How to Play Hooky From Grad School and Still Start a New Business

If you're like me, starting a new business can mean acquiring a multitude of new skills. Enough so that I keep circling back to the same question: Should I go to grad school? For many people thinking of striking out on their own, graduate school may be a perfect place to sharpen business acumen, network, or fine-tune a business idea. And for those who aren't finding work right now anyway, returning to school may actually work out in their favor. But for those weighing the loss of present income against future gains, it can be a tough decision. Make the wrong decision and not only are you set back to where you started, you could also be spending the next several years paying off student and/or business loans. And nothing kills ambition like an ocean of debt to swim through.

Do you really need graduate school to succeed? According to Kathy Black in her book Black on Black, she advises that there are only two reasons for going to graduate school: If you're switching fields or if you're fresh out of college and it's on track for your discipline. Even then, there are other avenues for industrious souls with enough discipline and drive to get the education they need without shelling out tens of thousands of dollars.

If what you want to learn is an extension of something you're already familiar with, maybe it's just a matter of supplementing your knowledge by learning the technical stuff. I had originally set my sights on pursuing a Masters in Industrial Design at Pratt — a 3-year commitment — but in researching their programs, I discovered they also offer a certificate in Computer-Aided Design (CAD). For a fraction of the cost, I can still gain the technical knowledge without having to quit my current job. Plus it's a chance to test the waters before diving in full hog. If I decide a year later that it's not for me, I'm only out a few hundred dollars instead of a year's worth of tuition. I'll also have access to the same network of students and professors I would have if I was a full-time student.

In the NYC metro area, you might research the continuing education programs at the Fashion Institute of Technology, School of Visual Arts, or New York Botanical Garden (they offer a landscape design certificate) among others. Job sites like Mediabistro.com and 24Seveninc.com offer many job-training courses, seminars, and networking events geared toward creative careers in advertising, media, and publishing. Take free online courses like Game Design, Capital Markets or Computer Programming from top universities — listed here or at Wikiversity. Plus, the Small Business Development Center at Pace University offers free counseling on everything you need to know to get your business up and running, from writing your business plan, to marketing, to licensing and registration.

Beyond the formal knowledge, you may also want to develop other skills like discipline, being a good speaker, and being a good listener. Identify the five areas that are critical to your business and practice these daily. Just as importantly, talk to as many people as you can in the field. Find people who are doing what you want to do, request informational interviews, ask them how they got where they are. Intern with a company if you have the time. And, if down the road, you decide to go get a formal education after all, you'll still have the advantage of a head start and extra resources when you graduate.

Be persistent, have courage, and good luck out there!

Image courtesy anikarenina.