Wed, May 23, 2012, 7:29 PM EDT - U.S. Markets closed

Discover Yahoo! With Your Friends

Explore news, videos, and much more based on what your friends are reading and watching. Publish your own activity and retain full control.

To get started, first

YOUR FRIENDS' ACTIVITY

    Who Needs College? 7 Core Success Skills of “Self-Educated” Billionaires

    In The Education of Millionaires, author Michael Ellsberg details the successes of a number of "self-educated" billionaires, including hair-care magnate John Paul DeJoria, Facebook co-founders Dustin Moskovitz and Sean Parker, fashion designer Mark Ecko, Hip Hop and fashion mogul Russell Simmons, WordPress creator Matt Mullenweg.

    Like Steve Jobs and Bill Gates before them, these highly successful entrepreneurs either dropped out of college or never enrolled in the first place, once again raising questions about the value of a higher education. (See: James Altucher's 8 Alternatives to College)

    "If you want to be a doctor, lawyer, engineer [and] go into a traditional profession, [college] makes a lot of sense," Ellsberg says. "But for people who have no idea...$50,000 a year is an expensive way to figure out what you want to do with your life."

    In the accompanying video, the author and Forbes blogger discusses the common traits and the 7 Core Success Skills he gleaned from these titans of industry:

    • Learn How to Sell
    • Learn Marketing
    • The "Right" Way to Network with Big Wigs
    • Define Your Vision
    • Invest in Yourself
    • Build the Brand of "You"
    • Take an Entrepreneurial Mindset

    "These are the real world skills we don't learn in college," Ellsberg says, stressing, as the subtitle of his book indicates, "it's not too late" to learn these lessons, even if you did go to college.

    See also: Secrets for Going Up in Down Times: Willie Jolley

    Yahoo! Poll

    Will Congress get anything accomplished before the November elections?

    Loading...
    Poll Choice Options
    • Yes
    • No
     
     
    Top Locations Mililani Town

    145 comments

    • The Greatest  •  1 month 12 days ago
      who needs college? everyone who's not a self-educated billionaire ...
    • Brian  •  Mililani Town, Hawaii  •  1 month 11 days ago
      It is important to recognize that the West in general defines success in dollars. If you love to dance, would you call yourself a success only if you were the wealthiest dancer? How about the wealthiest author? If you go to school for chemistry and you want to be wealthy, good luck. You should go to school to be the best chemist. If you want wealth, go to B-school, risk other people's money and hire a chemist. Success or fail, do it again. Solve problems, give away your money before you die.
    • Russell  •  6 months ago
      Luck was the main ingredient of success for most of these people. A lot of luck.
    • CarlaZ  •  6 months ago
      that may be true and probable but college students are challenged by professors who push them and encourage them into critical thinking they never would have taken on by thenselves
      or even considered college is a stepping stone to young adult hood it offers a different kind of networking that reflects power fraternities and sorrorities have just like corporate america has that is where some of our great leaders are first nourished, there is so much to learn that learning it on your own is really dificult we need the people that challenge us for example two candidates running for political office one notes questions that her training has taught her to inquire about certain things that might otherwise embarass her opponent but if she had not looked into the situation certain relevant information might not have been discovered and costly mistakes might have been made thus in reality she afforeded a lot of people to keep their dignity in tact that is what education does yes you can be succesful without it but where do you find the people the challenge you to rise above the status quo.
    • jerry  •  7 months ago
      every one dances to a different tune. everyone thinks their music is best. one has to grin and bear it!
      I studied psych and sociology went into building and land development. you never know where your happy if you stick to dad and moms dream for you!
    • Hoggy  •  7 months ago
      There is a difference between going to college and getting educated. Getting an education is never a waste of time.
      • Martin 7 months ago
        Here, here.
      • Scott 7 months ago
        Life is an education in itself! College is a wate of time for 75% of the population.
      • Kazango the Great 7 months ago
        My best education seems to cost me a LOT more than my college education did. Thankfully, I don't pay tuition as often as I used to. :)
    • A Yahoo! User  •  7 months ago
      Of course, you never hear of the millions of people who don't go to college and who aren't successful.
      • stan in Texas 7 months ago
        There are many skills needed to become successful...........some a taught and others are inherited.

        An education teaches you how to do what others have done before you. True innovators break new ground.

        Most Billionaires get rich in spite of their education.
      • ab 7 months ago
        Agreed... and the argument leaves out a key point... these billionaires drop out of college BECAUSE they had a wildly successful business making them millions.

        They didn't drop out of college and then become a success.
      • bladerider 7 months ago
        If you had a dollar for everyone that dropped out of college to become a success, and I had a dollar for everyone who dropped out of college and struggled. Then... Then... whatever
    • JGalt  •  7 months ago
      How apropos to the times. Just as important as what's on the list is what's NOT on the list:

      Lack of accountability & responsibility
      An overdeveloped sense of entitlement
      Spending habits that sacrifice long-term goals for short-term wants
      Lack of direction & drive
      Unwillingness to work hard and make trade-offs
    • Gordon  •  7 months ago
      Love his insight about networking. Meet and give - not meet and ask. So true.
    • marion a  •  7 months ago
      My old and wise college professor gave me his version of a truly educated person years ago.

