As a young entrepreneur, it can be difficult to make decisions about your future. Should you drop out of school to start your own company or stay in school and hope for the best?
However, dropping out of school may mean that you’re missing out on valuable education and experience that you could have obtained if you had continued with your educational journey.
This decision can have a big impact on your life, and it’s important to weigh all the pros and cons carefully. In this article, we’ll explore the merits and demerits of both options and help you decide which path is best for you.
The Potential Advantages of Dropping out of School as a Young Founder
You Can Focus on Your Business Full-Time
Dropping out of school can be a great way to achieve your entrepreneurial goals. Instead of wasting time studying unimportant subjects and struggling with school work, you can put all your focus into your business.
You will learn the ropes from the get-go and have a head start when it comes to success. Plus, by handling all the steps from refining your idea to making, testing, and launching the product yourself, things will be much easier for you when you have all that extra time.
There’s No Pressure to Finish School
Undoubtedly going to college is a great investment. Not only will you get a good education that will help you career-wise, but you’ll also develop great skills and knowledge that will be of value for the rest of your life. However, the pressure to constantly meet the expectations of your parents, teachers, and friends can overwhelm you when you’re juggling both school and your entrepreneurial journey.
Because of this, plenty of young founders choose to drop out of school in order to pursue their startup ventures. They realize that without the pressure to finish school, it’s easier to focus on developing their startup.
Plus, at the start of their business, they learn more than they would if they were attending college classes. The risk is higher, but with hard work and dedication, young founders can achieve anything!
More Flexible Hours
You will have better control over your daily schedule and can work from home if desired. This will give you the independence to focus on your business and enjoy peace of mind knowing that everything is in place.
Furthermore, you’ll develop a greater sense of responsibility and be better equipped to take care of your business. Additionally, dropping out of school will give you an edge in the startup competition as you’ll have had more time to learn about entrepreneurship and management skills.
You Won’t Be Pigeonholed Into A Career Path
As a young founder, you’ll have control over the direction you want to take. The college will only hold you back from taking risks and achieving your goals faster.
As an entrepreneur, you’ll have full creative control and won’t be beholden to anyone else’s opinion. Plus, if things don’t work out, you can always go back to school and start over.
You Will Have A Better Work-Life Balance
If you’re young and starting a company, you know that it’s not easy. Between work, family, and school, there just isn’t enough time to put into your business. But what if, by dropping out of school, you could actually have a better work-life balance?
Not only will you have control over your own schedule, but you can also work from home or wherever you want. This gives you the flexibility to focus all of your energy on developing your startup and spending the remaining time chilling out with friends and family!
The Drawbacks of Dropping Out of School as A Young Founder
It’s Not Easy To Go Back
Dropping out of school as a young founder can be really tough. Not only are you skipping valuable education and experience, but you also have to work a lot harder to get the same results. Not to mention, it will be tough to find your place in the world again after dropping out of school.
Unless you’re able to miraculously pick up where you left off, you’ll always be at a disadvantage when competing with people who have degrees. And don’t forget, a degree is never going to be replaced by experience. Therefore, no matter how much experience you get from building a startup, you’ll need a degree to land a job.
Furthermore, missing school may impair your skills and knowledge. This will make it difficult to find a job matching your experience and skills. In addition, dropping out of school may also reduce your chances of getting the same job as someone with a diploma or degree.
So if you’re thinking of dropping out of school, think long and hard before making that decision- it may not be the best thing for your future.
When You Drop Out, Your Student Loans Will Still Be There to Burden You
Not only will you have to face the disappointment of your family on the dropout. But, you’ll also be responsible for the hefty school loans that you accumulated along the way. Worse, these loans may still burden you even if you drop out. This makes it difficult to restart your education, pursue a career, or even fund your startup.
If this is worrying you, talk to a financial advisor to see what options are available to you. You may be surprised to discover how much money you can save by taking steps early on in your journey towards entrepreneurship.
Your Peers Might Look Down on You
Dropping out of school may result in your peers thinking less of you, which can be damaging to your self-esteem.
There will be times when you may be struggling to secure investment for your startup or bring more customers. And when you see your friends and cousins of the same age as yours, you may see them married with children and having a good career.
These things can have a negative impact on your mind, and you may feel isolated and rejected in social settings.
There’s No Guarantee You Will Find Success If You Drop Out of School
Remember, there is always the risk that you will never find success as an entrepreneur. Around 9 out of 10 startups fail, so the chances of success are very slim unless you’re damn sure about your service/product offering.
So if you drop out, make sure you have a detailed business plan and realistic expectations for your future achievements. Also, it is important to have the support of your family and friends when making this decision. Remember, being safer than sorry is always better!
Your Skills May Not Be as Refined
Dropping out of school as a young entrepreneur can have a lot of negative consequences. Not having any formal education can limit your ability to run your business effectively. You may also not be able to understand certain technical jargon.
College or university teaches you the skills you need to be successful in business. Something that you may not learn if you drop out of school. It is important to weigh all the pros and cons before making this decision. Dropping out of school could have serious long-term consequences for your career.
So, Will You Take the Leap of Faith or Play it Safe?
It’s a tough question, isn’t it? After all, what’s more important: dropping out of school to start your own business or completing your education and gaining valuable skills that will help you succeed?
With so much at stake, it’s hard to choose a path without knowing all the facts. However, with the pros and cons mentioned above, we hope you can make a well-informed decision!