52 Comments (page 1)

I'm glad that someone finally thinks the way I do. Colleges nowadays focus too much on a specific skill and mindset, rather than broadening the mind in various ways. As I myself am a college student right now, I know how frustrating that is. Gread podcast, made me feel good about myself because it can be quite depressing being the only one who thinks differently

You'd want to contact Loral Langemeier about this. She's known as the Millionaire Maker having made of 1,039 millionaire entrepreneurs. Some with college and others with out. The cool thing about her is that she has a masters but doesn't use it to run her several businesses. I can get you and interview but drive her listeners to your show as well to increase your traffic. Interested? I've given my email above. BTW, good show!

Saw this yesterday on your twitter feed, and loved the interview. I'm a 21 year old college dropout starting my own business too. Really connected with a lot of what you were saying. I think most college classes now specifically encourage people NOT to be starters (entrepreneurs). Also Lee said you many people make connections in college that help them later in life, but I look at my friends in different colleges and see them making friends with the person who owns the bong (not most likely to succeed). You didn't really mention this but one of the things I'm struggling with now is that there is an immense amount of social pressure from my peers and older folks to stop doing what I'm doing and finish college. How do you deal with that pressure?

Great interview Will, I especially like your comment "Colleges used to encourage independent thought, they used to encourage original, disruptive thinking". I completely agree. I feel my undergrad work taught me how to survive without a support network, put up with massive amounts of b.s. to reach an end goal, and be assertive. All of these things are useful in running my business, but that knowledge does not hold a candle to what I learned after I graduated through books, blogs, and surrounding my self with highly motivated entrepreneurial minded people. Now that I am 2/3 through my graduate degree and running a business full time I feel like grad work does teach that independent thought and disruptive thinking that you mentioned in your comment, you just have to be very careful of what program you are going in to and find a way to make studying profitable instead of a gigantic money pit.

Great interview, I found it very interesting and your opinions insightful. I think a LOT of college bound kids are still going to go to college just because it is the path laid out for them, but I do think that there needs to be more support/understanding for young people that decide not to go to college to pursue other ventures. Correct me if I am wrong, but it seems that there is a stigma associated with someone making the decision to not pursue a college education, and I think that weighs in a lot on the decision to go to college.

No, at least not for me. I went and wasted four years and a lot of money while I was creating a business at the same time. It held me back and I could've made a lot more money during that time. Most of what I learned has been through reading and watching videos online, just trying to learn more.

I am an entrepreneur that started my own business www.SteeleConcept.com around 6 months ago. Things have been going great so far. I have a AS, BA and MA and definitely feel that college is important for the social aspects. Essentially the experience better teaches strangers how to communicate. Particularly if one has gone to college he/she can better communicate with others who have done so. It's a nice place for new experiences, confidence building and maturing. The educational aspect of undergrad I wasn't so impressed with. I have a BA in Psychology and rote rehearsal tests, presentations and papers didn't do a whole lot for me. Sure, they help some with memorization, public speaking, writing skills and vocabulary… but who is to say 4 years in your own business couldn't hone those same skillsets and perhaps even better than formal education? Graduate school is more specialized and generally much more costly per tuition credit than undergrad (I have a MA in Industrial/Organizational Psychology). It's not really fun and fresh like undergrad. Much more work and less play. I feel like a bachelors degree is something that most people should shoot for but if one has the entrepreneurial itch and wants to forego college, then by all means do so. In this day and age it's essentially educational inflation which nearly doesn't always have the ROI we have expected from higher education. For more information see Ellsberg's The Education of Millionaires, which is a great read. The Bill Gates and Steve Jobs of the world even experienced a bit of undergrad before dropping out. I feel that this is important. I do have to agree with Will when he says entrepreneurship is a lifestyle. If one has it in them and wants to live that lifestyle then they are ready to begin the journey when they are ready. For some it will be High School, College, the after years, Grad school etc. What can be said is that in this day and age educational cost is at an all time high and we all need to consider the ROI of a college education, particularly if one can educate themselves and is resourceful. Not everyone has insane drive and loves the entrepreneur lifestyle. I believe there is starting to be a paradigm shift in the way we think of work. Is risky the new safe? In this modern world there are fewer good paying 9-5's. Many of these jobs no longer offering pensions, benefits and are having mergers and layoffs galore. We must ask ourselves is it sane to live in that insane world? When we derive so much intrinsic value from our work, how can we be happy if that work is repetitive and soulless? An entrepreneur would rather work for his/her cause for pennies, rather than slaving away at some corporate desk making someone else rich. There is less value in higher education than there ever has been and it costs a shitload of money. In a day where there's free education at our fingertips, college is a redonkulous proposition for someone who already has a vision and is willing to use their resources to capitalize on that. What are you waiting for entrepreneur? Go forth and create that value!

