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The Best Education You Can Get for Starting a New Business

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When most people hear the word "education" they think about formal education, such as a university education. Since I teach at a college, I know that I can provide my students a great education on starting a new business.

But is this the best education you can get? I have to be honest, the answer is no. You will not get the best education on starting a business from my college program—or any college program! The best education on starting a business is available to everyone, and it's totally free. Let me explain.

Interview small business owners

One of the classes I teach is called "Intro to Small Business." This very popular class is an overview on how to start a business. During the class, I require students to interview an entrepreneur or business owner two different times. I give the students a list of questions; their job is to find entrepreneurs in the industry they want to be in and conduct a 5-10 minute interview.

They then have to write up the interview and report their findings to the class. The education these students get from the entrepreneurs they interview is far better than any education I could give them.

Here are two examples:

One of my students, Penny, stopped into a furniture consignment store to interview the owner because she was interested in opening a similar store in her hometown. The owner not only did the interview, but gave her a three-hour overview of every aspect of the business. This owner even showed Penny her books so she could see how much to charge and how much profit she was making.

Another student, Matt, had just returned home from a tour of duty in Iraq. He wanted to start a small handyman construction business. Matt found Mike (also a vet) who was in the same line of business Matt wanted to get into. Mike not only showed Matt the best way of getting known in the community, he also sent him some initial customers so he could get his business launched more quickly.

Not every interview ends with a complete business plan or marketing plan being handed to you. From experience, however, I know that the education you get from doing the interview assignment has a direct impact on your success in starting a business.

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3 great interview questions

Students often ask me for a list of questions to ask during the interview. Here are three really good ones:

  1. What have you found is the best way to get the word out about your business?
  2. How fast were you able to reach positive cash flow?
  3. As someone starting a business right now, what would be the best advice you can give me to make sure my new business does not fail?

It is critical to get an education before you start your business. And the best education you can get is to do this interview assignment with a real small business owner in your own community.

RELATED: 17 Key Lessons for Entrepreneurs Starting a Business

Profile: Bob Voss

Bob Voss has been starting and growing businesses for the last 35 years. He is the holder of two patents for Optical Code Technology and has raised over $8M for the companies he has started. In 2002 he was given the opportunity to start a Business Entrepreneur Certificate program at Dakota County Technical College in Minnesota. In 2006 he was awarded the Instructor of the Year at the college, and in 2008 was awarded the National Business Entrepreneur Instructor of the Year for NACCE (National Association for Community College Entrepreneurship). His advice and counsel has helped hundreds of business start successfully. If you have a question for Bob, he can be contacted at bob@21questionbusinessplan.com.