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Many entrepreneurs get started in business without a college degree. While it’s certainly possible to build a successful company without a degree, there are many benefits to earning one as an entrepreneur. Getting a business degree can provide essential knowledge, skills, and connections that can help grow and strengthen a business.
Building Business Knowledge
One of the biggest advantages of pursuing a business degree as an entrepreneur is gaining a solid foundation of business knowledge. Programs like a bachelor of science in business administration from Touro University Worldwide cover critical topics like accounting, finance, marketing, management, and more. Learning these core business disciplines helps entrepreneurs better understand how to start, manage, and grow a company. It provides crucial insights into business strategy, processes, and best practices. Coursework also dives deeper into specialized topics like entrepreneurship, small business management, and business law. This well-rounded business education prepares entrepreneurs to expertly handle a wide range of challenges.
Developing Management Skills
A business degree helps entrepreneurs develop essential management abilities. Courses train students in skills like organization, leadership, project management, and decision making. These are vital competencies entrepreneurs need to successfully run a company and manage teams. The management training provided in a business program can better equip entrepreneurs to handle the responsibilities of owning and directing a business. Courses in human resources and organizational behavior provide useful insights on recruiting, motivating, and leading employees.
Building a Professional Network
Studying for a business degree exposes entrepreneurs to a valuable network of peers, professors, and alumni. Interacting with other students and faculty provides opportunities to make connections with aspiring and experienced professionals. These relationships can become useful business contacts for collaboration, advice, or support. Alumni networks can also yield mentorship, potential partners, job candidates, investors, or helpful service providers. These networks help entrepreneurs continue learning and growing professionally long after graduation.
Increasing Earning Potential
Pursuing a degree as an entrepreneur has the potential for significant financial benefits in the long run. Data shows that those with a bachelor’s degree in business earn an average starting salary of $55,000 per year compared to $35,256 for those with only a high school diploma. Over a lifetime, this earnings gap widens even more. Having a business degree on a resume can help entrepreneurs command higher pay at other companies if they decide to work elsewhere. It also improves credibility with investors, lenders, and customers. More education generally correlates with higher earning power.
Gaining Prestige and Credentials
Earning a degree from an accredited university carries prestige and respect. A diploma signifies dedication, work ethic, and competence. Having the credentials of a college degree helps entrepreneurs gain legitimacy in the eyes of stakeholders like investors, partners, and lenders. It demonstrates a higher level of commitment to one’s business and career. For entrepreneurs who don’t have much prior work experience, a degree can provide added credentials. The knowledge gained also bolsters confidence and credibility when pitching ideas, leading a team, and making strategic decisions.
Studying for a business degree while building a company requires significant effort. However, the knowledge, skills, connections, earnings potential, and prestige provide meaningful benefits for entrepreneurs.