Loving Steel Concept Steve! ROI is definitely the issue - it is still there for people going into Medical or Legal fields, but it is quickly faded (if not gone) for Entrepreneurs. Completely agree with you when you say that when an entrepreneur is ready, he is ready. Much better said than my version :) Thanks for commenting!

Thank you Will. I again agree with you regarding the Medical fields. Unfortunately I have heard some horror stories about student debt from law school with newly minted lawyers unable to get in solid firms. Then again I know some successful younger lawyers as well. Medical, STEM and sometimes Law is my 2 cents.

Agreed. Student debt is incredibly dangerous these days. You'll notice I don't mention student debt at all though, because I think the real cost for a true entrepreneur is the opportunity cost. Student debt is just icing on the cake :-P

Hi Will, I enjoyed the interview, and hope you do more in the future. I relate to a lot of things you mentioned. The interesting thing is that my two younger brothers are in college studying Physics and comp sci. We recently just formed a startup called OnBartending.com. We're partnered with my friend in NYC that created a successful startup and recently exited. Also, two weeks ago I met my sister's new boyfriend that majored in Entrepreneurism. That was mind blowing b/c I didn't even know they had that as a major. My sister was said the same thing, lol. I think the business, finance and economics courses don't help an entrepreneur. I have a degree in chemistry/physics, and I've met many with econ and finance degrees. And like you said, they just rehash book material. Because, I'm a proprietary trader and have investment banking training, I knew more about economics and finance than those that majored in it. They hated me. My experience with my sister's boyfriend, who majored in top ranked program for entrepreneurism, was interesting. I was talking to my sister about a website that I'm building and then he starts talking about SEO. I ask how does he know about SEO, and he tells me he majored in Entrepreneurism in college. I then begin an intense conversation with him. We spoke about lean startup methodology to best SEO practices. Nothing about programming, b/c he doesn't even know HTML. But, I sensed in our conversation he just had conceptual understanding of many things but wouldn't actually know how to execute. So finally in the end I asked him, "Have you ever optimized a CMS?" He says "No". All I can say is that I know more than him in 6 months than he learned during his entire 4 yrs. And, I don't know anything. The stuff that I learned over the past 6 mos is b/c I had to learn it, and had to sift through all the information out there, and spend all my waking hours studying it and applying it. I do feel that some college is good. I think that a major in physics and philosophy is the best major for an entrepreneur. It's b/c physics and philosophy teaches one how to THINK! How to problem solve. Also, studying the humanities makes a person well rounded. Studying Shakespeare, Les Miserables in a classroom environment makes it more exciting b/c you get instant feedback from a professor. Entrepreneurism is definitely a calling. It was great hearing your talk about this, and how the thinking is so different. I think it's probably one of the most difficult things starting out. I grew up in a family that had no clue about it. All my aunts & uncles preached getting a job and weren't aware of anything else. I had to fight the status quo for a long time b/c I grew up in the midwest and the startup community wasn't as prevalent. Back in 2006 while in Dallas, TX everyone gets a job or becomes a real estate agent/mortgage broker, lol. I just had to say, "F-it, listen to my gut telling me there is another way, and another path."

