It’s no secret that most big businesses look for fresh young talent to bolster their competitive edge. Young people are being encouraged to follow their dreams and run with their ideas. With such emphasis on youth in business, it’s no wonder why some bright young entrepreneurs consider college as a plan B. The wild success of Bill Gates and Mark Zuckerberg, both college drop-outs, also serves as an example that college may not be necessary for those with the talent and vision to begin working right away.
The Thiel Fellowship, unveiled by PayPal founder, early Facebook investor and all around entrepreneurial big shot, grants $100,000 to 20 entrepreneurs under the age of 20. Being a student is not a requirement, as this grant goes toward whatever idea the person has. The idea behind this is, of course, that America relies on new ideas and young businesses to stimulate the economy and stay competitive. Babson’s school of business, the Young Entrepreneur Council, and even the State Department support young people starting their own businesses. Does all this mean that college has become obsolete for the modern entrepreneur?
Not necessarily. New research has shown that older people are getting into the entrepreneurial scene more and more, perhaps even surpassing the youngsters within the next few years. A large part of this can be credited to college education; tech start-ups founded by the Ivy-League educated tend to have a much higher sales revenue and employment than those founded on a high school degree. Older, college educated people also tend to have the skills and credentials vital for starting a business (for example, management skills and a good credit score) than those fresh out of high school.
While college may not be a necessity for coming up with The Next Big Thing, it certainly can’t hurt. Starting a business requires money, which a college education can allow you to earn more of (not to mention you might actually learn something new). Those who move and shake the world may view college as a costly and necessary detour to a greater calling, but it’s a wise choice for some. As for older entrepreneurs catching up with youngsters? It just goes to show you it’s never too late to get in the game. Older people probably even have better garages where they can test their brilliant ideas.
