Steve Jobs, Bill Gates, and Mark Zuckerberg are all known for dropping out of college to start their globally renowned companies. For many twenty-somethings out there, there's a point wherein this question is asked: "Should I drop out and start my own company?"
Here's what Robert Herjavec thinks about the subject:
Robert Herjavec is best known as one of the investors in the Shark Tank series. In real life, he truly is a serial investor. Robert Herjavec has experienced more than his fair share of dealing with young people in a dilemma. He is often asked whether to drop out of school to pursue a business idea or to finish college and end up with a mountain of debt.
The student debt problem reached new levels in the recent years. In 2015, the average undergraduate ended up with $30,000 in student loans, an increase of 4% from the previous year.
For Robert Herjavec, his best advice for the younger generation is to avoid taking too much risk and to follow a middle path.
According to Robert Herjavec, college is a safe route. However, this is not to say that you have to give up on your business ideas or carry a mountain of debt. You still have the option of slowly building your business while finishing college. If your business idea catches on, then it's the time to seriously think about dropping out.
You also don't have to end up with a massive debt, so that you can finish college. According to Robert Herjavec, a state school is just as good when compared to private schools. Plus, it gives you the added benefit of saving huge sums of money.
Robert Herjavec finished college at the University of Toronto with an English literature major. While studying, he worked as a waiter and newspaper deliveryman. Robert Herjavec graduated in 1984, and he accumulated a debt of zero.
Nowadays, the cost of attending the University of Toronto is approximately $6,400 a year, which is still a lot cheaper compared to private institutions.
According to Robert Herjavec, he almost dropped out of college when he thought it was ‘incredibly boring.’ His father threatened to ‘bury him in the backyard’ if he stopped his studies.
According to Herjavec, aspiring entrepreneurs should finish college if they have the means to do it. There are plenty of youngsters out there who believe they are the next Steve Jobs or Mark Zuckerberg. However, most of them end up penniless with crushed start-up dreams and no fallback plan.
Robert Herjavec also said that Steve Job’s success story is not the norm. Hence, don't try to rest your entire future on becoming an anomaly. It's just not mathematically sound, and it's a high-risk high-reward play. Finishing your schooling with a state college offers the opportunity to earn a degree while you work on your business plan. It might not be as exciting compared to being the next Steve Jobs, but your chances of being completely broke and crushed at the end of the road will be much lower.