about REAL LIFE!
Report Post »GardenoftheGods
Posted on May 8, 2012 at 12:31pmMy husband is well known in his industry–& has been told he is the only one who can do what he does…went to technical school in the 70′s…his career is so different from what he studied then (fixing mainframe computers). he’s designing super networks now and has never spent a day in college. So, my advice is, pick a career you like; and never close yourself off from learning new things. But remember, you’re not going to start at the top; you’re going to have to work your way up. That‘s part of the problem with today’s youth coming out of college; they want to make $80,000 and start off high up in the company….Life doesn’t work that way…you start at the bottom, put in years of hard work & then you might, just might get one of the “cushy” jobs that aren’t that cushy…My husband works between 70-80 hours a week, is away from home from Sunday night to Friday night and works his ass off
Report Post »uptickusa
Posted on May 8, 2012 at 12:24pmI received my AS and BS from Excelsior college fully accredited in Albany NY
Report Post »This was done without putting one foot into a school or being brainwashed by the Liberal professors permeating all colleges.
Cost was below 500 dollars for tests and administrative work and anyone can do it -just be self motivated and get off your asses and apply yourself instead of making signs and causing riots with the rest of the losers- .
SquidVetOhio
Posted on May 8, 2012 at 12:24pmI have a little over 3 years of college but no degree. I’m a software developer (self-taught mostly) and I make upper middle class income. Also, being a veteran probably helps gaining employment. Depends on what you’re going to college for. If you’re getting an engineering degree, it’s probably worth it. If you’re getting a sociology degree, drop out and save your money!
Report Post »RebelBroker
Posted on May 8, 2012 at 12:19pmThe lack of a college degree is not going to hold back anyone with talent. Now I have a degree, so that is my personal bias. Lets not limit this discussion to entrepreneurs. I know directors and VPs of fortune 500 companies that do not have college degrees. In the cases I personally know of, the person was hired and simply worked their way up to where they are with everyone simply assuming they had a college degree at some point. They have never lied and said they graduated from college, but their lack of a degree is a closely guarded secret. When the subject comes up, they simply evade the question.
Report Post »TheEDGE
Posted on May 8, 2012 at 12:59pmWhat is success? I live in one of the most expensive places on earth and their are unhappy people everywhere. Everyone is playing “Keep up with the Joneses”. Some of these success stories don’t even know their own kids. A lot of parents wake up one day and wonder how their children have become little creeps. Then I see the illegal immigrant, who works as a roofer, coming home and playing soccer with his kids, while his loving wife cooks a homemade meal that they all enjoy together as a family. They go to church and seem genuinely happy. When did success become strictly about your bank account?
Report Post »Mark0331
Posted on May 8, 2012 at 12:19pm‘Wisdom’ is the ability to make correct judgments and decisions. It is an intangible quality gained presumably through experience. ‘Knowledge’ is information of which someone is aware. Knowledge is also used to mean the confident understanding of a subject, potentially with the ability to use it for a specific purpose…..age old argument. I know plenty of ‘book smart’ people who are not wise…a great example of this are the people sitting in elected office…I’ll take wisdom as a character trait any day. Wisdom ‘pays’ more over the course of a lifetime ‘lived’.
Report Post »paperpushermj
Posted on May 8, 2012 at 12:32pmMy definition of Wisdom is different.
Report Post »Wisdom: the ability to learn from others experiences
Mark0331
Posted on May 8, 2012 at 12:41pm@Paperpushermj…as well as learn and remember consequences from your own mistakes and achievements..;-)
Report Post »momprayn
Posted on May 8, 2012 at 12:17pmNo, you don’t. Another lib Progressive/Communist strategy that we naive American sheep swallowed hook, line, and sinker- just like the TSA degrading scanner/groping. That’s where they want the youth to go to get indoctrinated into their belief system by their lib Professors – many radicals & use our money to promote more.
Report Post »Yes – and now we see the fruits of their labor after all these decades. They use “job security, more money“ to lure them in with college and the fear of national security for the TSA scam to further get us ”conditioned” to their evil agenda.
Robert in Texas
Posted on May 8, 2012 at 12:17pmI happen to be the Senior Network Admin for a Data Security firm in North Texas as just ONE of the things that I do for a living. I’ve been in Executive positions in IT for about the past 10 years, and own a successful IT Consulting Company here as well. One thing I‘ve learned over the past 10 years in dealing with employee’s… I’d rather have a guy from the Trenches without a degree over a guy with ANY sort of a Degree 10 to 1… Why? Because the kids coming out of college don’t know their butt from a hole in the ground.
College – IS WORTHLESS – and I can tell you, that after having hired (and fired not long after) several College Grads – I’ll probably never hire one again. They know NOTHING of the “Real World” – think they deserve high salaries, and don’t know what WORK is.
QUOTE from a College Grad I worked with at a previous job: THAT IS NOT MY JOB! (as I told him to LEARN the system that he was going to be working with BEFORE he was given access to it).
So – In my PROFESSIONAL opinion – College Grads are LESS attractive to me as a new hire than someone who has no Degree, but has worked even 6 months in the field… Yup… even 6 months…
In my eyes, if you want a job – you better not come in touting your college education – because I will NOT hire you. End of story!
Report Post »johnjamison
Posted on May 8, 2012 at 1:13pmYou’re talking about the difference between an educated candidated and experienced candidate.
Report Post »Educated candidates know the path they were taught. They have a sense of elitism about them. They were taught that by their professors.
