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How likely is it that a young person could turn a business into a career once he or she finishes school?

Last Updated: April 09, 2007

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Many youth have successfully turned their businesses into careers once they graduate from high school or college. Some have used their business to pay their way through college, and some have continued their business as a life-long enterprise (think of Michael Dell and Bill Gates). You must evaluate the opportunity costs—what will be gained by continuing your business while in school? How will it affect your in-school performance? If you decide to forgo postsecondary education, then there are potentially far larger opportunity costs. For instance, if you further your education, would you be in a better position to have a successful business afterwards and still have your education to fall back on, should you decide to close your business while you complete a degree? Look at your business plan to see what you need to grow or sustain your business. Will you need to expand your skill set to accomplish your business goals? Do you need a degree to prepare yourself for a growing enterprise? Often, business owners find that the longer they delay gaining more education, the more difficult it becomes to dedicate time to advancing their education.

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