College vs New Business

[okoklo]

Hey all, I want to start a new business in my area and I am confident that it would work.  I don't have any college background and I was woundering if anyone thinks I should before I start a business.  I ask this because they say college isn't for everyone and I think this true to me and I know that it isn't necessary to start a business.  So please post your opinion. 

If you suggest that I go to college then please let me know what kind of coursing I should take.

Thank - You 

P.S - I want to open a musical instrument store

[Skippy]

I think it really all comes down to what you'd prefer to do.

If you like the idea of going to college, and would like to go, then by all means, go before setting up a business. However, if you don't think college is your sort of thing, then I don't think there's anything wrong with just going ahead and setting up a business.

The only thing I'd say is that if you went to college first, you might get more educated on how to run a business successfully. Sometimes, when people start from scratch, it doesn't always take off, and a business course at college might help. But then again, like you said, it's probably not absolutely necessary. In the end, I'd say do what you think is best for you.

I'm sorry I couldn't be any more help.

[Woah]

Well I didn't answer, because there was no in-between option.
I think you should go, but you certainly don't have to. It would help the business and your own self, but you don't have to.

[okoklo]

Thanks guys, any answer will help out, and I added a third option to the poll

[Skippy]

I voted for "Not necessary, but it doesn't hurt."

What do you feel you would prefer to do yourself, Okoklo? Is college something you see yourself enjoying?

[okoklo]

Well it's hard to say, cause I love doing big projects which is why I think a business would be perfect.  When I look at college all I see are tests and stuff and I've never been good at that sort of thing, even with studying.  But the other thing is that maybe I'm just unaware of the proper courses that would work with this idea.  So thats what I'm looking into now to see what courses would be helpful.

[Woah]

Yeah, if you don't want to spend the money, time and effort at college, don't. I doubt anyone who you are hiring will ask if you have a college degree. Maybe along the road if you find that you are having trouble or aren't doing as well as you could, but still want to stay in that business, take a course or two to brush up on your business skills, or whatever you think you need. There's definitely no sense in going for stuff you won't directly use.

EDIT:

P.S - I want to open a musical instrument store

Hmm you may need to take a course or two in business, for booking, managing money, etc. Or, hire an accountant. Or do both. There are probably places you can go to take these courses that aren't even a 'college'.

[Kraven Obscuria]

okoklo, it may depend on what field you are going into.  In the grand scheme it sort of a catch22.  I went to college twice, for 2 different degrees, now I have started a business in something only semi related.  If you can read a few good books on you chosen field, and get your hands dirty part time, while working full time in the specific field this may be best.  In the end if you own your own business, college may not be as important.  Besides saving lots of money, just having working experience and some book knowledge would be great.

If you are looking to stay with a company for a really long time, a degree would be great.  I just think that cutting your teeth in the day to day tasks while immersing yourself in books on the subject would be the most beneficial.  All of the the college classes can soon be forgotten, or even easily breezed through to make a grade.  However when spending yours(or someone else's money), those lessons will stay with you for life!(At least this life...) 

[okoklo]

Just wanted to mention that I am 18 years old.  Just wanted to mention this in case it would alter anyones opinion for whatever reason. 

[Woah]

Just wanted to mention that I am 18 years old.  Just wanted to mention this in case it would alter anyones opinion for whatever reason. 

To open a music store, younger is better. But now that I know this (sorry for age stereotyping) I think you should take a course or two in business. I figured if you had enough experience already they might not be that necessary, but because of your age I would definitely recommend it. Like I said before, you don't need to go to a "college" for these, there should be some other even at-home opportunities.

[okoklo]

Yea, I figured my age would make a difference, at least if I got a degree or something then by the time I'm done I'll have more knowledge.

[Stookie]

If you don't want to go to college, don't. They might teach you stuff, but not necessarily the right info for your business. If your serious about a new business, learn all you can about finances and loans and money management. Something like 90% of small businesses fail in the first year, so you have to be prepared. Talk to other people in the industry you're planning on entering. If you don't know anyone in it, find someone on the internet. Find out what makes their business work and what dosen't work.

I work in a small-business (not own) and I see that industry connections can make all the difference in the world. And if your business isn't very successful, you know people who can help you find another job or start over in the same industry.

Good luck! Starting a small business is tough but VERY important. I'm tired of corporations owning everything.