Experienced candidates know the path because they’ve been walking them. They have a sense of team work about them. Because they know its takes everyone doing their best to create the best.
TexasIndependant
Posted on May 8, 2012 at 12:16pmBill Gates No College Degree, Steve Jobs No College Degree, Myself No College Degree, I think I am in good company. I also own my own Business and make a good living. Education is only one of the many building blocks in life. There are tons of educated Idiots in the world today.
Report Post »TheSoundOf Truth
Posted on May 8, 2012 at 1:09pmHenry Ford: No Degree
Charles Schwab: No degree
I mean the list goes on and on…
Andrew carnegie: No degree
John D Rockafeller: 10 WEEK COURSE ON BOOKKEEPING.
I mean, the data suggests that if you want to earn mid-level income for the bulk of your life, and deal with crushing debt while having a small retirement, then go to college and “get a degree” for the sake of getting a degree.
But if you want to make serious money, then learn how to run a business, start small, and grow it without debt. OH WAIT. That ain’t possible anymore because your will be obliterated by taxes and regulations.
Forget everything I wrote. Just work at wallmart.
Report Post »MAProg
Posted on May 8, 2012 at 4:20pm@Texas and Truth: these are all terrific examples, but do you know what else they are? They are extremely rare cases. Not everyone have the innate genius or social advantages of a Gates or Carnegie. College exists to supply average people with the knowledge to be competitive in various fields. Appealing to these outliers might be a flashy tactic, but these people are legends for a reason.
Report Post »Detroit paperboy
Posted on May 8, 2012 at 12:14pmI dropped out of high school in 11th grade, I own 3 businesses, have been self employed since the age of 17, live on a fifty acre hilltop with heated built in pool…. All four of my kids went to private school, grew up in a great neighborhood…..got brand new cars on their 16th birthdays…”and I will tell you this right now, everything I ever needed to learn about business…..I learned on my paper route at age twelve…….5am,in the snow, rain, whatever…….customer service, quality product, and collections!!!!
Report Post »But right now, my biggest enemy, is worthless government agencies with their hand out for a thousand dollars every time we turn around….fees, taxes, licenses, drainage, sign fees,it is unreal, and I am about done with it…….the government is killing small business people….
Mark0331
Posted on May 8, 2012 at 12:25pmI commend you…I always tell my employees, anyone can pay to be educated, a truly wise person doesn’t pay to learn, they do it because they know its the right thing to do…integrity and self reliance, both of which are missing from most of society nowadays…enjoy the pool!
Report Post »another_mormon_4_Ron_Paul
Posted on May 8, 2012 at 6:06pmWhy on earth did you GIVE each of your children their own car on their 16th birthday???? That privilege should be EARNED by them buying their own clunker with money they earned themselves and eventually working up to what they want. You are not passing on the lessons you learned yourself!
Report Post »huey6367
Posted on May 8, 2012 at 12:11pmRusg doesn’t have a college degree. Bill gates doesn’t have a college degree. A college degree is not necessary except to “prove” you know something. Face it, what you are taught in college does not typically apply to the job you will someday have. A college degree helps you to work for soemone else. BUT not everyone is disciplined to be able to learn things on their own.
Food for thought.
Report Post »huey6367
Posted on May 8, 2012 at 12:34pmThat’s Rush (Limbaugh) not Rusg
Report Post »MittensKittens
Posted on May 8, 2012 at 12:07pmOOh, this is good…should send “academia” reeling! Can’t wait to see the statistics on who in the USA is successful “because” of a college degree vs. drive and desire!
Report Post »mtcountrygrl
Posted on May 8, 2012 at 12:18pmEvery successful business owner I know skipped college. Including myself and my husband who now own 3 small businesses and we aren’t even 30 yet. We also purchased our first income property (rental house) three years ago and built our dream home (plus had 2 kids). All of our friends are just graduating and getting “started” in life. And are saddled with THOUSANDS in college debt.
Report Post »mtcountrygrl
Posted on May 8, 2012 at 12:28pmAlso, we are planning to discourage our children from college except under certain specific conditions (career choice requires a degree – doctor, nursing, engineering, etc). I believe going to college should be approach the same way starting a business is approached. How much money will it cost? What is the income potential relevant to the cost? Is there a less expensive way to accomplish the same goal (internship)? Is the field too saturated? Going to college should not just be the “next step” in life. However, I should add we are homeschooling so our children are actually getting a good education now and will not NEED additional general education after High School (which is what most of college has become).
Report Post »johnjamison
Posted on May 8, 2012 at 12:32pmWhy would Dave Rose refer to someone who skips college and enters the work force straight out of high school. Secondly as admitted by Dave college doesn’t actually build intellect or really educate a student. Thirdly why would mr.Rose refer to someone who realizes that College doesn’t educate and does little more then saddle students with massive debt so they decide to build a resume on actually experience by enter the work force early as not a viable employee candidate. If anything it shows critical thing and the ablity of making though decisions.
Report Post »Latestly if colleges are producing these subpar employee candidates why aren’t parents stepping in and doing the job of educating their children on the pitfall of debt that is involved in useless education.
TheSoundOf Truth
Posted on May 8, 2012 at 1:13pmMT country girl, you are the enemy of the Obama admin because you have small businesses.
You (and I) are targeted for termination and must report to the nearest Small Business eradication center for processing.
Report Post »Individualism
Posted on May 8, 2012 at 12:02pmThe Elites are rigging the system to where it is so they can enslave the common man to the bankers until the common rise and destroy them.
Report Post »