Starting a business is very exciting, but it can be hard when you start as an Entrepreneur. Unfortunately, a number of new companies don’t make it. In reality, 20% fail in the first year, 50% don’t last five years, and only 30% are around after ten years.
Even though these numbers might be scary, many businesses start successfully. A big reason for their success is that the people who started them knew a lot about business. They even studied for degrees.
You might wonder how to get those skills and what kind of education you need to start a business. We’ll talk about that and give some advice on starting a business with or without a college degree.
Successful businesses are usually started by people who plan carefully and know much about running a business. Whether you’re dreaming of starting your own business or already have one and want to improve it, there are things you can study. But the true question is…
Is A College Degree Needed To Become An Entrepreneur?
Success is not final; failure is not fatal: it is the courage to continue that counts.’ – Winston Churchill
What Degree Do You Need To Be A Business Owner?
You don’t need a specific degree to start a business. Anyone with some money can register a company. But owning a business means more than just having the paperwork. You must do more paperwork and pay taxes if your business makes money.
What’s important is having a good business plan and the skills to make it work. You can get these skills by studying business. When thinking about what to study, you can start with what you already know. For example, you might begin a dental practice if you’re a dentist.
Or, if you have marketing skills, you might start an advertising agency. But the real goal for many is to create a business that can run with little effort so they can do other things or sell their part.
Another option is to learn about the business itself. Warren Buffet, one of the wealthiest people in the world, studied business administration and economics. A good degree for starting your business is focused on business management, like a Bachelor of Commerce. Even if you studied something else for your bachelor’s degree, you can still do a Postgraduate Diploma in Business Administration.
‘The best investment is in the tools of one’s own trade.’ – Benjamin Franklin
What Should I Major In If I Want To Start My Own Business?
If you’re considering starting a business, you might wonder what to study. Several majors are great for learning how to run a business:
- Finance
- Management
- Accounting
- Marketing
- Project management
- Business Law
- Entrepreneurship
- Economics
‘The best investment is in the tools of one’s own trade.’ – Benjamin Franklin
Starting A Business Without a Degree
You don’t need a degree to start a business. Some famous businesspeople, like Bill Gates and Mark Zuckerberg, started their companies after dropping out of college. But getting work experience in a company can also teach you much about how businesses run. Jeff Bezos, for example, worked in an investment firm before starting Amazon. Even without a degree, you can still approach starting a business in a well-planned way.
The only place where success comes before work is in the dictionary.’ – Vidal Sassoon
How To Start A Business
In his book “The E-Myth Revisited,” Michael E Gerber says that many people who start businesses create jobs themselves. The key is to build a business that can grow and be profitable without you. For that, you need a solid business plan, understand your market, and have realistic expectations about earnings and costs. It’s also essential to consider how to grow your business and what skills your employees will need.
With good planning, hard work, and some luck, you can hire people to help with parts of the business you’re not as good at.
I never dreamed about success. I worked for it.’ – Estée Lauder
Which Subject Is Best For Business?
Experts in their field often think someone who knows much about their product or service should run the business. But most companies, no matter what they sell, work in similar ways. That’s why business subjects are essential. They teach you the important parts of running a business, like accounting, managing, marketing, and more.
Here are some critical subjects for starting a business:
- Strategy
- Introduction to Finance
- Management and financial accounting
- Marketing
- Essential business skills
- Project management
- Business law
- Entrepreneurship
- People management
- International Business
- Economics
All these subjects are part of the Postgraduate Diploma in Business Administration.
Success is often achieved by those who don’t know that failure is inevitable.’ – Coco Chanel
Wrapping Things Up:
In conclusion, the role of entrepreneurship in driving the American economy cannot be overstated. The increasing trend of individuals starting their own businesses is a testament to the entrepreneurial spirit that thrives in the United States. While the journey to entrepreneurship is diverse and unique for each individual, a common question arises: Is a business degree necessary for success? The answer, reassuringly, is no. A business degree, though beneficial in many ways, is not a prerequisite for becoming a successful entrepreneur.
The skills required to run a business effectively, such as communication, problem-solving, and time management, can be acquired through various life experiences and previous education. These skills are foundational and often already present in potential business owners, regardless of their academic background. For those who did not attend business school, the path to entrepreneurship remains wide open and accessible.
The first step on this path is developing a solid business idea. It should align with your passions and skills, as this alignment often breeds innovation and dedication. Once the idea is in place, the next crucial step is to create a thorough business plan. This plan is not just a document but a roadmap for your venture, helping you navigate new businesses’ challenges and pitfalls. A well-thought-out plan includes financial projections, market analysis, and a clear strategy for growth and sustainability.
Networking is another key element in the entrepreneurial journey. Building a robust professional network can open doors to invaluable opportunities, advice, and support. This network can include fellow entrepreneurs, potential customers, investors, and mentors. Networking events, social media platforms, and alumni associations are excellent resources for expanding your professional circle.
Securing funding is often one of the more daunting aspects of starting a business. The average startup cost can be significant, but numerous avenues exist to explore for financial support. Crowdfunding platforms, angel investors, and venture capital are viable options for raising the necessary capital. Having a compelling business plan enhances the likelihood of securing this funding.
Additionally, acquiring specific business knowledge is crucial. Understanding the nuances of finance, marketing, strategy, and operations is vital for the growth and sustainability of your business. This knowledge can be gained through various means, including online courses, workshops, and certificate programs. Programs like Wharton Online’s Entrepreneurship Specialization offer a comprehensive learning experience that equips aspiring entrepreneurs with practical skills and knowledge. These programs are typically led by experienced professionals and provide flexibility for those balancing other commitments.
Here’s Why Entrepreneurship Should Be Important To You
In summary, while a business degree can be a valuable asset, it is not an essential requirement for starting a business. The backbone of a successful entrepreneurial venture is the combination of a strong business idea, a well-crafted plan, a supportive network, financial resources, and continuous learning. The landscape of entrepreneurship is ever-evolving, and with the right approach, resources, and mindset, anyone with determination and vision can become a successful contributor to the dynamic and vital sector of the U.S. economy.
