Dropping out of college to start a business is easier today than ever before. We are slowly coming out of the era where you must have a college degree to make money. And that is great news for those who are thinking of leaving college to run their own businesses.
This blog that you are reading is a business that I started after I dropped out of college. Doesn’t it look good?
I’ve actually documented my experience on how I dropped out of College to start blogging in this eBook. Check it out if you are interested in knowing the ins and outs I had to go through to pull off this successful blog that you are enjoying today.
Now that you are thinking of dropping out of college to start a business, I have guidelines to help you successfully take the leap and a few precautions you must take. I’ll also tell you what you should expect after you drop out.
Quitting college to start a business is not an easy decision. I have seen quite a number of people who quit college to run their own businesses but they ended up miserably.
I hope you won’t end up like them. That is why I am writing this article.
Is dropping out of College to start a business a good idea?
Dropping out of college to start a business is a good idea. However, it will cost you. The important thing you should know is the price tag of dropping out of college to run a business. If you can pay the price of dropping out of University to run your own business, you are welcome to make the move.
Advantage
I have written in a different article about the advantages of dropping out of College. One of the advantages is the increased urgency that pushes you to succeed in life.
By quitting college, you greatly reduce opportunities to get employed. With few employment possibilities at your disposal, you will automatically put in more effort in business.
Your mind will have a greater sense of responsibility than if you don’t drop out of University to run your business.
I learned so much about business in a short time simply because it was my only lifeline. I had dropped out of University and I didn’t want my classmates to see me fail.
Even when it seemed like I would never succeed in business, I refused to quit. There was no way I would go back to college because I failed in business. The shame involved would be too much.
With such external forces pushing me, success was inevitable. The journey was tough but I’m grateful that I have come this far.
Disadvantage
If you drop out of College to start a business, you will experience a lot of pressure. Many people who will know that you dropped out of University will pile pressure on you to go back.
And if you tell them you dropped out to run your business, they will demand to see success from your business.
Read Also: If you don’t have any Friends in College, read this
Unfortunately, businesses don’t take off as fast as we would like them to. The slow progress of your business will give an impression to outsiders that you are failing and they will attack you with all manner of guilt messages.
The unrelenting pressure will push you to rush things, which is bad for your business.
When I dropped out of College to learn blogging, my friends were constantly asking me how much I was making with my blog. At that time, I was focused on learning but they heard none of it.
My Dad was insisting that I go back to College. Every day he would tell me how unstable online businesses are. No amount of explanation was convincing to him.
Therefore, be aware that dropping out of college to run your own business will attract pressure that will make it hard for you to run your business.
How to Drop out of College to start a Business
1. Have a Clear Goal
If you want success in business after you drop out of college, then make sure you have a clear goal. It doesn’t have to be laser focused but at least have a sense of direction.
When I left University, I knew I wanted to be a freelancer and I knew I wanted to make money through my writing skill. With my writing skill, I had many options to make money. I’m grateful that I had the general direction of my career path figured out.
Immediately after you drop out of University, life will become confusing. You might have clearly decided that you will start a drop-shipping business but when you try it, things don’t work out.
The fact that you dropped out of College will give you a lot of pressure if you fail to find a business that works for you.
Do as much background work as possible to avoid falling into the tight spot of not knowing which business to pursue.
2. Keep your Business Secret
Keep your business secret for as long as you can. Treat your business like a newborn baby; cover it in piles of clothes to keep it ‘warm’.
Your business will struggle to take off if you share it with many people. People always have opinions and the more opinions you get about your business, the higher your chances of getting confused.
Rarely will people’s opinion of your business be beneficial. Don’t make your business journey hard; avoid sharing details of your business.
Also, by keeping your business secret, those who want to attack you for dropping out of College using the statistics of your business will find it hard. If you give them details of your business, blame yourself.
I’m lucky my dad didn’t understand clearly how a website makes money. All he could attack me with was the assumption that online businesses are volatile.
3. Hire a Business Coach
If you want to cut down the risk of failing in business after you drop out of College, hire a business coach. You don’t have to spend thousands of dollars on high end business coaches. An average business coach will be good enough to help you get traction in the business world.
You should aim to build a solid foundation for your business. It is hard to lay a good foundation for your business without a mentor.
If you don’t have the budget for a business coach, then consider getting an online community of people doing the type of business you do. Some communities may charge you a fee to join but you can also get those that are free to join.
By having people around you, who run businesses similar to yours, you will have faith to keep going on difficult days.
The Best Approach when Dropping out of College to Start a Business
If it is possible, start your business while you are still in College. Grow your business until you get to a point where you feel you have traction then you can quit college.
Quitting college has its own challenges and they are not easy to handle. Adding the stress of starting a business to the complex mix of dropping out of college can easily be disastrous.
By staying in college in the early days of your business, you will cut down on the amount of pressure that you receive.
But if you can’t find time to start your business while still in college, then consider taking a break for a semester or two.
Within the few semesters you take a break, gauge your progress in business. If all goes well, you don’t have to go back to College.
This is a much safer route and it has a lower risk.
In my case, I dropped out of College but I never told my Dad about it until two years later when my blogging business had some traction.
Delaying to tell my Dad that I had dropped out of college bought me enough time and peace to lay the foundation of my blogging career.
Do the same; create a conducive environment in your mind to start your business and once it has some roots in the ground, you can let the war begin.
All the best!