😤 We all know that entrepreneurship has become quite glamorous in today's culture. Social media platforms have romanticized the idea of being an entrepreneur to the point where it seems like if you become one, you'll automatically achieve great fortune. I don't have an issue with this; it's fantastic that today's youth aspire to be job creators rather than just employees.
😱 However, the unfortunate part is when influencers and self-proclaimed gurus claim that formal education isn't necessary to start a business and that education is a waste. Statements like these create a dilemma in the minds of young people—should they educate themselves or dive straight into entrepreneurship? Many students have started believing these false rationalizations, thinking, "I'm not meant to work for someone else; I'll work for myself." But the truth is only partially revealed in these statements because these influencers and gurus often push these ideas to sell their courses.
🤗 Now, I'm not saying their courses are worthless. You might learn valuable skill sets from them to kickstart your entrepreneurial journey. However, it's crucial to understand that this alone isn't enough.
📈 Let's look at some stats:
📶 India boasts over 100 unicorns. Out of the 262 founders of these unicorns, 116 (44%) are from IIT, and 46 (17.5%) are from IIMs. This clearly indicates a correlation between education and building a sustainable startup. Having a formal education from elite institutions not only helps you network and connect with potential mentors but also aids in securing funding. Your network can include like-minded individuals who could become part of your dream team.
⏩ So, it's essential to recognize that education plays a significant role in building a successful startup. That's why investors often inquire about formal education—it adds credibility to your venture.
⏭ While education from a regular college may not always provide as much value, having a formal education never hurts. Look at these stats from a survey conducted by the Reserve Bank of India (RBI) between November 2018 and April 2019: Close to 88% of founders of startups had at least a bachelor’s degree.
⏭ So, The allure of entrepreneurship may seem enticing, it's crucial to recognize the value of formal education in building a successful startup. While self-learning and entrepreneurial courses have their place, a solid educational foundation can provide credibility, networking opportunities, and essential skills necessary for long-term success in the startup ecosystem. So, aspiring entrepreneurs should strive for a balance between practical experience and formal education to maximize their chances of creating sustainable and impactful ventures.
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