Successful entrepreneurs don't need a college degree!

Going to college is the right choice if you dream of becoming a scientist, architect or doctor, but not an entrepreneur.

In a recent blog post, Virgin Group boss Richard Branson shared: “A business degree may not yield the expected results. University is the right choice if you dream of becoming a scientist, architect or doctor. Research and teaching in this field is the necessary initial preparation, although after completing the degree you still have to continue to learn. My daughter Holly is a good example. She studies medicine.”

Virgin Group boss - Richard Branson

However, for an entrepreneur, knowledge and skills should be learned through personal experience. “You know Steve Jobs, Michael Dell, Bill Gates and Mark Zuckerberg – all dropped out of school to pursue their dreams of starting their own businesses.

These people develop their unique and compelling approach to creating creativity, innovation and leadership not by reading a textbook but instead through sleepless nights of entrepreneurial passion.”

While Branson admits that there are some great leaders who have MBAs, for him personally it is not necessary.

“No matter how much you study the art of success or analyze the strategies of famous entrepreneurs, nothing can prepare you for your journey better than running a real business.”

All entrepreneurs make mistakes, especially when first starting out, and Branson says that from his experience, “the best way to grow is through learning and experimenting while you're young and have less to lose.”

Richard says Virgin has never been in favour of encouraging young people with entrepreneurial ambitions to go to university and then end up with huge debt. It’s not the best option.

This is also why the UK government launched a start-up loan scheme to help young entrepreneurs access capital – leading to the launch of the non-profit Virgin Startup.

“They have a choice. Either go the traditional route and borrow money to pay for university, or borrow money and start a business – with the support of Virgin Startup’s network of leading advisors.”

The outcome is entirely up to them. Since launching in 2013, Virgin StartUp has made more than 1,000 such loans, worth more than £12m.

“Programmes like this help a new generation of entrepreneurs turn their crazy ideas into reality. Research shows that for every £1 lent to startups, £3 is pumped back into the economy. This makes entrepreneurs feel like they are making a financial contribution to their communities and society.”

However, he also noted that deciding to start a company instead of going to university “does not mean that you stop learning and stop developing yourself. It is simply a process of finding knowledge elsewhere, not in the university classroom.”

According to Tri Thuc Tre