In this podcast, I sit down with Lynette Claire, a Business Professor at the University of Puget Sound to discuss whether entrepreneurialism is something that can truly be taught. Being a business owner for over nine years now (and having sold one), this is an area I have an intense interest in...
With the endless amount of knowledge, one can attain via the internet these days many are questioning the need for a college degree. Does going to college make you a better entrepreneur? Does it set you up for future success? Or, does it take away precious time that you could be using to grow your business? These and many more are great questions surrounding the question of the necessity of a college degree.
One of the loudest arguments against college is the lack of experiential learning. Many think that the education you are getting at a college is far outmatched by simply going out and doing what you want to do. Learning from your mistakes and the experience of those around you. While this isn't something that can be done for all lines of work, it is something that can most certainly be done in entrepreneurialism.
To combat this argument and better prepare students many colleges are now incorporating experiential learning into their courses. For example in one of Lynette's classes, all of the students are tasked with starting and running a business. This type of learning allows the students to experience what they will be doing on the other side; in an environment where they can be helped as needed and where the cost of failure is far less.
Opportunities like these give many students the opportunity to "Try Before You Buy". How is one to know if what you think you want is what you really need. That is what college helps many figure out. You may find new passions in an extracurricular course, learn about a field that you have a great interest in pursuing further, or find out that you really don't like doing what you once thought you did. College is a great place to figure all this out, but at what cost? This is where many take into question the ROI of college. But can you quantify the cost of all that college has to offer? The connections, experience and lifelong lessons learned.
The ROI of college is another hotly debated topic in today's day and age. The ROI (return on investment) of college can vary depending on a number of factors, such as the field of study, the level of degree earned, the individual's career goals, and the specific college or university attended.
On average, studies have shown that individuals with a college degree tend to earn significantly more over their lifetime than those without one. In the United States, for example, according to the Bureau of Labor Statistics, the median weekly earnings for someone with a bachelor's degree in 2021 was $1,305, compared to $781 for someone with only a high school diploma. This translates to an annual difference of over $29,000.
However, it's important to note that the cost of college can also vary widely, and can be a significant investment for many families. Students who graduate with high levels of student loan debt may take longer to achieve financial stability and may face challenges in achieving a positive ROI.
The ROI of college can be substantial for many individuals, but it depends on various factors such as the specific degree earned, the individual's career path, and the cost of attendance.
Finally, I conclude the podcast by asking Lynette what advice she would give to her younger self; this is something you have to see for yourself...
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