Hi Eric, Thanks a ton for the well thought out feedback, and glad you could relate to the article! Just checked out OnBartending, cool stuff! Sounds like you're well on your way and partnered with some great people. I'd agree with you that the courses don't help entrepreneurs, and can completely relate to you on that. You can learn more about economics or finance with self-guided internet education than you ever could from a university. In fact, I don't even know if you can learn about REAL economics in school - you just learn Keynesianism these days, which <em>just so happens</em> to be the reason the education system is so out of control (and much of the world). Of course, try to ask an Econ grad about these things and you'll be scowled off as the inferior you are :-P That's how it is man, and it makes sense. What's a better way to learn to swim? Take a course with many written tests and lectures for a couple years and ease into it after that, or just take a few precautions and jump right in. I would rather jump right in. I learned SO much more about Economics and Politics and Psychology and pretty much EVERYTHING from just talking to people about it and having friendly debate. That is what classes should be doing, but they never will under Government control :( I'd agree with you that physics and philosophy is probably a pretty good combo. I think the best things for entrepreneurs now are Agricultural and Mining degrees, but we will see over the next few decades! I agree about all of what you're saying really, but I do think that all of that could (and should) be acquired through natural curiosity. The amount of random, useless knowledge I have from random internet browsing, traveling, and the like is absolutely astounding (I get made fun of for it actually). I don't think this would have been possible if I went down the "book smart" route. But again, college makes sense for some people and not for others. As you know I agree, it is a calling. It is tough if your family doesn't understand, because some undoubtedly start to hinder your success. They tend to discourage any risk taking and just want the most comfortable, safest route they can think of. The same reason they send their kids off to college. Your gut can be a powerful force, always be listening for it! Thanks again for listening and for the great feedback/conversation! Will

I'm glad I helped bring together people that agree on this! That's exactly right, college is now more about conforming your mindset to theirs. Sorry to hear you are going through the grind :-\ Glad to hear you liked the podcast Siim, and thanks a lot for commenting with your feedback! Talk soon, Will

That's awesome Amber! Thanks so much for reaching out with the opportunity, I appreciate it. I'll email you now!

Hey Josh, Thanks a lot for commenting! Yea, it sounds like you probably related to that interview quite a bit :) Glad to hear it. I felt the same way when I was in college, that not only entrepreneurs but pretty much anybody who thought outside of their "curriculum" and "systems". I also agree with you that the people you network with in college tend to bring you down. I think I mentioned in the interview that the people I met just served to teach me how to hold my booze and ultimately wasted my time. Though it is good to be able to handle your booze at certain times as an entrepreneur :) I still get people telling me to do that constantly. It's tougher to brush them off when you have no money coming in, but once you start making more money than them and don't depend on one person for your paycheck...it gets tough to take them seriously. Maybe a good idea for a blog post though! Thanks for commenting Josh, Will

Hi Erin, Thanks a lot for your feedback, I'm glad you liked it! That's just the point right there, you described it perfectly. It's not that you don't learn things in college, because true entrepreneurs will learn something from anything. It's the time you're missing out on - time you could be spending experimenting with your hobby business, launching a business, or doing any of the things you mentioned above. Yea, I have heard that Grad school is a little like what college used to be back in the day. In college were still like that, maybe I would reconsider. But I won't hold my breath waiting... Thanks again for your feedback! Will

Hi Rand, Thanks a lot for commenting with your feedback, and glad/relieved to hear you liked the interview :) Yea, there is a cultural stigma about college now. Like any crumbling mega-institution, they would rather oust the unfaithful than consider their advice. I think that is changing, but it will take a good decade or so before the education system as we know it is changed in any shocking way... Thanks again for commenting! Will

The worst case scenario for you, huh Ryan? Well, maybe not WORST, but you know what I mean... I was in for 2 years before I dropped, and couldn't imagine what my life would be like if I didn't. It was a tough decision too! Risk = Reward, baby! It all came from reading, videos, and general internet surfing for me haha Thanks for commenting! Will

Risky as the new Safe! Yes, sir! I think that is becoming a fundamental shift in the way we think about life and business. There is no such thing as a safe job - they might take it away. What's safe is being able to adapt. To be adaptable you need a wide range of experiences, not a job that was comfy until it wasn't.

