Is it helpful to have a degree when starting your own business?

Starting a business is an exciting prospect, and one that holds the promise of increased
freedom and financial stability. However, creating a business from scratch is no small task,
and it requires you to put in a great deal of time and effort into learning how your chosen
industry works. There is also likely to be a process of trial and error before you reap the
benefits of your investments.

One of the ways to streamline the learning curves of starting your own company is by taking
a business course beforehand, to help minimise your risks and the chance of making
mistakes. But do you need to take a full business degree, or will a short course do?
Here, we take a look at how helpful it is to have a degree when starting your own business.

Learning the Basics

If you have no experience with how successful businesses work, from product pricing to
marketing strategies, taking some time to learn the basics will be an invaluable asset to you
on your entrepreneurial journey. Short courses may provide you with enough information to
get started, whilst a degree will take longer to complete and give you a more in depth view of
the business world.

Degrees are arguably more expensive than short courses, so it’s important to factor in your
budget to your plans. Doing some research and speaking to career advisors at local
universities can help you decide which is the right path for you.

Making Connections

Perhaps you already have friends who run their own businesses, or perhaps you have no
existing connections to anyone with self-made successes. For those in the latter category,
studying a business course will give you the opportunity to make some connections with
others who are like-minded and are paving the way for business success in their own lives.

If you already have connections to business tycoons, you may be able to ask for their advice
in place of studying a longer degree or course, but be prepared for them to expect you to do
the leg work yourself.

Legal Understanding

Studying a business-focused course offers you the chance to get to grips with the less fun
side of business ownership – the legalities. This is an important part of starting your own
business, as mistakes in this area can cause devastation to your professional reputation and
livelihood later down the road.

Make sure that your chosen course or degree covers important aspects of business
ownership such as insurance, tax liability, market research, how to manage finances, and
standard business policies. Again, the depth at which you choose to study these will depend
on your personal circumstances, so be sure to give it some serious thought.

Support for Entrepreneurs

There’s a lot of support for entrepreneurs, and many people of all ages try their hand at
creating an independent income stream. Remember that hard skills can be learnt, but soft
skills take first hand practice to develop, so it’s best to have at least some work experience
before attempting to start your own business. The best way to see if you have what it takes
is to go for it wholeheartedly, with a firm foundation of basic knowledge and a relentless
drive to succeed.