Are You Financially Stable Enough
While college is an investment, so is your business. You’ll need to calculate your expenses, create a budget and plan your timeline accordingly before dedicating your life to the project.
“Understanding the total costs is crucial,” said Portesy. “Before you pursue a new business opportunity, map out the total investment purchase costs, opening inventory and how much working capital you will need before you break even.”
Sometimes, students will go for a degree and work in an industry for a few years, or on the side, to earn money to support their entrepreneurial journey. If you don’t think you can cut it without a sustainable career to leverage your success, then you might want to focus on school first. However, if you’re currently in school and feel strongly about devoting all your time to testing or growing your business, check with your college about its leave-of-absence policy.
Final Words On The Best Degrees For Entrepreneurs
For students with the drive to be their own boss and a passion for their intended industry, a career as an entrepreneur can be liberating and exhilarating. They can accomplish great things and enjoy the freedom of working for themselves. However, they must also be prepared to cope with the many challenges that could arise and threaten the stability or even the existence of the business they establish. An entrepreneurship degree program at the undergraduate or graduate level provides aspiring entrepreneurs with the knowledge and skills to make good business decisions, successfully market and manage their company or organization, and make use of their natural resourcefulness and open-mindedness to adapt to challenges they encounter.
Additionally, many would-be entrepreneurs can parlay a passion degree, like sports medicine or art, into a viable business. In these cases, they study both their passion subjects and business. Self-employed professionals often take a similar approach to their careers.
Finally, its important to note that many people who are self-employed today are part of the gig economy. Some of them choose this route to employment because they truly love being self-employed. Others are forced into gig work due to economic forces beyond their control.
Effects Of The Gig Economy
But those days are long gone. Now due to economic uncertainty and the rise of the entrepreneurial spirit, the gig economy has replaced the old career-for-life model. In the new business model, people no longer expect to work at the same company for 20 years. They may not even work at the same company for 20 weeks.
Instead, their work lives are marked by short gigs. They usually contribute to a specific project, like designing a website or writing web content. These projects could last for a few days or a few months. However, at the end of the project, the gig workers are expected to leave the company theyve been working for and find another gig to work at.
Most gig workers are freelancers and contractors. A recent study conducted by Intuit predicted that 43% of the workers in America would be gig workers by the year 2020. Has this occurred? Actually, the percentage is much higher, and continues to rise, as workers take on more than one job to supplement their income. Freelancers, independent contractors, and entrepreneurs may hold multiple jobs or gigs, adding to the increase in the percentage of gig workers.
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Entrepreneurship As A Major
First, understand that entrepreneurship is different from business as a field of study. Entrepreneurship as a major helps you develop effectual reasoning. You learn how to identify goals as they grow naturally and learn strategies for facilitating the evolution of those objectives. You learn about concepts such as bootstrapping and different marketing techniques, as well as how to start a business from the ground up. These skills have their place, but they are very different from what you learn as a business major.
The word entrepreneur comes from the 19th-century French word entreprendre: ‘to undertake.
Find Your Industry Or Niche
The most important first step is to find your specific niche or profitable skill. Many people want to become entrepreneurs, but they dont know what industry to get involved with.
More often than not, your niche will be something you have worked in for years. If you have been a carpenter for a local construction company, home remodeling and restoration may be your area. If you have worked at a restaurant for many years, you most likely have an understanding of how to run a food service business. Your current experience is a great place to start looking for your calling.
It will also help if you love your niche. To have years of success, you have to love what you do. Eventually, money may not be a big enough motivator to keep you working sixty to seventy hours a week to sustain a business. Youll need more than money to keep you motivated, you will need a purpose.
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Traditional Business Degrees Vs Online Degrees
It is nearly impossible to talk about the best degrees for entrepreneurs without mentioning online degrees. The internet, accompanied with a global pandemic, has changed the way people receive their education.
Entrepreneurs are always working, thinking up ideas and putting these ideas to the test. The best degree for an entrepreneur with little free time is an online degree. While earning an online degree, you wont have to quit your job. You will be free to attend class on your terms while working full time.
Currently, it is possible to study any discipline online. The following list represents just a few of the online degrees that appeal to aspiring entrepreneurs.The MBA degree is one of the most popular online degrees for entrepreneurs. Its a degree that allows students to dive more deeply into business administration than is allowed in undergraduate programs. Those who undertake a masters in business administration learn about business communication, business ethics, business strategy, human resources, law, and more.
