Millionaire Without a Diploma: Does an Entrepreneur Really Need Education?
Michael Ellsberg, author of The Education of Millionaires, writes:
“You’ve been taught a false belief. You were told that if you study hard in school, get into a good university, and graduate successfully, you’re guaranteed success in life. But the world doesn’t work that way anymore. If you want to thrive in today’s world, you need to focus on developing practical, real-world skills.”
Of course, a university can teach you many wonderful things — but few of them directly relate to career success or financial independence. You can become more knowledgeable, sharpen your critical thinking, and immerse yourself in the rich cultural and intellectual legacy of great minds. These are noble pursuits. Yet it’s naïve to believe that earning a diploma automatically ensures stable employment for the next forty years and a comfortable pension afterward.
In the industrial age, people spent ages 6 to 22 — the best years of their youth — chasing good grades. But isn’t it absurd? How did we ever come to believe that academic diligence alone guarantees success in life? Why waste years of creativity, energy, and enthusiasm earning certificates that prove you’ve completed an academic program, instead of building skills that matter?
Peter Thiel, one of PayPal’s founders, compares higher education to the housing market — a system heading toward its own bubble.
“Many made a major mistake with real estate by comparing mortgage payments to rent costs. Renting gives you flexibility, while owning limits your options — so ownership should actually cost less than rent, not more,” says Thiel.
He draws a direct analogy to investing in higher education. Only a few educational paths still offer a decent return — such as nursing or engineering. These are exceptions that justify the cost, even if they demand years of intense study.
Even then, the investment pays off only if you commit your entire career to that one chosen field. But doing so means locking yourself into a single life path at just eighteen.
Higher education is essential if you want to become a lawyer, doctor, or professor — but not if your goal is entrepreneurship.
Ellsberg clarifies: he isn’t against universities, nor does he believe everyone should be an entrepreneur. However, given the rising costs of education, it’s time to question the system. The strangest part, he says, is that education has become a way for people not to think for themselves.
Most successful people — especially entrepreneurs — know how to build and lead teams, how to communicate, and how to inspire others. Yet no college or university teaches these truly vital skills.
