Career Advice

Do You Need a Degree to Start Your Own Business?

Local Job Stars 19 August, 2019

In some instances, a degree is a vital tool that will enable a business owner to start and maintain a successful business. In other cases, however, it's an expensive addition that an entrepreneur doesn't really need. Discover the pros and cons of getting a degree before launching your own company to see if this is the right course of action for you personally.

The Pros

Having a degree is advantageous if you need to raise capital from investors. A degree shows that you are familiar with your industry and have the know-how to run a successful company. Furthermore, studying for a degree in a specialized field can help you win customers who may otherwise be hesitant to do business with a new company.

The Cons

Perhaps the biggest disadvantages of studying for a degree is that it takes time and money. Most start-up businesses have limited amounts of cash and going tens of thousands of dollars in debt to study for a specialized degree is simply not an option for most people. Thankfully, it is possible to learn the skills you need without having to take on crippling student debt. Sites such as openculture.com and onlinecourses.com offer free videos of college and university lectures on a wide range of topics. The local library is home to a wealth of information on any given topic.

What is more, many of the most important business skills aren't learned by studying but by experience. The best way to find the most effective advertising methods for your business is to try out various forms of advertising. Networking is the best way to connect with people who will want to do business with you; get started and you'll learn how to communicate with potential business partners and customers.

Earning a degree won't hurt your chances of success when starting a new company. However, you don't really need one to be a successful entrepreneur. Give yourself some real-life experience, allow yourself to learn from your mistakes and the odds are that you will eventually succeed in creating a successful business.