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Postby SHOCKandAWE » Tue Mar 29, 2005 10:20 am

I have 5 years of college with NO DEGREE(Dropped out a few credits short to open my own business)....now I make over 300,000/yr

While I would say that a college education is important I am not the norm. I was in the right place at the right time.

There isnt a day that go by that I dont regret finishing my degree in fact I plan to go back and do so in the next 2 years. This is not because of any pressure from family. This is because when my daughter says to me "how did you make so much money with no degree" I won't have to defend myself.

I would say that if you dont have a college degree you are going to have a 5% chance of getting that high paying dream job. There has to be a lot of luck on your part.

Studies show that there are a lot of people that are born with the competencies and traits needed to become a successful euntrepener(No spell check), however there is proof that our educational systems in this country beat out those traits while you are going through school. The child who appears at a young age to be an aggresive risk taker, will through time be taught to be more analytical and not be so much of a risk taker.
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Postby BigMusky » Tue Mar 29, 2005 10:32 am

SHOCKandAWE wrote:I have 5 years of college with NO DEGREE(Dropped out a few credits short to open my own business)....now I make over 300,000/yr

While I would say that a college education is important I am not the norm. I was in the right place at the right time.

There isnt a day that go by that I dont regret finishing my degree in fact I plan to go back and do so in the next 2 years. This is not because of any pressure from family. This is because when my daughter says to me "how did you make so much money with no degree" I won't have to defend myself.

I would say that if you dont have a college degree you are going to have a 5% chance of getting that high paying dream job. There has to be a lot of luck on your part.

Studies show that there are a lot of people that are born with the competencies and traits needed to become a successful euntrepener(No spell check), however there is proof that our educational systems in this country beat out those traits while you are going through school. The child who appears at a young age to be an aggresive risk taker, will through time be taught to be more analytical and not be so much of a risk taker.


There are alot of stories like that where people make big money by working there way up. Alot of companies now require you to have a degree to earn some of the promotions, where that was not the case in the past and they just took the best man available. My point is that maybe this does not apply to richy rich above, but many people would not be able to retrace their fortunes in todays world without a degree. So if you hear all these old timers telling you how they made it without a degree, that was then, not now.
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Postby SHOCKandAWE » Tue Mar 29, 2005 10:38 am

BigMusky wrote:
SHOCKandAWE wrote:I have 5 years of college with NO DEGREE(Dropped out a few credits short to open my own business)....now I make over 300,000/yr

While I would say that a college education is important I am not the norm. I was in the right place at the right time.

There isnt a day that go by that I dont regret finishing my degree in fact I plan to go back and do so in the next 2 years. This is not because of any pressure from family. This is because when my daughter says to me "how did you make so much money with no degree" I won't have to defend myself.

I would say that if you dont have a college degree you are going to have a 5% chance of getting that high paying dream job. There has to be a lot of luck on your part.

Studies show that there are a lot of people that are born with the competencies and traits needed to become a successful euntrepener(No spell check), however there is proof that our educational systems in this country beat out those traits while you are going through school. The child who appears at a young age to be an aggresive risk taker, will through time be taught to be more analytical and not be so much of a risk taker.


There are alot of stories like that where people make big money by working there way up. Alot of companies now require you to have a degree to earn some of the promotions, where that was not the case in the past and they just took the best man available. My point is that maybe this does not apply to richy rich above, but many people would not be able to retrace their fortunes in todays world without a degree. So if you hear all these old timers telling you how they made it without a degree, that was then, not now.


I failed to mention that I have only had my own business for 4 years. I am hardly the old timer at age 29

What I meant to say is that there are too way of becoming rich in this world. Openyour own business while taking a risk which doesnt take a degree. Or you can work for a corporation or company and if you want to move up you need a degree. Its very simple!

Most people that are business owners don't have a degree let along a masters degree! This may explain why there are fewer people opening up business today. Every kid has it planted into their head that if they want to be rich they need to havea degree when this is only part true.
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Postby BigMusky » Tue Mar 29, 2005 10:44 am

starting your own business would be pretty cool. What do you do?
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Postby Pablo975 » Tue Mar 29, 2005 3:34 pm

I agree with Shock. My point was that it is good to have a degree if you're unsure of what you want to do.

If you do know and have a desire to run your own business, you can make it without the degree.

Either way, the need for a degree differs from person to person. Our boy has to decide which he is and where he wants to go.....
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Postby slomo007 » Tue Mar 29, 2005 3:39 pm

Pablo975 wrote:I agree with Shock. My point was that it is good to have a degree if you're unsure of what you want to do.

