Staying in School VS Growing your Business

You've got a business. It's somewhat successful. You're getting anxious and ready to make your mark on the world with your mind-blowing product, service. And now, school has started. You're in school and while you know why you are there, you're wondering, "is school really worth the time". Some believe they might be better suited leaving the education behind and pursuing the business full time. Note: this was based on an email I received from someone who started college with a small EXISTING business, that grossed about $140K annually.

So the question becomes: which is a better use of time - growing your EXISTING business or finishing school?

I don't know. And I know that I'm a little biased seeing as a I have a 4 year degree - and more accurately, didn't have any ground breaking, earth shattering business opportunities at the time I decided to go. But what I do "know" is:

• First off, if you're a freshman and you're already thinking school is a waste of time...it's too early to tell. You've been college for all of 6 weeks (at most!) and you've decided it has nothing to offer you? Sit it out. Go through midterms, end of semester projects and finals. Check your grads, and at least then you'll have a more accurate understanding of what college is about. And granted, the freshman year isn't all that indicative of the next 3-4 years (for you 5-year planners). UNDERSTAND that it does become more difficult. But also understand that there is some truth to the statement that some make when they say that the hardest thing about college was getting in (in other words - the 4 years of high school PRIOR to college).
• Utilize what you have at college. Sure the classes might not be teaching you what you want to know, but especially for those that are at business schools, or have a business school on campuses, there are a wealth of resources. Other students. Professors. Graduate (MBA) students. USE IT!!
• If you're set on dropping out - try and make what time is left, useful. Look at taking classes that last semester that might better prepare you to make your business a success. Consider:
• Graphic Design Classes: Learn Adobe Photoshop, Illustrator and Quark. Some of the technologies and methodoligies professionals use to better their crafts. After school, you'll know how the skills available to better market and advertise your business.
• Finance Classes: at most colleges Finance is a 1st or 2nd year requirement. Take it. learn the basics of present and future value of money. Learn financial statements (income sheets, balance statements, cash flow statements).
  
• Accounting (yuck!): it's terrible, IMO, [WHAT'S IMO?? NADI? help me out here??] but its a need. Hell, when all is said and done, Accounting jobs will be the LAST to be outsourced to other countries because it is proprietary information and it most contributes to the faith that other folks have in our marketplaces. Emmerse yourself in debits/credits. It'll help you keep better books.
• Strategic Management: usually 3rd or 4th year class. Most require students to complete a business plan - some schools enter these into a business plan competition. Valuable resource and a chance to win a competition and advance your business if you use the opportunity appropriately.
• Information Systems: Not the class they make you take where you learn Word, Excel, Access and Powerpoint. The class where they teach you regression analysis, inventory management and how to set up and use computer systems (Excel/Access) to manage business information and make business decisions. The mess is hard, but its useful.
  

• Talk to the professors - you might not be a upperclassman, but business teacher love student businesses. I'm sure if you talk to the professors, they'll let you work around the requirements. Get mentors and "advisory teams". Have them take a look at a few things. Colleges have the wealth of services, that outside of college, you'd be paying top dollar for in the marketplace.
• Know your student body. C'mon, we've all heard the Bill Gates, Michael Dell, Steve Jobs' stories about how they realized college wasn't the place for them. Hello, student body!! Know the skillsets of some of your classmates. Guaranteed there are some web design wizards, database doctors and graphics gurus you could tap for free or cheap that can help you get where you need to be.

The point? I understand why at first sight college might seem like a waste of valuable time and resources when you come into college with a semi-successful business. But also understand that a lot of the "learning" that takes place at the university level happens outside the classroom.

And if for no other reason - college is fun. Where else can you attempt the stunts on Jackass, get caught, explain that you were imitating Jackass to Campus Police/Public Safety and NOT get arrested??

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