There is a growing belief that education is not necessary to start and run a successful business. With billionaires out there who never finish college like Mark Zuckerberg, CEO and founder of Facebook, the case for education is not always popular. However, just because someone stops studying in a classroom, like Mark Zuckerberg did at Harvard, does not mean the person stopped learning. The type of education is insignificant; learning what you need to succeed in business is key.

Owner-operators fall into the category of “business owner.” It may not be realistic to get an advanced degree while on the road; however, understanding how to manage money and make a profit is critical. Whether this is your first rodeo or you have twenty years of business experience, learning should never stop.

Earning your CDL was the starting point, but it is only the start. You went through some formal classroom training, and you proved you could drive a large vehicle. You were eligible and licensed to drive a truck.
The next segment of your driver education came while driving under a company trainer. This type of education is as old as civilization. It was once called an “apprenticeship.” The idea is to sit under the training of an expert until you learn the trade or skill they have mastered. Even Steve Jobs, previous CEO of Apple, had an apprenticeship where he was taught to tinker with technology from his father.

Now you are ready to drive on your own. However, the chances of you being successful that first year are daunting. According to Overdrive, the turnover rate for first year drivers is 200%. The success rate of first-year businesses in the United States is 50%. Entrepreneurship is not easy: however, these statistics improve with education.  A driver’s chances for success are dependent on his commitment to learn the business and run it wisely.

Classroom and online training in business through colleges and universities is available at a significant cost; but when it comes to success in business, many of these programs have proven results.  A study conducted by the Behavior Research Center out of Arizona (2005) concluded that small businesses that are growing are twice as likely to be headed by someone with an advanced degree compared to companies that are failing. The education of the company owner makes a difference in the company’s success.

There are courses and seminars available to owner-operators at a significantly reduced cost that are not associated with a college or university. Often, these courses can be completed online or while on the road. These courses offer business principles for starting a company and running it well; several are designed to deal with specific business issues facing independent contractors. An example of this would be the CABS business course offered from ATBS. Though not connected to a college, the course is recognized in the trucking industry as a leading business course for owner-operators. The course covers issue such as business structures, budgeting, fuel management, understanding taxes, time management, and health and safety issues facing drivers. After eight years and working with thousands of drivers, the course has proven to help with driver training and driver retention. At a large carrier who makes CABS available to their drivers, of the almost 500 drivers who completed the CABS business course in 2010-2011 as new owner-operators, 87% were still at the carrier by the end of 2011. The additional business training seems to significantly increase driver success and retention within that first year.    

With CSA now a reality for all drivers, not just carriers, the competition for a well-educated, business-minded, safe driver is on the rise. The method you use to learn is not important: seminars, classroom, apprenticeship, internet, self-learning, webinars, etc. The key is that you keep learning.  Successful business owners may leave the classroom, but they will never stop learning.

Comments (16)

Barry Sullivan

Bachelor of Science in Finance; 22 years in Trucking and Transportation (the last 10years as a Business Consultant at ATBS.)

Read These Next...

BUSINESS Smart

BUSINESS Smart

CAREER Smart

Break it Down

January 28, 2021

 
 

The internet has given us handfuls of publications that allow us to continue learning each day. No matter how much we think we know there is always something out there which helps us to be better at our jobs and in our lives.

September 29, 2014 16:14:29 PM

The first thing we did years ago was get rid of the TV. Unbelievable how much time is wasted in front of a TV instead of reading to continue our education. When we need a break we choose what we want to watch, when we want to watch it, and use the computer.

October 24, 2012 9:49:05 AM

40 years ago I worked with a computer that was the size of a room and it didn't really do much. The computers that got us to the Moon and back was not much more functional than a 4-function calculator. The wolds has changed and one must keep up.

Many universities offer extension courses. One can get a college degree while driving truck. Believe it!. So how are you spending your free time?

October 24, 2012 9:43:09 AM

I think we need to learn everything we can about our profession. i have a freind who drives for the company I'm leased on to, and even though he's 15 years my junior, he's a wealth of information. We both know that it's important to stay cuurent with what's going on

October 05, 2012 8:29:32 AM

Like Henry, I like to read every chance I have available while on the road. I take my Kindle with me everywhere I go. I ended up taking my TV, satellite, and XBOX 360 out of the truck because I was always reading and never watching it. I don't miss it at all!