You should check out this book called Lemming Conspiracy. It's basically a book that talks about systems and how we conform to them and not follow our true passion and talents in life. When we feel pressure to remain in school, we are listening to our systems, and not our heart. Someone from the system either family or professional, will more than likely prompt you to remain or go to school because they too are part of the system. It's a group think type of thing.

I'll definitely check that out Eric, thanks for the recommendation. I couldn't agree with you more. In the above interview, we actually had to stop at a few point and re-shoot as it got too conspiratorial :) I've read one called "Dumbing Us Down" that was decent, just put yours on my Wishlist! Thanks, Will

Just to add - I think the true purpose of compulsory schooling is to make sure those at the top have no competition. It's turned into a Government indoctrination program, whether or not proponents believe in it or not. The less time you waste in school, the less your mind will be warped by the State. That's one of the main reasons I think it's negative for the true entrepreneur, it is only designed to limit your thoughts and perception. When entrepreneurs take something positive out of their schooling, it's despite the education system, not because of it.

I definitely check out "Dumbing Us Down". I am currently enrolled in a masters in professional counseling program with 12 hrs completed and I honestly couldn't tell what I have learned. However, the books I have read outside of class has actually helped me much more. My mother was a counselor, and quite naturally I am following her system. Consequently, I don't feel that is the right path for me. I love coming up with concepts for businesses,programs, and events. I am thinking of opening up a concept development company. I get excited when thinking of creative ways to do things. I also love to educate people on relationship dynamics. I don't see a masters degree helping me if my overall goal is not to work for someone. My motto is "I will work with you, but not for you"

I was the same way, and I had that same realization. By my sophomore year of high school, I was bringing in high-level business and economics books and tuning out off all my classes. I just didn't see the point in anything I'd been taught. I felt that the education system was a massive buffer between me and the source of a great idea. It muddied up the meaning, and the profound effect that a great idea can have was completely lost in the bureaucracy. You sound like you know what interests you, so I would start toying with it now (if you're not already). I'm not sure of your circumstances, but the sooner you start failing at it, the sooner you'll get to a place where you really enjoy your work. It sounds like you already have a basic idea too, a business program or event that teaches people about relationship dynamics. Now you just need to start trying to build it, and get frustrated and pissed and eventually learn how to build a business that works for you. You'll have to figure out that you need to figure out how to position it and create it for a specific group with a specific problem expecting a specific outcome. But now I'm just ranting :) Love the motto by the way :)

Just joined up with you guys. Came across the site and really like it, some real to the point info and guidlines here, makes you realise its all about just taking action and starting now!

It's truly very difficult in this busy life to listen news on TV, so I just use internet for that reason, and obtain the most up-to-date news.

Really great content on your website. I've just downloaded your ebook and really inspired. many thanks

I am extremely impressed with your writing skills and also with the layout on your weblog. Is this a paid theme or did you customize it yourself? Either way keep up the nice quality writing, it's rare to see a nice blog like this one nowadays.

Great stuff. It should called be "The State of the Modern Economy"! Most of us were not born with an entrepreneurial spirit -- even though not too long ago we were all entrepreneurs. People often think starting a company is risky -- I think it's risky to keep working the same job expecting it to be there forever. One of the best things we can do for ourselves is learn how to create value and EARN. Once you know how to earn money as an individual (and you've had enough practice to be confident about it), you're playing a whole new ball game. One where you're in control!

very good interview! loving the personal touch :)

Extremely informative podcast man. Very in depth, appreciate the time you put into it.