Project Management degrees prepare their holders for leadership roles. These degrees tend to be multidisciplinary, which gives them a broad foundation for business. Its not unusual for project management degrees to include coursework in business and economics, information systems, accounting, and of course, project management. The degree aligns with the role of an entrepreneur who manages their own business.
Why Do I Need A College Degree To Run A Small Business
Technically, you dont.
However, if you have never managed a business in the civilian sector you may find yourself at a disadvantage. In many industries, professionals with certain degrees are the norm. In addition, there are certain lucrative fields like information technology that are extremely competitive, making a college degree a necessary part of your resume.
Also, it is important to note that many college programs offer opportunities to work with successful entrepreneurs. This is a great way to gain connections and invaluable insight before you leave the military and venture out into your own.
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Access To Vast Network
Business school gives you access to a comprehensive network of peers and an alumni network that will last a lifetime! Many of the latter are leaders in the business world. You can also build your professional network by joining a business or industry-specific organizations. You never know, your future co-founder, chief financial officer, or primary investor might be just a few seats away.
You Can Launch A Business During Your Mba
Not satisfied with learning essential entrepreneurial skills and meeting future business partners? Some MBA programs actually offer students the chance to launch their business.
In some cases, business schools have internal incubators, like the EMLYON Business School Startup Incubator which supports students with entrepreneurial ambitions.
In other cases, launching a business is part of the curriculum. UBC Sauder School of Business MBA Artem Bocharov started BarrelWise, a winemaking technology venture, as part of an MBA project. The BarrelWise team were randomly brought together on the Technology Entrepreneurship module at Sauder.
After graduating through the schools Lean Launchpad program, they were accepted into the schools HATCH startup accelerator, with access to workspace and different technologies, and received a US$10,000 grant from UBC.
An MBA isnt the holy grail for entrepreneurs many founders find success without a business degree. But when it comes to the success of a business, the odds are stacked against you.
Why not increase your chances by boosting your skills, network, and the resources available to you by studying an MBA.
Now that you understand the value of an MBA to entrepreneurs, how do you determine which program is the best fit for you and your unique goals?
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Ready To Start Your Journey
- More and more college grads are going back to school to study entrepreneurship.
- An entrepreneurship degree teaches you how to launch a new business venture.
- Entrepreneurship classes help hone your leadership, marketing, and negotiation skills.
- Most successful entrepreneurs are older and have years of work experience.
Not everyone is comfortable being an employee. For some professionals, it can take five, 10, or even 20 years of working full time for an employer before realizing they’d prefer to start their own business and work for themselves.
Accounting software company FreshBooks estimates in its annual Self-Employment in America Report that 24 million U.S. workers are considering leaving their full-time jobs to pursue self-employment. For some of these workers who envision themselves creating the next Uber or Airbnb, choosing to go back to college to study entrepreneurship can be a great place to start.
If you want to start a business and are considering earning an entrepreneurship degree, you’re not alone. Entrepreneurship majors are on the rise. Just two decades ago, only 49 U.S. schools offered an undergraduate or graduate degree in entrepreneurship. Today, more than 150 institutions allow students to major in entrepreneurship, including most top business schools.
Does Your Passion Exceed Your Patience
Sometimes, great ideas can’t wait, and spending four years in college will result in missed opportunities. This was the case for Taso Du Val, founder and CEO of global tech industry network Toptal.
“I wanted to go to MIT, but the thought of waiting for four years before starting my career troubled me,” Du Val said. “So, I started pursuing my passion for entrepreneurship at a young age and, years later, ended up fixing a problem I noticed in the IT outsourcing industry. It’s just something I had to do. I was not going to sit around for years, listening to information I would never need in my life.”
If you wholeheartedly believe that your business idea can’t wait four years to pursue, skipping college may be the right track. Many young entrepreneurs tackle their business ideas as passion projects while they attend college, but it is important to identify at what point your business needs your full attention.
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Frequently Asked Questions About Becoming An Entrepreneur
If youre thinking about becoming an entrepreneur, you likely have several questions. Here are the most common questions you might have:
Are there any educational requirements?
How do new entrepreneurs advertise their business on their own?
Do entrepreneurs need to be creative?
How do new entrepreneurs start a business on their own?
What are the common barriers to becoming an entrepreneur?
Can you start a business in college?
Are there any educational requirements?
Entrepreneurs are in business for themselves. Since they’re often their own boss, entrepreneurs may not need higher education. There are plenty of helpful resources on the internet to guide individuals on their new career paths. Having a college degree can be very beneficial, however. degrees in business, economics or a related field offer valuable insight into the field. Earning a Masters in Business Administration may look better to potential investors than no degree at all.
