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)
-Client Rention tools
-Goals need to include(Sales, Services, and Client Rentention)
-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.