Also like Henry, I like to read anything and everything having to do with running a business. I especially like anything to do with DIY maintenance and repairs. I'm not a mechanic, but I love doing that kind of work. It is SO satisfying to me to have a repair that's needed on my truck and actually being able to do it myself and save the $100+ an hour on labor.

October 04, 2012 7:17:02 AM

Sounds like good info

September 27, 2012 19:34:18 PM

Learning new things broadens your mind capacity

September 27, 2012 19:27:21 PM

When I decided to venture into the kingdom of the owner-operator. I assumed that I would be successful. After all, I was a math wiz at a younger age and always got good grades in school. Most important, I could drive and drive anything. So I was a lock to be a successful O/O right? Wrong!

I started out badly right out of the gate by not buying an aerodynamic truck. I didn't even know what an aerodynamic truck was. After driving company trucks that were governed low I couldn't wait to get my own so that I could drive as fast as I wanted. You can all see where this is going. I got 4.8 mpg on my first trip with my first truck (the one I still have). I slowed down but worked for some companies that weren't good for O/O's. I didn't know how to look for a good one! If I had continued on that path I would have been out of business before the end of my second year.

I sought out knowledge from people a lot smarter than me. I met Kevin Rutherford in 2006 through my business relationship with ATBS. They have done my accounting since day 1. Kevin showed me all of the things I was doing wrong. The CABS program is excellent as well. When I got to Kevin's CMC class he asked me what I expected to learn and he was surprised when I answered "I don't know". When he asked me to explain I said that I was new and that I "didn't know what I didn't know". He got me on the straight and narrow and I've been successful ever since. That aerodynamic nightmare that I bought now gets better than 8 miles per gallon.

The point of all this is to let you know that it's OK to not know things. Seek out successful people like Kevin or the experts at ATBS and learn. Just because you are fairly intelligent and can drive a truck with ease doesn't guaranty that you will be able to run a successful business. Never stop the drive for more knowledge. It's exciting to learn something new and put it to use to help yourself (or others) be more successful than you already are. Be safe.

September 25, 2012 18:29:09 PM

CABS is currently available in cd and book format. You can give me a call at 303-218-2824 or email me at ksheffield@atbsshow.com if you would like more information about CABS. We are working on getting CABS online. The content has been updated; we are now in the process of creating the website. Look for more details to follow in the next few months.

September 20, 2012 14:02:42 PM

I like to read when sitting waiting to get loaded or unloaded. Here is a link to a blog I did on a unique way to find reading material. https://www.teamrunsmart.com/the-pros/henry-albert/september-2012/great-books-on-a-budget i like reading anything to improve how to run a business and get a lot of ideas from books about other industry leaders , marketing and other businesses that are not even related to the trucking industry. It is amazing how many ideas can be gleaned from other business models which have knothing to do with transportation.

September 20, 2012 12:32:01 PM

I'd say anyone who's on here, engaging with this community, is continuing their education!

September 20, 2012 11:45:44 AM

Continued education is a vital part of any industry. If a business owner stops seeking more knowledge than how are they to continue to grow, change & adapt this ever evolving transportation industry?

September 20, 2012 11:44:15 AM

We never stop learning,CABS sounds like a great idea, and I would hope more continuing education online would be in the works.Great article lots of good info keep up the great work.

September 20, 2012 10:55:36 AM

CABS is a great program. I completed it myself recently and I think it's beneficial to go through it once or twice a year to stay refreshed. You never know when your knowledge can come in handy!

September 20, 2012 9:23:43 AM

Is CABS offered online?

September 20, 2012 5:01:50 AM

I took CABS our first or second year as O/O's and the course opened my eyes to many different ways to make our business profitable. I recommend CABS to all new O/O to help start them on the road to success.

Getting involved in groups like Team Run Smart by reading and by asking questions helps us to stay informed. Becoming involved in the industry by asking questions, listening to the answers and giving your input is another great way to learn.

There are many ways to stay educated while out on the road at little or no cost. There is a wide range of free magazines to choose from at the truck stops or listening to call in radio shows on the radio. Attending truck shows and going to the free workshops is another way to stay educated.

Find a mentor who has been there done that....

September 19, 2012 15:29:38 PM