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.