Entrepreneurship is not just about having a great idea, it also requires a specific set of skills and attributes to be successful. While some argue that formal education is crucial for shaping entrepreneurs by providing a foundation in business management, finance, marketing, and strategic planning, others believe that real-world challenges and practical learning are equally important in honing entrepreneurial skills. While classroom education may provide a deeper understanding of business principles and the ability to be firm in decision-making, many successful founders have never pursued formal academic study in entrepreneurship, opting instead to learn on the job and tackle challenges as they arise.
Entrepreneur Alex Sudron, who has launched and sold multiple successful businesses, emphasizes the importance of practical learning from live challenges rather than theoretical education. He believes that studying entrepreneurship can delay the process of getting started and that the real challenges of running a business can only be learned through experience. Similarly, Mike Maven, founder of Top Growth Experts, criticizes formal entrepreneurship education programs for being outdated and taught by theorists who lack practical experience in running a successful business over the long term. He suggests that budding entrepreneurs should focus on long-term business principles and problem-solving skills.
Some entrepreneurs suggest that lessons in entrepreneurship can be learned from more general areas of education, such as philosophy and history. Jon Morgan, CEO of Venture Smarter, believes that formal education can strengthen critical thinking skills and provide a historical perspective that can help predict potential disruptions in the industry. While formal education can provide a unique set of tools and perspectives that can benefit entrepreneurs, it is not a magic bullet for success, as evidenced by the many successful founders who have not pursued higher education.
Hugo Cannon, CEO of Velloy, found his education in philosophy, politics, and economics at University College London (UCL) beneficial for building his company, particularly in terms of networking and meeting potential co-founders outside of his course. Since graduating, Cannon has invested in self-education through expensive courses and programs that teach practical skills, which he has found to have a clearer return on investment compared to traditional university education. Ultimately, the debate over the value of formal education in entrepreneurship continues, with some arguing for the importance of academic study in shaping successful entrepreneurs, while others emphasize the value of practical learning and real-world experience in running a business.
