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5 Powerful Confessions From Entrepreneurs Who Never Went to College

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entrepreneurs that didn't go to college

How important is college education for most of us? Can an entrepreneur become successful without a college diploma? Let’s see what secrets remarkable entrepreneurs may reveal to us about the way they survived without college.

Looking back at the experience we gather from the most powerful and famous business people, there’s more often a plus rather than a minus in becoming successful without a college degree.

1. Abraham Lincoln

“All I have learned,I learned from books.” – Abraham Lincoln

One of the 8 U.S. presidents who started as entrepreneurs and the only one who received a patent, Abraham Lincoln never went to college. In fact, he was not the only U.S. president who didn’t do it. 7 more presidents didn’t attend college as well.

One of the most striking confessions is that he valued books more than anything else that can educate. Proving that books were his teachers, Abraham Lincoln also acknowledged that his best friend would be a person who could give him a book he hadn’t read before.

No wonder, every entrepreneur with self-respect should read books. Abraham Lincoln proved that self-education is, actually, what makes us more powerful than we are. The 16th president of the United States invented a tool to lift riverboats over sandbars without a diploma as an evidence of his smartness.

2. Walt Disney

“All the adversity I’ve had in my life, all my troubles and obstacles, have strengthened me… You may not realize it when it happens, but a kick in the teeth may be the best thing in the world for you.” –  Walt Disney

The father of Mickey Mouse, the first animated feature film in the world, and Disneyland founder, Walt Disney considered books as a treasure as well. However, because of his inattentiveness and constant drawing, Disney dropped out of high school.

Thus, his stronger motivator was failure. Working on Snow White, one of his most successful projects, Walt lost nearly everything, ran out of money, and almost went down the drain. But that was one of the lessons that helped him become the king of cartoons.

3. Richard Branson

“The best way of learning about anything is by doing.” – Richard Branson

A risk-taker with over a $4 billion fortune and the founder of the Virgin Group, Richard Branson left school at the age of 16 to start his first business – Student magazine. Despite the fact, that he faced dyslexia during his school years, he managed to take a chance in his hands and do what he wanted.

Although, Richard says he has no secrets to hide, he still confesses that he works hard, smart and does it with fun. The power of doing is a secret ingredient to success, according to Branson.

4. Milton Hershey

“My experience has shown me that the people who are exceptionally good in business aren’t so because of what they know, but because of their insatiable need to know more.” – Milton S. Hershey

The founder of the Hershey Chocolate Corporation and a philanthropist, Milton Hershey changed 6 schools, because his family moved very often and, eventually, he left school after the 4th grade to become an apprentice to a printer. Later, he found his passion in candy making.

His idea about business success is not in knowledge, but in the desire to know. Motivation and curiosity can lead you to the unknown realms and open them with ease, if you are ready to experience changes. The only question is to what extend your need is insatiable.

5. Coco Chanel

“Success is most often achieved by those who don’t know that failure is inevitable.” – Coco Chanel

Being taught sewing by nuns, Gabrielle “Coco” Chanel, the only fashion designer to have been put on the 100 most influential people of the 20th century Time magazine’s list, never went to college. Her daring ambitions gave her strength to become one of the most successful designers in the world.

According to her words, the secret of success isn’t in knowing. Quite the opposite – it’s in unawareness. Virtually, it’s unknowing of the fact that failure is a must-be in business. And here’s when fear comes next after you think of a possible fiasco. Without knowing, there’s no fear. Consequently, you’re not afraid to stumble and fall, because you do not know it’s initially programmed.

What unites all these outstanding entrepreneurs? Except for the absence of a college degree? It’s the ability to acknowledge what actually ruled their success. And that’s not college education. Educators, professors and teachers who strive to make college education more proactive and productive can never substitute the inner power of a budding entrepreneur.

Have you met any entrepreneurs who never needed a college degree to become what they are now? Share your experience in the comments.

Clair Ray – Sociology and Psychology researcher and freelancer at Ultius, polyglot and coffee addict. I began tutoring German and French to college students on University campus. Later, I completed two years of Arabic and received, eventfully, a degree in Early childhood Development. A tutor and teacher for over seven years, I've been creating classes and lessons applying various teaching methods engaging all learners. Connect with me on Twitter.

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Entrepreneurs

How Entrepreneurs Are Harnessing LLCs to Launch Successful Startups

LLCs have unique advantages for starting up and growing a successful business

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why you should set up an LLC

In my entrepreneurial journey, I’ve learned that LLCs have unique advantages for starting up and growing a successful business. But, before delving into the advantages, it’s essential to grasp the fundamentals of what an LLC is and how it operates. 

What is an LLC?

An LLC is a hybrid business entity that combines the liability protection of a corporation with the pass-through taxation of a partnership or sole proprietorship. This unique blend provides entrepreneurs with the best of both worlds: personal asset protection and simplified taxation.

One of the most significant advantages of an LLC is its limited liability feature. This means that as the owner, my personal assets are shielded from any liabilities or debts incurred by the business.

In the event of lawsuits or financial obligations, only the assets of the LLC are at risk, offering me peace of mind and protecting my personal wealth.

Advantages of Forming an LLC

Flexibility in Management and Structure

Another aspect of the LLC that appealed to me was its flexibility in management and structure. Unlike corporations, which have rigid hierarchies and formalities, LLCs allow for a more relaxed approach to governance. As the founder, I have the freedom to structure the company in a way that suits the needs and goals of my startup.

For instance, LLCs can choose to be managed by their members (owners) or appoint a manager to oversee operations. This flexibility enables me to maintain full control of the business or delegate management responsibilities to trusted individuals while retaining ownership.

