An entrepreneur might wonder: What exactly is the value of higher education to them?
Is high student loan debt worth a higher salary?
According to Zippia, a 35-year-old who currently has an associate’s degree could expect an increase in lifetime earnings of $535,314 if they obtained a master’s degree and retired by age 66.
Another source further advocates pursuing a degree, especially because there are many more opportunities for entrepreneurs looking to hone their skills in recently developed programs for future business leaders.
Brandon Frere, CEO of Frere Enterprises and other ventures, is an advocate for higher education because of how it has helped him as an entrepreneur but has a few pieces of advice.
“I believe in taking risks and being open to change, even if it comes with a high ticket price,” Frere said. “But you need to have the grit and determination to hustle for your dreams. Don’t make huge financial decisions unless you really understand what they mean. If you’re not committed to your education, then learn entrepreneurship the old-fashioned way: sweat equity and experience.”
If someone enters “Do I need an MBA?” into Google, the top several articles all agree: “No!”
A writer for The Economist discusses how his MBA cost $33,800 and only led to one meaningful networking connection.
He also mentioned how his distance learning program included “some terrible” students.
The last point he made was especially interesting to note:
“Businesses have been run well without MBAs for millennia. The merchants of Carthage did not need them. Kanye West does not have one,” Frere added. “That said, an MBA will get you up to speed on business in a general sense. But so will a good book, for far less money and time.”
Brandon Frere is a huge proponent of business books to help stay up to date on current trends and business philosophies. For example, Tony Robbins, Zig Zigler and Warren Buffett are a few of the top entrepreneurs and authors that Frere studies.
“Just remember, if money is your main goal, you’re doing something wrong. I learned that money doesn’t solve problems,” Frere cautioned. “Sure, as an entrepreneur you need to turn a profit to be successful for your product and your employees. But if you’re not thinking about your deeper motivation, then you’re driving with a blindfold. Your true success comes from within.”