Do You Need a Business Degree to Start a Business?

A business degree is by no means necessary to start a business- in fact, many renowned entrepreneurs don't have any sort of college degree. While entrepreneurship can offer financial stability, it takes immense time and effort to build a successful company from scratch.

While you don't need a college degree to start your own business, it can be very beneficial. College not only provides an education that can help with starting a business but also essential skill sets like how to learn.

If you're considering ditching college to start a business, first think about your long-term goals. It's crucial to answer several key questions regarding which path is best for you before making a decision about starting a business or furthering your education.

This article will explore a college degree in the context of starting a business.

Advantages and Disadvantages of Forgoing College for Entrepreneurship

As with any choice, there are pros and cons to bypassing a formal education.

Advantages

No Need For Student Loans

Determining how to finance your college education is tricky enough, but it can feel impossible when you factor in the cost of starting a business post-graduation. Skipping student loans altogether and funding your business from the get-go makes the most financial sense - especially if you don't want to repay multiple loans down the road.

Capture Momentum

Imagine that you have recently discovered a need in the market that needs to be met. In this case, if you choose to go to college and get a degree, it will take up so much of your time that you cannot act on this need and fill it. However, if you avoid going to college altogether, you will have all the time in the world to be the first person to address this need. This could lead quickly to success in business without even needing a degree!

Disadvantages

No Formal Education

There are a few primary ways of learning skills pertinent to business: experience and education. Therefore, forgoing college may leave a certain void in your skillet.

Missing "Qualifications"

A degree is a qualification that is beneficial for many business owners. Of course, there are always exceptions, but generally speaking, a degree makes it easier to find clients. If you opt-out of college, it could have a negative impact on your business opportunities.

Furthermore, going to college could mean finding business partners or strengthening your network. You may even land future clients -- with a university education, this is possible.

Questions to Consider

Will You Have Support?

Even if you're starting your business journey by yourself, remember that entrepreneurship is not a one-person show. Rely on family, friends, partners, and other mentors for the emotional and mental support needed to succeed.

Building a support system is key to sustaining your business; staying interconnected with others will help you in various aspects of your journey.

Do You Have Financial Resources?

Starting a business is similar to attending college: both require extensive planning and budgeting beforehand. You must calculate your potential expenses, create a detailed plan, and construct a workable timeline before fully committing yourself to the project.

If you're someone who feels like you need a stable source of income before you can succeed, then school should be your priority. Some students opt to study for their degree while working part-time in the industry to make some extra money, but if that's something you feel uncomfortable with, don't worry! You can still succeed without it.

Do You Have Any Experience?

Being inexperienced in the industry you want to pursue might seem like a handicap, but it can be helpful. It allows you to discover if you have what it takes and provides essential first-hand knowledge. If starting a business without formal education worries you, consider getting your feet wet by working on your company part-time before making the leap into full-time entrepreneurship.

Is There a Good Reason Why You Do Not Need a Degree?

Before enrolling in college, consider whether spending four years and a lot of money on a university education is worth it. On the flip side, you need to answer another important question: would the benefits of dropping out or forgoing college be great enough to warrant it?

It is essential to consider if there are opportunities for you to learn more efficiently, work on projects you care about, and meet people who interest you outside of school. If your desire to leave college stems from a creative passion or ambition, it may make more sense than staying in school does. On the other hand, if you only want to drop out because it seems like the "cool" thing to do, that is just as foolish as remaining in college without a good reason. Be sure to think carefully and critically about this decision before making a choice either way.

If you are already in college and want to prioritize the development of your business, look into your school's leave-of-absence policy or online course options.

Can a Degree Help You?

Even though you don't need a college degree to start your own business, that doesn't mean it wouldn't be beneficial for you to get one. If you lack experience, skill sets, or networks, going to college could give you an increase in confidence and access to information essential for success.