Part time jobe

Right on...

Glad you liked it TJ!

Thanks for listening - I try my best to keep it personal :)

Glad to have you on board Shane, thanks for taking the leap :)

Hope you like the eBook Lynne as much as the site Lynne - thanks for the kind words!

Absolutely, we're never more natural entrepreneurs than when we are kids! It's amazing how many people never understand the basic fundamentals of economics and business. And that's why very few people ever take control of their lives. Good to see you won't be one of them Casandra :)

Couldn't agree with you more - but you do have to be careful of internet news/information as well.

We bought this theme and I've done some customization, but I'm no designer! Thanks for noticing though :)

Insightful. I wonder if I can get a refund on the hundreds of thousands of dollars of tuition I paid for? This article makes some compelling points!

Glad you liked the article - not sure if they are doing refunds yet :-D

It's great to know that there are others who feel the same way. I'm not alone! I wish I could drop out of college. It's definitely frustrating not being able to and not having the support of your family. As an aspiring entrepreneur, college is definitely a set back. I've come to the conclusion that there is only way out. Even though I'm practically consumed with school work, the idea is to create not just a blog, but a blog that can actually be monetized. It won't be an easy task, but it's definitely worth it. This article was not only encouraging, but inspiring. Thanks being a voice for aspiring entrepreneurs.

You forgot the 100 "um"s in your transcript.

I just wanted to say that I admire your realism and free spirit! I want to be a tech entrepreneur like you when I finish high school.

Listening to this was quite convincing to listen to my inner voice, which is telling me not to go to college. I am a nonconformist, but a people pleaser on the contrary. What do I tell people what I'm doing with my life until I open up my business (which I have planned in my head- no incubation time necessary ;])? I don't tell most people I'm even working because they'd think I'm immoral if they knew I was a camgirl. That makes me sound like a complete lowlife, to have no job (that they know of) whilst not attending college. Also, being self employed now has definitely given me solidarity on the idea of having a versatile schedule, but on the down side it leads me to excess free time- making me more prone to attending college just for a set schedule &amp; social purposes. If I don't go to college my plan is to first launch a website I thought of, get enough revenue there to continuously build my credit (which I'm in the process of doing now) to eventually get a loan for a business I want to open. It's not an innovative business, either. It's a simple one I'd love to do because it would incorporate all of my hobbies and would be easy to tackle. Advice?

Glad to hear someone who thinks like me! I am a senior in High School and the majority of people think differently than I do. I am applying for colleges right now and I have no idea anymore what to major in. I was and still am really into genetic engineering but I have always been a business person so I then considered a Marketing major, but I am now clueless! Can anyone give me input?

Study engineering in college, learn business outside of college. Feel free to email if you want my thinking on that.

As an entrepreneur who didn't go to college, I couldn't agree more! When you don't have a safety net (even an artificial one), you have to try much harder.

Absolutely! Like the legend of Hernan Cortes burning his ships - the point of no return :)

Spot on Kyle. A BA/BS in engineering will get you out with a solid $60k/year job and it is a well respected field. You may want to a work a few years in that and feel then ropes and pay off your debt. But you if have the entrepreneurial itch. By all means go after it. These guys on this site can help you. My favorite book Mj Demarco - The millionaire fastlane is mind-blowing for a paradigm shift. You may want to check it out. Good luck anyway man you made some solid choices. I did a bunch of psychology and it took me a bit to break that $50k/year salary. Fortunately from the tenacity and lucky sales swag, I am 100% out of school debt and in a new house. I feel blessed but it wouldn't be possible without folks like MJ Demarco, Kyle and Will and Startup bros. They are here to help you get on. So keep your ears open. You are doing well bro :) God bless.

Well noted big Will dog :). Real talk.