Self-made entrepreneurs without degrees are quick to tell everyone else that a college education “isn’t necessary” in order to launch a game-changing startup. Unfortunately, the reality is that college graduates are more likely to succeed in any endeavor because they’re equipped with the skills and credentials needed to spearhead the effort in a more experienced and confident manner. A decade ago it was easy for anyone to make entry into most online industries, but recently there’s been an explosion of business professionals migrating into eCommerce, and such a hyper-competitive environment has made educational credentials invaluable assets for anyone trying to maximize their chances of success.
A Third of MBAs are Launching Businesses within 3 Years of Graduating
Surveys and studies suggest that as much as 33% of MBA graduates go on to start their own businesses within a few years of graduating, and a majority of those companies are internet-based. Inspired by the unavoidable successes of high-profile tech moguls like Elon Musk, a horde of 20-somethings with degrees are setting their sights on similar strategies. Even online MBA programs have been incorporating more internet-oriented studies into their curriculum, recognizing that most of their students will go on to own or manage companies that have a strong internet presence or operate entirely on the web.
Are Tech Startups the New Real Estate?
There was a time when real estate was the hot topic among ambitious individuals looking to make a fast fortune, but nowadays it seems online MBA graduates are more interested in making millions out of apps or starting a retail website. Granted, physical real estate is still a prime investment, but at the same time it’s no longer the go-to method of amassing wealth when starting from scratch. In an era of crowdfunding, angel investors, app stores, and massive online marketplaces, intelligent and savvy MBAs are focused more on becoming the next Evan Spiegel.
What Does this Mean For Someone Without a Degree?
Right now it’s still possible for the average person to launch a startup and potentially succeed even without a formal education. However, as time passes and the online markets become increasingly saturated with degree-holders over the next 5-10 years, there will inevitably be a higher standard to contend with, and non-graduates will find themselves fighting an uphill battle. Imagine you’re applying for a position as the manager of a startup or you’re trying to appeal to investors when funding your own endeavor, and the majority of your competitors have degrees, do you think it’s likely that you’ll be chosen before someone who has already earned their MBA degree online?
Preparing for a More Rigid Online Economy
Historically, the internet has been a lot like the Wild West of business, allowing virtually anyone to build their own eCommerce empire with nothing more than hard work and nominal investment. However, as we approach 2020 and the internet population continues to grow, it’s likely that we’ll see a more restrictive playing field dominated by the more experienced and educated players. Similar patterns have been seen in all sectors as the industries begin to expand and reach their full potential.