A lot of life experience can also help. For example, if you have worked in customer service, hospitality, the service industry or even healthcare, you have a true sense of many elements to make a business successful and also unpredictable scenarios. This can help you to be adaptable and flexible to juggle your learning with your action steps to bring your idea to life.
How do new entrepreneurs advertise their business on their own?
What You Can Expect
Our curriculum is founded on the concept of engaged learning, meaning its designed for students to be actively involved, but you should plan on taking it a step further. Prepare to be enthusiastic, collaborative, open to new ideas and willing to put yourself out there when it comes to learning. Our instructors and advisors serve as coaches who are eager to work with you. All have been executives, small business owners or entrepreneurs and know how scary and exciting it can be to start your own business. Know they will encourage you every step of the way, and if you hang in there, soak in the knowledge and try hard, youre bound to see improvements in your public speaking, time management, negotiation skills and leadership.
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College Isnt The Only Path To Success
College can offer many benefits and can be an effective path for some people. But, a higher education does not automatically equate to success, and it’s not the only path to a lucrative career.
From courses to workshops, low-cost or free educational online opportunities are changing the way students and employers are perceiving college education.
Some businesses, like Tesla, question the value of a college degree and instead, put more emphasis on skills and talent. Whether you decide to pursue a college education or get your training from real-world experience, the most important thing is to never stop learning.
Choosing A Business Program
In a business program, whether it is for an MBA or a business degree, your focus is on causal reasoning and relationships. You learn about business plans, but you also learn how to calculate the return on the investments a company makes and how different business models work. Within a business major, there may be different specialties, but the core curriculum focuses on developing that causal, linear focus.
Many business degree programs have entrepreneurship components or options to specialize in entrepreneurship. This way, you have the chance to learn more about effectual business matters while still developing knowledge about business theory and how companies operate. However, business degrees tend to be more corporate-focused.
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Does An Entrepreneur Need A College Degree
PayPal founder Peter Thiel is offering grants to 20 students under the age of 20, luring them to leave school and become entrepreneurs. He thinks that getting teenagers to start thinking big early will help them become innovators. Rather than take on education debt, Thiel wants these kids to get $100,000 from a mogul and start a business.
In a Bloomberg Businessweek ranking of CEOs of S& P 500 companies, those without college degrees tied with University of California system graduates as running the most businesses. Last month, Stephen Greer asked Does an Entrepreneur Need an MBA? He showed that while an MBA may not provide all the ingredients to become a successful entrepreneur, it does equip entrepreneurs with the skills that can make them more effective. Yet, Mr. Greer was discussing those who have obtained, at least, undergraduate degrees since such are usually required for admissions into most MBA programs.
But what if the entrepreneurs are not even college graduates? What is the chance that a kid that leaves school because of $100,000 will succeed as an entrepreneur? And if he fails, what will Mr. Thiel do for him? For every Mark Zuckerberg, there are countless dropouts who have failed.
- Ndubuisi Ekekwe is a founder of the non-profit African Institution of Technology and Chairman of Fasmicro Group with interests in technology, finance, and real estate.
Do You Really Need A College Degree These Days
If the career you envision for yourself doesnt absolutely require a degree to be considered, you fall into that murky it depends area. Theres no denying that when you have zero experience, a degree is going to help you have a little more clout.
mcbryano | Foap.com
When its you and 100 other people applying to be the new theater assistant director at an elite private school, the 30 people with undergraduate degrees in theater are going to move to the top of the list. The three with advanced degrees in theater will get a special spot at the top.
Still, that doesnt mean you need a degree. Maybe what you really need is a more creative way to genuinely build your brand — and an incredible amount of ambition.
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How To Become An Entrepreneur 202: Step
September 10, 2021 by Katy McWhirter
More than 31 million entrepreneurs currently own small businesses throughout the United States, accounting for almost 16% of all workers. Pursuing a career as an entrepreneur allows motivated and determined individuals the opportunity to create a future that aligns with their professional, financial, and ethical ideals all the while filling a gap in the economy.
Entrepreneurs pursue many different academic routes to business ownership, including degrees in entrepreneurship. Interested students can learn more about the path to becoming an entrepreneur, what it takes, and where to find support at every step of the way.
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Two: Earn Professional Experience
Before would-be entrepreneurs strike out on their own, working for another business owner can help provide the real-world skills that are harder to gain during college. In these settings, recent graduates can observe leadership in action, get a clearer sense of the way finances in small businesses work, and learn about common pitfalls to avoid when its time to start a new company.
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