[CFTraveler]

I would say go to college and study business.  Not only will you learn the basics of running practically any kind of business, but you will get to meet people that will be good to know later on in life.
As a side note:  I only have had 3 or four 'real' jobs in my life (they all lasted more than 10 years) and in every job interview I was asked if I went to college.  And when it came to promotions, it made a difference too.
Of course, it all depends in what you want to do, and the time you want to spend on it.  Junior College is also an option.

[Novice]

I think 18 is too young to start a music store or any other 'brick and mortar' enterprise due to inexperience in anything related to business and finance as well as lack of initial capital.

Yeah, if you don't want to spend the money, time and effort at college, don't.

Not to sound condescending, but that comment simply made me laugh.  Let me explain:

The type of store you are talking about will require more up-front capital (cash) than attending college for a year or two minimum (depends on which college and the tuition rates). I also think that compared to attending a 4 year college, it will cost you more money to run the business, assuming you fall within the odds of start-ups (over 80% of all businesses do not become profitable until after year 3). 

Have you considered that you will need to lease space in a retail building, purchase all of the items you intend to stock (you have to buy all of these items out-right and hope that you sell them). Anything you don't sell rarely gets returned to the manufacturer. So if you don't have a high turn-over (are able to sell things quickly) then you end up losing money on what you bought but can't sell or else have to sell at a discount price to get rid of it. Furthermore, you need to pay to incorporate in your state. You will need to pay payroll taxes, income taxes and probably pay for some type of insurance on your business and/or merchandise.

Then you need to deal with marketing/advertising  as well as competition. Have you researched the number of music stores in your area? How many are there and are they located in prime traffic spots? What services do they offer? Can you offer the same type of service? If not, how will you compete with them...because if people can't get the service from you, they will go somewhere else. And if someone else offers what you have plus things you don't...guess what happens? You typically lose the customer. If you want to offer the same services (possibly music lessons and equipment rental) what will it cost you to offer them? Do you need additional staff to get the experience (re: lessons).

These are just thoughts off the top of my head, but there are a lot more items to consider before attempting something like this.

I am not trying to scare you off your goal, I'm simply trying to bring a more realistic view of it in to play here. And in the spirit of disclosure, I will add that I do not have a college degree (attended for 2.5 years before dropping out -- ran out of money).

And I currently own my own company and have been profitable since year 1 -- but I am in the very small minority of businesses that can make this claim. However, I can be profitable because what I sell is my time and expertise -- I'm a consultant. I don't need to stock items and have all of the overhead related to retail establishments. Of course, I never would have been able to do this at 18 because I simply didn't have the experience for which people currently pay me. I worked in my particular field of expertise for over 15 years (self-taught). When you have good experience, college degrees matter very little in the job world, whether for your own business or for being hired by another company.

So if college isn't for you, then you need to start at a music store and learn the business, ask questions, watch what they do and find out why they do it. Save money and keep your credit report as clean and high as possible. When you are ready to branch out on your own, you will need to borrow quite a bit to get started.

Hope this helps!

[okoklo]

Then you need to deal with marketing/advertising  as well as competition. Have you researched the number of music stores in your area? How many are there and are they located in prime traffic spots? What services do they offer? Can you offer the same type of service? If not, how will you compete with them...because if people can't get the service from you, they will go somewhere else. And if someone else offers what you have plus things you don't...guess what happens? You typically lose the customer. If you want to offer the same services (possibly music lessons and equipment rental) what will it cost you to offer them? Do you need additional staff to get the experience (re: lessons).

Well thats the beauty of it, there aren't any music stores in my general area, this is why I'd like to open my own store. 

[Stookie]

One last thing- make your own rules. Everyone will have advice for you, but do what you want to do. Stick with your gut instict. What works for one person doesn't work for everyone. You have to find your own purpose.

[sterlingindigo]

I subscribe to the wisdom of Saint Nike, "Just Do It!".  You are confident, you see it happening.  You must do what you really desire.  Do it!  You will make it happen. 

College is what the world tells you to do in order to get a job.  It's expensive and you will temporarily memorize and regurgitate information which other people have agreed is useful for you in order to gain the agreed upon credibility in order to begin at the bottom rung of another agreed upon ladder. 

It's more efficient to obtain the information you need when you need it.  When you go to purchase an instrument, you don't know if the owner has a degree.  You don't even care. 

Go confidently forward towards your dreams, not anyone else's.