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American Entrepreneurs: No College Needed?

Jacqueline Jackson |
June 7, 2013 | 3:54 p.m. PDT

Contributor

You’ve just graduated and you find out that some of the "Forbes 400” richest people in America didn’t make it through or even go to college. Maybe you did something wrong?

Dropping out of school may have worked for some billionaires, but it isn't sustainable for the entire population. (davidville, Creative Commons)
Dropping out of school may have worked for some billionaires, but it isn't sustainable for the entire population. (davidville, Creative Commons)

The American Dream has shifted from the employee retiree system to a creative revolution in which each member of society could potentially develop a million dollar idea that transforms his or her life and the lives of others. This new dream has challenged this generation’s desires to pursue higher education after many of the decade’s most prominent billionaires and millionaires have dropped out of school to start businesses. But this model may not be what is best—nor most practical—for society at large.

The 26-year-old CEO of Tumblr David Karp said in a recent CNN interview that dropping out of high school was one of the best things he could have done on the road to becoming one of the world’s youngest self-made millionaires. Karp left school after his freshman year to pursue computer technology independently. Surprisingly, Karp credits his parents for pushing him to take the unconventional route to business stardom.

Karp went on to create Tumblr, the blogging service that was recently bought by Yahoo for $1.1 billion. Whether or not you believe this is the best route for up-and-coming entrepreneurs, there are many wealthy elite who never completed high school or college. The ascent to millionaire wealth does not always require a college degree and for many, the trend of dropping out to become an entrepreneur represents an opportunity.

The Forbes list includes DreamWorks founder David Geffin (worth $5.5 billion), retail giant Les Wexner ($3.8 billion), Steve Jobs ($7 billion), Mark Zuckerberg ($17.5 billion), Paul Mitchell creator John Paul DeJoria ($4 billion) and a host of others who all took the road less taken by students in America.

There are also some teen millionaires who could make you think twice about walking the stage at graduation. Ashley Qualls, the founder of WhateverLife, has a net worth of $8 million at the age of 22, while Cameron Johnson, the teen who started the invitation company, Cheers and Tears, currently has a net worth of $3.2 million.

While we have become increasingly dependent upon online communication and resources, we still have a necessity for individuals with creative and original ideas. David Karp had a vision that was built on his understanding of computer science and his avid learning outside of the structured educational system.

However, although Karp recognizes that the road to one billion has come without conventional education for hundreds of Forbes richest, he doesn’t think it’s the way for all.

“It’s entirely possible that there are other people out there in similar circumstances but evaluate very carefully it's not a given that it goes this way,” he told CNN.

Dropping out of school, for example, is not a realistic option for American students whose familial structure, networking practices or family income limit their access to educational and financial resources that help foster the spirit and conditions of entrepreneurship. In order to present entrepreneurial ideas, you have to first understand who you are, what you’ve got to offer and where you plan to go. This type of entrepreneurial training or background isn’t available for everyone in America, as it was for Karp and others in the Forbes 400.

Programs that emphasize entrepreneurship should therefore be developed in the United States—but not to increase America’s already concerning dropout rate. Rather, these programs should be implemented in order to increase the interest of youth in creativity and entrepreneurship while still in school. Programs like the Thiel Fellowship, which provides $100,000 and a host of developmental resources to help students under 20 leave college and pursue their own research in science, business and social movements, are great for those “groomed” to apply for such prestigious awards. But the college dropout model is not sustainable for the entire population.

We cannot have millions of people dropping out just because they sense a unique opportunity or ability to develop something. It isn’t enough to be talented: becoming self-employed or an employer of hundreds to thousands of workers takes a set of managerial and leadership qualities that young professionals can easily miss without concrete direction.

This direction comes from a host of organizations, programs and institutions that to which millions in need will unfortunately never have access. There is no question that many people in America today face the difficulty of overcoming a system of oppression that leaves them with far less educational opportunities than those from more privileged backgrounds. For minority students and immigrant students seeking to be the first in their family to get a degree, traditional education is the only way to succeed. Not completing high school or college is linked closely with an inability to expand their network and mindset beyond their own neighborhood. For the majority of Americans, running off of creativity alone at the age of 15, or even 20, just isn’t possible.

It is, however, plausible that through education the proper steps to entrepreneurship can be discovered and applied, leading to the development of great ideas. All hopes of becoming an entrepreneur do not have to be lost for those who take the college route.

The sky is the limit, but for so many without a high school diploma or college education, the only place they'll reach is the ground not far from home. In order for millions in America to expand their wealth and understanding of business, they have to venture into the institution, even if it is just for a short time. In return, the educational system must focus on implementing programs in academia that reflect society’s growing need for cutting-edge ideas in business, technology and communication. Hopefully, in the coming years, we will see not just a decrease in dropout rates, but an increase in ownership for members of the American public who have become all too used to following the status quo—or giving up on it entirely.

 

Reach Contributor Jacqueline Jackson here; follow her here.



 

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