Many universities are now offering degrees in Entrepreneurship. I always get a laugh when I hear someone saying they are studying entrepreneurship in college...that really is a funny concept. I don’t blame the schools, they are simply satisfying their customers’ needs. I blame the parents for financing such folly.
Truth is, your average entrepreneurship major could learn more from the eastern European immigrant running the lunch truck parked in front of the business school than inside the B-Schools lecture halls. True education occurs outside the classroom.
25 years ago my formal education at the Fox School of Business at Temple University ended. I used my degree for the next couple of years laboring for the man. I knew there had to be more in store for me! My wife and I, planned and saved for 2 years before making the leap into entrepreneurship via franchising.
We were originally surprised in our new business that we never used the information we were exposed to in college. What did help were the great relationships with our franchisor, fellow franchisees, mentors, and customers. That’s right, customers…they are the ultimate teacher.
If you want to be an entrepreneur, but you cannot afford to lose, consider buying into a franchise. Franchises have worked out a road map for you to follow, and have created systems to make sure you stay on course. When you graduate with your business entrepreneur degree you no longer interact with your college professors, but a franchisor doesn’t go away after graduation. No, the franchisor is there to teach, consult, and coach you every step of the way.
The most significant difference in a business education from a college vs. a franchisor is that a college’s short and long-term future is not tied directly to your immediate success. Your franchisor only wins if you win! If that doesn’t help you sleep better with your decision to join a franchise, I am not sure what will.