If you do know and have a desire to run your own business, you can make it without the degree.

Either way, the need for a degree differs from person to person. Our boy has to decide which he is and where he wants to go.....


To start your own business, unless you have a really rich family then you will pretty much need a degree to get any source of financing. I don't think a bank will grant a serious loan to someone without a degree, and a venture capital fund will definitely not unless it's some strange circumstance.

It can be done, but getting financing is not going to be easy. The bottom line is the a degree is pretty much a necessity.
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Postby SHOCKandAWE » Tue Mar 29, 2005 6:08 pm

slomo007 wrote:
Pablo975 wrote:I agree with Shock. My point was that it is good to have a degree if you're unsure of what you want to do.

If you do know and have a desire to run your own business, you can make it without the degree.

Either way, the need for a degree differs from person to person. Our boy has to decide which he is and where he wants to go.....


To start your own business, unless you have a really rich family then you will pretty much need a degree to get any source of financing. I don't think a bank will grant a serious loan to someone without a degree, and a venture capital fund will definitely not unless it's some strange circumstance.

It can be done, but getting financing is not going to be easy. The bottom line is the a degree is pretty much a necessity.



I also disagree with this.

How much do you think 8 years of college costs? As much as 100K.


One of the ways you can get a loan is through whats call the SBA "Small Business Association" Most banks will give you a loan that is an SBA because it is practically is insured through the SBA. For instance I got a loan from national City which was an SBA loan. Without disclosing the amount of the loan it was enough to allow me to find a small place to lease(depending on the business you canwork from home) as well as many other business expenses. Businesses where you provide a service have very little overhead. If you are just starting off you probably dont need an employee so you avoid the costs there. And the best part is that everything you do in regards to your business is tax deductible. It isnt uncommon for someone to have a negative profit the first year because of expenses. Make sure you get a good accountant too! This helps.

Another thing you need to do is go to the bank with your t's crosses i's dotted. Dont go in and say hey i think i want to open a business give me some money please.

You better have a business plan put together that shows you have done some research. they want to know what and how you will operate the business in the next 5 years. My business plan is simple but it is 30 pages. the business plan needs to include the following:

-Mission/Vision of you business
-SWOC Analysis(Strengths, Weaknesses, Opportunities, Competition)
-Sales Tools
-ServicingTools
-Client Rention tools
-Goals need to include(Sales, Services, and Client Rentention)
-Marketing
-Budget(Payroll, Leasing, Advertising, Marketing, Inventory, etc..)

these are just a few things off the top of my head that you need to know.

i want to stress one point here.

While i agree that having a degree is important if you want to move up in corporate America, it is the risk, determination a and work ethic that will make you a sucessful entrepreneur.

If someone has a dream to become an entrepreneur dont shoot him down and discourage him. Very few people are willing to make the sacrifices it takes to become successful as a business owner. this goes back to a point I made earlier about our education system and what is causing us to have less entrepreneurs in the world today. Our high schools tell everyone YOU MUST GO TO COLLEGE if you want to make money and become rich. I am not against trying taking a risk first and then if you need to go back to school later you can do so to help compliment your business, rather than go to school and then come out with a job that has nothing to do with what you went to school for. Now this is money well spent. I can also assure you that you will take things a little more serious now since you can actually benefit immediatley from your schooling.

Don't get me wrong I dont think education isnt important. In fact I try to learn something new each day. Someone told me once that learning doesnt really start until you take your first job out of school. No matter what you do you must continue to learn and improve with personal development. the world changes too quick and you dont want to be left behind.

As for the comment about having a rich family. My parents are middle class at best. They have a household income of $40,000 so I hardly think you have to have rich family to own a business or at least get the funding. If you do some research adn talk to the right people you will find that it is easier than you think to get funding. you just have to work hard and be resourceful. don't expect anyone to hand you 50,000 on a silver platter.
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Postby RyanK » Tue Mar 29, 2005 6:55 pm

If you want to be a personal trainer, why not take college classes in physical therapy, and get certified in that way, that would be a safer job than being a personal trainer, but you could do both, get clients through the phyiscal therapy job.
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Postby slomo007 » Tue Mar 29, 2005 8:04 pm

SHOCKandAWE wrote:
slomo007 wrote:
Pablo975 wrote:I agree with Shock. My point was that it is good to have a degree if you're unsure of what you want to do.

If you do know and have a desire to run your own business, you can make it without the degree.

