Should You Drop Out of University to Start a Startup? (Pros and Cons)

Find the answer, broken down here.

Before you consider dropping out of university:

You should consider all of the following points before dropping out to focus on your startup:

1. What is your current financial situation?

If you are currently in school, your biggest concern should be your finances. Do you have enough money to pay for school, living expenses, and have a little bit of money left over to invest in your startup?

2. Do you have dependents, or do you need to support your family financially in the near future?

If you have dependents or family members that rely on you financially, it might be best to stay in school.

3. Do you have a strong support system?

You should have a strong support system in place before you consider dropping out of university to start a startup.

4. Are you willing to take on the risk?

Are you willing to give up 4 years of your life? Will you be able to deal with failure? Are you okay with being financially dependent on your parents or spouse for the next few years while working on your startup full time? If not, it might be best to stay in school.

5. What is your current academic standing?

If you are on the cusp of graduating, it might be best to stay in school and graduate with your degree before you drop out to start a startup.

The Pros (of dropping out):

1. Build Something Valuable

Dropping out of university to start a startup has many benefits. One of the biggest benefits is that you can focus on building something valuable without the distractions of the university.

2. Experience First Hand

The best way to learn how to do something is by doing it yourself. When you drop out of university, you can learn first hand what it takes to start a business and run a business as an entrepreneur.

3. Learn How to Build a Company

Another benefit of dropping out of university is that you will learn how to build a company from the ground up.

4. Become Financially Independent

One of the biggest benefits of dropping out of university is that you can become financially independent sooner.

5. Expand your professional network

Dropping out of university will give you the opportunity to expand your professional network.

The Cons (of dropping out):

1. Financial Security

One of the biggest disadvantages of dropping out of university is that it puts your financial security at risk.

2. Opportunities for Growth

Dropping out of university will also prevent you from experiencing the opportunities for growth that come with being in an academic environment.

3. No Social Life

Dropping out of university to start a business will put your social life at risk. Most university students have a social life that is separate from their business.

4. Failure Risk

As I mentioned earlier, there is no guarantee that your startup will succeed, so it is very risky to drop out and start a business if it doesn’t have much potential for success.

5. Emotional Baggage

At first, it might seem like dropping out of university to start a business is the best thing that you could ever do with your life.

Founder of Cudy Technologies (www.cudy.co), a full-stack EdTech startup helping teachers and students teach and learn better. I am also a mentor and investor.

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