What degree should an entrepreneur have?
There is no rule that says business owners and entrepreneurs need to have a degree in order to do well. In fact, many business owners have managed very well without the need to go to university or college and work for additional qualifications.
That being said, gaining a little more knowledge in a variety of different subjects can be helpful. Even if not having this information won’t preclude you from being profitable, you may well be able to build your business up more quickly and with more success as an entrepreneur if you do have the degree on your CV.
With that in mind, if you feel that further education could be exactly what you need to boost your business, then there are many courses to choose from. Read on to find out which ones are the best for any entrepreneur to have, and you can decide on the degree that will work for you.
Business
It would be remiss of us not to mention a business degree on a list dedicated to the best degrees for entrepreneurs, even if it is the most obvious. Yet as obvious as it might be, there are many distinct advantages to taking a business degree if you want to start your own business or even if you have already launched and you want to become a better entrepreneur.
A business degree will give you massive amounts of insight into business in general, meaning that no matter what sector you might be working in or what your business sells or provides, the knowledge you can pick up from a degree like this will be relevant. That’s because the basics of business are going to be the same for everyone.
If you want to do well in business, you need to have a deep understanding of how it all works. It’s true that you can obtain this information through books and journals, online forums, blogs, and even videos, but being taught by those who have experience and can ensure you understand implicitly what you need to is by far the best way.
Law
A law degree may not be the first thing you think of when you’re looking for courses to enhance your business knowledge, but it can actually be very useful. Of course, if you intend to set up your own law firm, law is crucial, and you will be able to add yourself to any law firms directory and find clients once you have a degree and some experience.
Yet even if you don’t want to become a lawyer, a law degree can be highly beneficial to any entrepreneur. A law degree isn’t just about law itself, but it will give anyone who works hard some wonderfully practical additional skills, including problem-solving, excellent communication, presentation skills, writing skills, analytical skills, and, of course, negotiation skills. Add these all up, and you might think of a lawyer, but equally, you can consider them the ideal starting block qualities of a business owner. Called transferable skills, a law degree is a perfect place to pick them up and understand how to use them effectively.
On top of that, depending on the type of degree you take and what’s included, you may also learn about business law. This will give you a head start on any legal proceedings or situations you might come across (including contracts, for example) and ensure you can most swiftly and confidently forward.
Finance
A business that can’t take care of its finances is not going to last for long. You need to know what margins to set, how to do your taxes, how to ensure your profits are consistent (or rising), how to create a budget, and much more. If you can’t do these things, the business can easily suffer for it and may even fail completely. If you have a good understanding of accounting methods and financial analysis, among other things, your business stands a much better chance of growing in the right direction.
The main benefit for an entrepreneur with a finance degree is that you can ensure your business stays much more healthy without the need to hire expensive accountants to assist you. Studies have shown that around 80 percent of all business failure is down to issues with cash flow, and if you have the skills and knowledge to prevent this from happening, you will clearly have a much better chance of success.
Marketing
If you want to be competitive in your business, you need to understand marketing. There are more ways than ever before to explore and exploit marketing knowledge and thereby reach a much wider audience more quickly. You can beat your competition and prove that you are the expert to go to if anyone needs information and advice.
When you are in business, you need to maximise your marketing potential in as many ways as possible. This includes having and understanding a target market, knowing which marketing methods will be best for your business, understanding your brand and brand image, and more. This is where a degree in marketing is going to be beneficial. When you have more in-depth knowledge about your business and how to market it, you can use this information to show your customers and clients just how much better you are than the rest. By tapping into what it is they really want and proving to them that your business can provide the answers to their problems through your marketing, you can truly grow.
Economics
The subject of economics is one that many people find fascinating, and it’s something that can be delved into in-depth when taking a degree in the topic. When taking economics, students will learn about how the markets work as well as the economy in general, and this will enable them to have a better grasp on business from knowing when the right time is to start a business in the first place to when to hold back on growth during more difficult periods.
When graduates have this knowledge, they are much better placed to start businesses because they can not only get their timing right, but they can spot the areas in which there might be hidden costs that others wouldn’t be able to predict at all. This will give them a definite advantage over their competitors and will ensure they don’t make any rash decisions (or even any decisions that seem sensible but that, with the addition of a degree in economics, clearly aren’t).
Communications
If there is one skill that is absolutely essential in business, it has to be good communication. Not everyone can clearly communicate their wants and needs, which can have a decidedly detrimental effect on your business. If you can’t describe your dream to a business partner, or explain your vision to a bank manager who could authorise a loan, or even describe what you need to a supplier, then your business will struggle, and the results you get won’t be the ones you want.
When you are in business, communicating with various people in various ways is the best way to see your ideas come to life and enjoy the fruits of your success. If you find that your communication skills are lacking or you want to enhance the natural abilities you already have, then a degree in the subject can never be a bad thing. You may even learn more than you expected, allowing you to have a slightly different take on how to run your business once it launches.
Computer Science
The world is becoming more reliant on digital tools all the time, and anyone who is thinking of starting a business will need to bear this in mind and ensure that their business is as up to date as possible so that customers have the best experience and so that the business doesn’t lag behind and lose out because of it. Plus, good IT skills mean that your business will be much more secure in terms of a potential cyberattack.
It is possible to outsource your IT requirements to a third party, and many businesses do work in this way. The problem with this is that when you have a problem that needs to be dealt with urgently because you are unable to work until it is fixed, you may find you have to wait your turn, and that can mean customers looking elsewhere if they can’t get what they want from you. When you have IT skills and qualifications yourself, you can fix these problems without having to have any kind of delay, and even if that delay might only have been a day or perhaps just a few hours, it could be enough to make a big difference in terms of your profits and your reputation.
Conclusion
Having any kind of degree will not instantly make you a good entrepreneur or ensure that your business is a success, just as not having a degree isn’t going to cause problems when you want to start a business; you’ll still be able to do it. However, having the additional knowledge and skills that a degree like the ones listed above can off you is often beneficial, and if you’re concerned about how well your business might do, this option could be one that works.
