Is it possible to start college fresh after dropping out?

I want to start my own business but I is it worth dropping out of college?

• I am a sophomore level mechanical engineer and I have an idea for a business that I would like to start. I am very confident in my idea. The problem is, in order for this business to work and be successful I will have to give it my 100% attention. This means I will have to drop out of college. So many things are going through my head right now. I have already been doing months of research and could start operating in 4 months. However, a big "issue" is that I will have to get a big loan and get myself into some debt (but that's a problem if your not successful, which is a thought that shouldn't be going through my head for moral's sake, but unfortunately that could happen). I have though about finishing college and then saving up, but that would take a couple years. I feel like I will miss this opportunity if I wait a couple years. I have lost focus in school because I am always doing research about my potential business. I am so excited and eager to start my own company.

• Answer:

  Honestly, you can always go back to college. There is no cut-off date for that. HOWEVER...before you do, you need to consider a few things first. 1) How are you going to get that big loan? Do you have security in anything? Like a house or a rich spouse? No bank is just going to hand over the cash to a college drop out without any track record or assets. 2) How are you going to live while you are planning your bbusiness? Are your parents willing to support you during this time? And are they going to support someone who drops out of college? 3) Have you considered getting the planning down while you are in college? If you think college is tough...wait until you are a full-time business owner. While you are still in school, you can easily hash out your business plan and get it down pat. Before making a drastic change, I would do some more leg work. You really do need to figure out your financing first and foremost. You really do. And that is something you can do while you are still in college. I went to school full-time and worked full-time. So if I can carry a load like that, anyone can. Lastly...you do need to plan for more than four months of no-income. Businesses usually take about a year to become profitable. If you have no degree, how will you support yourself in case it fails? Seriously...while you should never consider failure an option...it is often a reality. Put a business plan together, figure out your financing, and when you get that together...then consider leaving school. But not until then. You will be taken far more seriously by EVERYONE...bankers, your parents, potential partners...if you go about this in a deliberate and determined fashion. If the passion is there now...it isn't going to burn out in a few months. And by then, you will be ready to go. EDIT: My point exactly. You need a 'safety net.'