Education vs Experience vs Entrepreneurship: Who Wins In A Recession?

Education vs Experience vs Entrepreneurship

The recession has started some interesting debates in my circle and I am interested to hear your thoughts on which of the three you think win out during hard times? What has worked for you?

Education

A college degree is great, opens many doors, but with the rising costs and decreased worth because everyone has or has access to get one (funny how that works?) it doesn’t seem to matter as much any more. I tend to think that the education system should be revamped. Much of what I learned in college is irrelevant to my life today yet I paid 6 figures for it. I almost feel like I could have gone from high school to grad school and be better off today. Love my friends and the experience but yea high school to grad school would have been a better route.

In my field it’s worked out pretty well. Sadly, there are more people turning to mental health treatment due to financial pressures and there’s just the ongoing need for mental health services. I am a licensed Masters level clinician (therapist, counselor, psychotherapist) so while jobs aren’t necessarily plenty, it’s pretty adequate.

I know of a local agency who recently moved high ranking people from their positions because they don’t have a Masters and are now looking to me to take over because of the new regulations. For example, years ago it was easy to get into a Director position just based on work experience. But with insurance and state licensing regulations they were fired or demoted in favor of folks with the correct education and licenses. So in my field, there is more of an emphasis on education.

Experience

I know that I just said in my field education trumps experience due to licensing limitations, however in other fields, specifically business, it matters more about your experience. This is interesting to me but it seems to be the case. I have a friend who was recently told by an employer that they would take experience over a degree any day. So that tells me the choice is mostly based on your industry and what matters most. The same goes for my husband’s field, Project Management. They tend to be more focus on your experience first with certifications coming in a close second.

Entrepreneurship

This trumps everything. Rain, sleet or snow if you are running a good business and are prepared for the times we live in now then you’re good to go. Now, if you’re living in Arizona like the couple on Downsized with a contracting business then you might want to regroup. However, I feel that entrepreneurship brings with it several pros and cons.

Pros

You control your time, product, goals etc- it’s all on you
This is your baby,your passion, everything you love and want to work on. You’re not working on someone else’s dream while yours whittle away
Financial benefits: there are some tax benefits to running your own business: tax credits etc

Cons

Contrary to popular belief, you really don’t set your own schedule, though I know this is specific to your business. The biz owners I know are always working. There are very little boundaries, the 9-5 doesn’t exist when you’re working for yourself.

So this wasn’t one of those really technical articles about the topic, moreso my views based on my own personal experiences. What do you think/feel trumps during a recession? Education vs Experience vs Entrepreneurship? Who wins?

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Corina

Great post!
I couldn't agree more with you about our education. Almost seems like everyone has an undergrad now adays that it holds no value. Although entrepreneurship is great, but I feel you need that drive and passion to want to be your own boss. This post will be particularly useful for recent college graduates.
http://richclubgirl.com RIch Girl

I have Masters degree in Marketing Management, I worked for huge corporations and now I have my own business. I think that it really helps if you early understand what exactly you want to do in this life. If you want to have your own business, then maybe you don't need a degree, but if you want to work for someone you need to have one. Otherwise you will not be able to earn a lot of money.
http://improvecreditrating.us Trent

Entrepreneurship. I think what this recession has taught many is that you can't rely on others for your money anymore…you have to learn how to create it.
http://halonaagouda.com Halona Y. Black

I'm an advisor at a community college and I see a number of students on any given day with a variety of backgrounds — some fresh out of high school to those who haven't been in a classroom in 30+ years…

People come to me looking for advice on how to choose the right major and the right career. I tell them that choosing the right major and, often, the right career is a lot more difficult than just picking from a list of majors offered at the college or university of their choice. I tell my students to focus on the skills they want to build while in college, then find a way to work towards that goal. For example, if a student is interested in a career in communications, but has little to no experience in that field, I tell them to think about all the hard skills they could possibly build pertaining to that field: graphic design, sales, performing, writing, building websites, etc. The degree is important, but it's the skills you build that separate you from the hundreds of other graduates that are applying for those same entry level jobs. Building those skills also gives them a way to build a portfolio — something they can take into the interview with them to prove they know what they are talking about.
Debt Free Daniel

I do thing education is the basic of all things. I mean, it doesn’t really matter if you have a college degree or not as long as you have the basic education. Then acquire the necessary skill you need to get that job and gain experience. As you gain experience you get to know the intricacies of your industry does you may get additional skills to be an entrepreneur on your chosen industry. That just about how I see the connection of three.

Daniel

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http://www.everydayminimalist.com evrydaymnmalist

During hard times? It's hard to say. During hard times, a business owner (depending on what business) may not be able to set their own schedule at all, if there is no work or it has been delayed to the next year.

In a recession I say that experience wins over education. Education is just to get into the door and then experience builds if you are willing to try anything and work hard.