I personally do not feel a formal education is required to be successful. Drive determination and a willingness to learn and adapt are much more important. If the opportunity to get a formal education presents itself it should be taken, as long as an open mind can be kept. Unfortunately those with degrees are often more close minded than someone who has learned in practice. I worked for an engineering firm for years and me the guy without a high school diploma was the go to guy. I think of it this way book smarts may equal fewer hoops, but street smarts makes those hoops much easier to get around.

I personally think having a higher eduction will save you ten to twenty years of the 'school of hard knocks'. The thing is, there are many things you're going to have to learn, one way or another, to be successful - unless you have someone you can truly trust (like your mom or dad) guiding you along the way (as Bill Gates did, by the way). I don't have a degree, and I'm past the point of needing one; however, it took me a lot longer to achieve success and I had to learn the hard way. In my case, it taught me an important lesson - there's nothing I can't do that I set my mind on achieving and remain committed to.

I agree with other posters that a formal education is not *always* necessary -- but it can be very helpful for people who are not naturally inclined to be in business. Formal education trains your brain to function at a deeper and more effective level. Doing research, writing papers -- all make you think more coherently. So I think it's probably a good idea for most people to get some formal education, even later in life.

No you don't have to go to college or higher education classes to be a billionaire but more learning and a degree doesn't hurt at all. Many people here the story about Bill Gates dropping out of college but they also don't realize when he did this he already had projected profits for microsoft in the 7 figure range and forecasting up from there.

Thanks for your replies. This thread is now read-only.

I agree that you don't have to go to college to be a successful businessowner, but those without the education often have to work harder to make up for what they don't know. Not everyone has the unique idea or product to build the next Microsoft or Dell. The majority of people are working in everyday businesses, where education can make a difference.

I was always thaught that education is the key to success. I completed a college and university degree for business but to be honest now i dont think i needed to do it. I feel i have learned more on my ownm then through school, however I still think you should attend school and get the experience, the document, and build your network. We run a franchise website and we provide people ways to change their lives and become successful, through a franchise opportunity. Check it out, you may find a franchise and becomne successful. Visit MajorFranchises.com Message Edited by NicoleD on 11-09-2009 11:05 AM

A formal education is not necessarily a success factor in running a business but of course it is an advantage...

I think in general, those who have a formal education don't have to overcome as many obstacles as those who don't. There are some exceptions, however, like some professional athletes or some who make it big in entertainment, but for the 'average' person a formal education will give you more earnings over your lifetime than someone who doesn't.