      1. Ability to entertain ones self
      2. Ability to entertain a new idea
      3. Ability to entertain a friend

      I try not to forget this on a daily basis as my life plays out.
      • Baboon 7 months ago
        I bet you paid lots of money for that because you're too dumb to figure it out yourself.
      • John 7 months ago
        I make $1,100 a day because of the above if you can make others as friends and make them laugh you are very valuable at the upper end of management. And if you can select the best #2 NEW IDEA you make everyone money
      • Zellhoefer 7 months ago
        My profesor defined an educated person as one who could carry on a enlightened conversation for ten minutes on any subject.
    • Ricardo C  •  7 months ago
      many studies have shown that emotional intelligence/personality get's you farther than IQ..of course it doesn't hurt to have both as these billionaires have shown...I attended grad school, and I don't have the amount of wealth or success these guys have (frankly, measured against these guys I'm an idiot and a total failure LOL)...college just dumps way too much knowledge on the students...the key ingredients of success are ignored and academic subjects get too much attention......
      • John 7 months ago
        Schools need to get back to teaching people to think and not teaching things that will be out dated on graduation or that form your opinions! Wish I had gone to Harvard not BC SMU RW and UMD Colleges are run by people who really lack the ability to see what minds need.
    • penurius  •  7 months ago
      There are a very few special people who will rise to success whether or not they go to college. It takes the right combination of above-average intelligence, motivation and an enabling personality. The probability of all these traits coming together in one individual is low. So most of us are average and no one will remember us after we are in the cemetery.
      • Ggg 7 months ago
        That is everyone's fate. Do you remember any dead billionaires? At least our death may be mourned a little, these rich guys have the green eye monsters waiting for them to die.
    • Big Willy  •  7 months ago
      College. Forget about college. To depend on college in today's world is a primary reason why we are no longer self dependent in the U.S.A. We used to be strong manufacturers and tradesmen, neither of which require higher education. They require experience. However, we now rely on higher education which deters from being independent in other trades. Things like carpenters, roofers, masons, and mechanics all used to be proud trades by Americans. Now they are just cheap labor trades by immigrants. Experience in lieu of education isn't a bad thing...
    • Dorian  •  7 months ago
      they are the exception not the rule. The educated always make more and do better than the uneducated, to point out the one person in ten million that makes it on their own and hold that person up as a role model to avoid education is simply wrong.
    • anotherdude  •  7 months ago
      Gifted people don't need college, it doesn't mean that it's a wise choice for most people. In basketball terms, not every player is KG or Lebron; most should go to college. Same goes for business. Don't generalize from a-typical cases.
    • YFU Number One  •  7 months ago
      I think higher education has actually suffered as more and more employers have come to require it as a matter of course when recruiting new people. Originally, college was primarily meant for the wealthy so they could broaden their horizons and become gentlemen. (And the intent was more to teach them to think, NOT to give them the belief that they know everything in any given field.) They didn’t need it to get a job - it was strictly for personal fulfillment, and their learning was completely unaffected by the pressures and concerns of earning a living later on. How many college students have you known who really couldn’t care less about learning any more than they already knew – they just wanted that SHEEPSKIN so they could get an easy, high-paying job?
    • Rascal Dog  •  7 months ago
      How to get rich. Get very very very very lucky and work hard.
      How to make a reasonable living. Get an education in something useful, work hard and get along with people.
    • Brian H  •  7 months ago
      Bah, grumble, grumble... kids these days. When I was young I went out and worked... now I just complain on Yahoo.
    • Gregreedan  •  7 months ago
      Now that we've been educated on how to become an unschooled billionaire, how about a series on How to Be a Successful Human Being. It would seem that those in Congress, and those in "Big Business" know nothing about that! If we are to have a successful nation, our humanity should be more important than the size of our estate! You can't take your money with you and then, it's gone, but you reputation remains!
    • John W  •  7 months ago
      Absolute insanity ! As you learn in college, the bell curve of people has fringes at both ends that don't need an education (they are too smart or too dumb). The rest need to go to college to complete and have a decent life. Unless we want to keep importing foreigners with educations to do our technical and professional jobs, then we better get educated. You don't have to go to Harvard to get a good education.

    FOLLOW THE DAILY TICKER

    The Daily Ticker covers the most important business stories of the day -- the economy, investing, corporate leadership and politics. The Daily Ticker picks up where Tech Ticker left off and is hosted by Aaron Task, Henry Blodget and Daniel Gross. Often serious, sometimes irreverent and always interesting, The Daily Ticker gives viewers a unique take on the business world's most crucial stories.

    Subscribe and RSS

    [X]

    How to subscribe

    Roll over each section to subscribe using Add to My Yahoo! or RSS Feed feeds.

    Yahoo! News offers dozens of RSS feeds you can read in My Yahoo! or using third-party RSS news reader software. Click here to find out more about RSS and how you can use it with Yahoo! News.
     
    Recent Quotes
    Symbol Price Change % Chg 
    Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
    You need to enable your browser cookies to view your most recent quotes.
     
    Sign-in to view quotes in your portfolios.