We’re talking about some of the key questions entrepreneurs should ask before deciding to start a business. We’ve already discussed figuring out how much cash do you have to invest in your new business and how much cash you need to survive while you’re starting your business whether getting a different job or a part-time job might not accomplish you goals. In this post I’ll discuss whether going back to school would help you accomplish your goals rather than start a new business?
Would increasing your education provide you the income you desire?
Chris, why are you trying to talk us out of starting a business? One of my main goals in my professional life is to keep people from throwing away their life’s savings on a harebrained idea. You’re worked, by definition, all your life saving up that money so you can retire in a comfortable lifestyle. Don’t throw it away without knowing what your options are and looking at all those options for meeting your goals. For many people, starting a business will never help them reach their goals. I’ll say it again, unless you have a burning desire to start a business that just won’t go away, look at other options.
One option to consider is going back to school to upgrade your education so you can get a better job or qualify for a higher salary at your current job. How much does it cost to go back to college? What does it cost to go back to college? What sort of salary increase might you expect from an advanced degree? Compare that equation to the amount of money you’re going to have to invest in a new business and the expected profit over the same time frame.
Going back to school is a whole lot less risky than starting a business. Maybe getting an advanced degree will help you accomplish your goals.
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