Additionally, LLCs are not bound by strict meeting requirements or extensive record-keeping obligations, reducing administrative burdens and allowing me to focus on building and growing the business.

Pass-Through Taxation and Financial Efficiency

One of the most attractive features of an LLC, particularly for startups, is its pass-through taxation. Unlike corporations, which are subject to double taxation (taxation at both the corporate and individual levels), LLCs pass profits and losses directly to their members’ personal tax returns.

This tax efficiency not only simplifies the filing process but also allows for greater flexibility in managing cash flow and reinvesting profits back into the business. As an entrepreneur, minimizing tax liabilities and maximizing financial efficiency are critical components of long-term success, and the pass-through taxation feature of an LLC aligns perfectly with these objectives.

Enhanced Credibility and Professionalism

Establishing an LLC can also enhance the credibility and professionalism of a startup. Unlike sole proprietorships or general partnerships, which may be perceived as informal or less legitimate, an LLC provides a formal business structure that instills confidence in customers, investors, and partners.

By operating under the umbrella of an LLC, I can present my startup as a reputable and established entity, which can open doors to opportunities such as securing financing, attracting top talent, and forging strategic partnerships.

This enhanced credibility can be a significant advantage, particularly in competitive industries or when seeking to differentiate my startup in the market.

Protection of Intellectual Property and Brand Assets

For startups built around innovative ideas or unique intellectual property, protecting these assets is paramount. An LLC offers an additional layer of protection for intellectual property and brand assets, safeguarding them from infringement or unauthorized use.

By registering trademarks, copyrights, or patents under the name of the LLC, I can establish legal ownership and enforce my rights more effectively in the event of disputes or infringement claims. This protection not only preserves the value of my intellectual property but also enhances the overall stability and longevity of the startup.

Steps to Form an LLC

Let us now look at the general steps to form an LLC for your business:

Step 1: Choose a Name for Your LLC

Selecting a unique and distinguishable name is the first step in forming an LLC. Ensure that the name you choose complies with the rules set by your state’s LLC division. Typically, the name must end with “Limited Liability Company,” “LLC,” or an abbreviation of these terms.

Additionally, the name should not infringe on the trademarks of existing businesses.

Step 2: Designate a Registered Agent

A registered agent is an individual or entity appointed to receive legal documents, such as lawsuits or subpoenas, on behalf of the LLC. The registered agent must have a physical address within the state where the LLC is formed.

For instance, if you are forming an LLC in Texas, ensure that your registered agent has a physical address in Texas.

This role is crucial for ensuring that the LLC remains compliant with legal requirements and maintains good standing.

Step 3: File Articles of Organization

The Articles of Organization, also known as a Certificate of Formation or Certificate of Organization in some states, is a document that formally establishes the LLC. You’ll need to submit this document to the appropriate state agency, usually the Secretary of State or Division of Corporations.

The articles typically include basic information such as the LLC’s name, address, registered agent details, and the purpose of the business.

Step 4: Create an Operating Agreement

While not always a legal requirement, drafting an operating agreement is highly recommended for LLCs. This document outlines the ownership structure, management roles, voting rights, profit-sharing arrangements, and other important aspects of the LLC’s operations.

Even if you’re the sole owner of the LLC, having an operating agreement in place can help clarify expectations and prevent disputes in the future.

Step 5: Obtain an Employer Identification Number (EIN)

An Employer Identification Number (EIN), also known as a Federal Tax Identification Number, is a unique nine-digit number assigned by the Internal Revenue Service (IRS) to identify your LLC for tax purposes.

Even if your LLC doesn’t have employees, obtaining an EIN is necessary for opening a business bank account, filing taxes, and conducting other financial transactions.

Step 6: Obtain Necessary Permits and Licenses

Depending on the nature of your business and its location, you may need to obtain various permits, licenses, or certifications to operate legally. These requirements can vary widely from one industry and jurisdiction to another. Common examples include business licenses, zoning permits, health permits, and professional licenses.

In my entrepreneurial journey, the decision to establish my startups as LLCs has been instrumental in mitigating risks, optimizing financial performance, and positioning my ventures for long-term success.

By harnessing the advantages of the LLC structure, I’ve been able to navigate the complexities of entrepreneurship with confidence and resilience, laying the groundwork for a bright and prosperous future.

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Entrepreneurs

Build a Strong IT Team with These Smart Hiring Tips

Without dedicated IT staff, your company may not be able to function as efficiently or effectively

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Hiring tips for tech industry

The role of IT staff in your company is not only essential but also ever-evolving. As your business grows, so does the need for qualified IT staff and more robust recruiting solutions.

After all, from maintaining and troubleshooting the computer systems that keep your business running smoothly, IT staff also help employees stay connected and productive by providing technical support at all times. (more…)

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Entrepreneurs

5 Important Legal Tips Every Entrepreneur Should Know

With a firm commitment to legal knowledge, you pave the way to grow your business sustainably

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legal tips for entrepreneurs

Embarking on the entrepreneurial path is a courageous venture that calls for a diverse skill set to achieve enduring success.

While creativity, drive, and strategic vision are paramount, integrating legal insight into your entrepreneurial toolkit can be a game-changer.

This comprehensive guide delves deeper into the five critical steps that can empower you to navigate the intricate legal landscape and propel your venture toward prosperity. (more…)

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Entrepreneurs

6 Hacks to Boost Your Productivity as a Business Owner

To improve how much you get done each day, it’s smart to establish routines and use careful planning

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productivity for business owners

Entrepreneurs are always looking for ways to get more done with the time and resources they have. Business owners can use clever productivity tricks to break these limits and make the most of their projects. (more…)

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