Either way, the need for a degree differs from person to person. Our boy has to decide which he is and where he wants to go.....


To start your own business, unless you have a really rich family then you will pretty much need a degree to get any source of financing. I don't think a bank will grant a serious loan to someone without a degree, and a venture capital fund will definitely not unless it's some strange circumstance.

It can be done, but getting financing is not going to be easy. The bottom line is the a degree is pretty much a necessity.



I also disagree with this.

How much do you think 8 years of college costs? As much as 100K.


One of the ways you can get a loan is through whats call the SBA "Small Business Association" Most banks will give you a loan that is an SBA because it is practically is insured through the SBA. For instance I got a loan from national City which was an SBA loan. Without disclosing the amount of the loan it was enough to allow me to find a small place to lease(depending on the business you canwork from home) as well as many other business expenses. Businesses where you provide a service have very little overhead. If you are just starting off you probably dont need an employee so you avoid the costs there. And the best part is that everything you do in regards to your business is tax deductible. It isnt uncommon for someone to have a negative profit the first year because of expenses. Make sure you get a good accountant too! This helps.

Another thing you need to do is go to the bank with your t's crosses i's dotted. Dont go in and say hey i think i want to open a business give me some money please.

You better have a business plan put together that shows you have done some research. they want to know what and how you will operate the business in the next 5 years. My business plan is simple but it is 30 pages. the business plan needs to include the following:

-Mission/Vision of you business
-SWOC Analysis(Strengths, Weaknesses, Opportunities, Competition)
-Sales Tools
-ServicingTools
-Client Rention tools
-Goals need to include(Sales, Services, and Client Rentention)
-Marketing
-Budget(Payroll, Leasing, Advertising, Marketing, Inventory, etc..)

these are just a few things off the top of my head that you need to know.

i want to stress one point here.

While i agree that having a degree is important if you want to move up in corporate America, it is the risk, determination a and work ethic that will make you a sucessful entrepreneur.

If someone has a dream to become an entrepreneur dont shoot him down and discourage him. Very few people are willing to make the sacrifices it takes to become successful as a business owner. this goes back to a point I made earlier about our education system and what is causing us to have less entrepreneurs in the world today. Our high schools tell everyone YOU MUST GO TO COLLEGE if you want to make money and become rich. I am not against trying taking a risk first and then if you need to go back to school later you can do so to help compliment your business, rather than go to school and then come out with a job that has nothing to do with what you went to school for. Now this is money well spent. I can also assure you that you will take things a little more serious now since you can actually benefit immediatley from your schooling.

Don't get me wrong I dont think education isnt important. In fact I try to learn something new each day. Someone told me once that learning doesnt really start until you take your first job out of school. No matter what you do you must continue to learn and improve with personal development. the world changes too quick and you dont want to be left behind.

As for the comment about having a rich family. My parents are middle class at best. They have a household income of $40,000 so I hardly think you have to have rich family to own a business or at least get the funding. If you do some research adn talk to the right people you will find that it is easier than you think to get funding. you just have to work hard and be resourceful. don't expect anyone to hand you 50,000 on a silver platter.


That's all well and good...but I'd be willing to bet that there are very few people who did as well as you did with the business plan who don't have a college degree. Did you hire the help of someone to put it together? If not, congratulations, you did outstandingly. Even SBA loans aren't just given out.

The degree is what trains you on how to even assemble a business plan and what it takes to run that business, so without it you won't have what it takes to present yourself successfully unless you just have a high general business knowledge without education (some people do, as obviously you do, but many don't).

Sorry I'm sounding so negative to anyone without a degree...but I'm being serious here...everyone that can possibly get a degree, should.
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Postby Amazinz » Tue Mar 29, 2005 8:16 pm

slomo007 wrote:The degree is what trains you on how to even assemble a business plan and what it takes to run that business, so without it you won't have what it takes to present yourself successfully unless you just have a high general business knowledge without education (some people do, as obviously you do, but many don't).

Sorry but I think this is poo-poo. O:-)

I would never suggest someone not get a degree because it makes your life a lot easier. But as far as running your own business you either have it or you don't. I don't believe that any amount of college will prepare you for what it takes. I have my Masters in Computer Science so I'm not just dismissing people with degrees.

Every year I work with young punks (I was the young punk once) who come out of college with a degree in CS or BMIS and have absolutely no clue as to what it takes to work within a production team, design code on a deadline and work with clients. They know how to code but they have no idea how to make that skill profitable.
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