The word “entrepreneur” is a broad term mainly associated with being business owners of all types. However, that is not the only criteria that define entrepreneurship. The terms originated from the French word “to undertake,” which means that an entrepreneur can be anyone who takes the initiative with the end goal of financial profit. You can be an entrepreneur in just about any area from something that is generally a success in the market or anything you are passionate about. There is a general notion that anyone with excellent speaking power and communication skills can become an entrepreneur, but is it enough? Can you market your business solely on intuitive skills, or do you need a strong educational background? You can assume the answer; No!
Does an entrepreneur need a college degree?
There is no straight-up answer to this question. Suppose you look up success stories of different entrepreneurs, from Mark Zuckerberg, Facebook founder, to Daniel Ek, who co-founded Spotify at just 21. In that case, you may conclude that having a college degree is not compulsory after all. However, suppose you look at Elon Musk and Jeff Bezos, who both have two BSc degrees. In that case, you’d rethink your strategy of not attending college. The truth is that the need for a degree to be an entrepreneur has more to do with the choice of business and the end goal.
For instance, many people prefer to pursue an online MBA degree because of its flexibility, low cost, and benefits in the business world. Some are even waiving the standardized test and going for mba programs no gmat because it is feasible for a professional and opens doors to countless opportunities. Another reason you would prefer No GMAT programs because then you aren’t bound to study for the admissions test. Hence, a business degree can make a big difference when you want to start a company in retail or healthcare. On the other hand, you can be a 21-year-old college dropout running a successful homemade cosmetic business or a successful blog. Hence, it is hard to say that degrees are essential for a successful business, but they are mandatory in specific fields.
Benefits Of A Master’s Degree For An Entrepreneur:
There is no direct path to entrepreneurship. Countless examples prove that you can run a successful business with or without formal education. The best way to decide whether you want to invest in a college degree is to be clear about your objectives. With student debt reaching record numbers and college tuition skyrocketing, many with a solid business plan may want to skip formal education and try their luck in entrepreneurship. However, if you firmly believe that formal education will make for a solid business background, then take a look at the following benefits of a master’s degree in entrepreneurship:
1. Establishes leadership culture:
One of the key benefits of pursuing a master’s degree like an MBA for budding entrepreneurs is that it helps to learn to maintain a consistent culture throughout business growth. You can learn intrapersonal and interpersonal skills, which you can use to make changes to your business’s strategy, structure, and plan. Programs such as these nurture leadership, communication, and decision-making skills essential for a successful business.
2. Enhances your entrepreneurship skills:
You may be a natural when it comes to business, but it doesn’t hurt to polish your entrepreneurship skills. Experts believe that a master’s degree in business or a relative field provides entrepreneurs with invaluable administrative skills. You will learn strategies to make your business idea stand out and practice innovation in a safe, creative space. Willingness to take risks, manage business operations, multitask, pitch your idea to investors, and communicate with partners are critical skills to become a successful entrepreneur. Luckily, you can hone these skills with a solid degree program if you don’t know how to enhance these skills on your own.
3. Networking opportunities:
Getting disconnected from a network of supporters and alumni has its cons. Suppose you are skipping on a college or a postgraduate degree. In that case, you’ll lose the opportunity to access a global community of business professionals. According to the GMAC study, over 90% of professionals surveyed stated that they would recruit someone from their alma mater. Networking is essential for entrepreneurs because that is how they find potential investors for their business idea. While you don’t always need the support of someone already in the business, it sure does take away the extra struggle of starting from scratch. Taking help from professors and advice from alumni is always welcoming for budding entrepreneurs.
Best Degrees For Entrepreneurs:
Suppose you’ve decided to go for a proper education before kickstarting your entrepreneur career. In that case, you might as well look at the following best degree choices:
With so much competition in every niche market, you should understand the mechanics of marketing. With a marketing degree, you can identify your target audience and learn the latest strategies to capture your intended market. You can learn how to create a strong brand voice and build brand awareness.
Ever wondered how awkward it would feel to be the boss and struggling to understand the company’s finances? Completely frustrating! You can always have an expert team doing everything. Still, suppose you want to protect your venture’s financial future. In that case, it’s best to have an understanding of financial analysis and accounting methods. As an entrepreneur with extensive financial knowledge, you’ll better understand your business’s risks and economic statistics.
The importance of communication in entrepreneurship gets overshadowed by the stigma that being an entrepreneur is all about business skills. On the contrary, communication is what drives a successful business and keeps the stakeholders happy. A degree in communication will help you learn to use different modes of communication to your business’s advantage. Entrepreneurs need to have the ability to effectively communicate their ideas, goals, and objectives to investors.
Leaving school is not the recipe to becoming a successful entrepreneur. Unless you have a strong financial backup plan and farsightedness, you shouldn’t completely abandon the idea of formal education. It can go either way. Your concept is so unique that investors can’t help it, or stakeholders have more confidence in you because of your strong educational background. All in all, entrepreneurs should not underestimate the importance of a degree.