A degree in entrepreneurship allows graduates to work in a wide range of sectors of their choice. Students who want to work as entrepreneurs must have a balanced mix of creativity, leadership, a willingness to make risky decisions and excellent communication skills. Some people know what kind of business they want to start and do it right after graduation; others want to study under successful business leaders before starting their own business. So, do you really need a entrepreneurship degree to succeed in business?
Do entrepreneurs really need a degree in entrepreneurship?
Honestly, there is no right or wrong answer to this popular question. We see many successful entrepreneurs every day in their chosen sector, many of whom have no formal education. On the other hand, higher education graduates working in local retail stores paint a different picture. Getting an entrepreneurship degree has job opportunities too as well for backup.
Regardless of a person’s level of education, it seems that in order to succeed as an entrepreneur, one simply needs the opportunity.
Steve Jobs dropped out of college after six months, Mark Zuckerberg did the same in his sophomore year. Entrepreneurs like Richard Branson or Thomas Edison never even graduated from high school. Education received during an entrepreneurship major may or may not help you in the business world, but it is helpful. Education will help you think, communicate, learn, and listen. All of these skills are important aspects of being an entrepreneur.
What do Students Learn in the Entrepreneurship Major Courses?
Most courses focus on research and teach students the technical aspects of running a business, including the legal and financial aspects of running a business. Since entrepreneurs need to be familiar with all areas of business, most programs offer general business management courses at the beginning of the program. Some common Entrepreneurship major courses are as follows:
In this course, students pursue a small business degree, they analyze the common characteristics of entrepreneur. There’s an emphasis on developing skills that help them see unmet needs and opportunities in the business world. Students cover topics such as innovation, strategy, and the value of ideas.
Low Risk Start-up
This course examines how entrepreneurs can think intelligently about starting a business on a reduced budget. Topics covered include various business models, lean start-ups and reducing unnecessary overhead.
This course offers a crash course on all topics related to financing and creating financially profitable businesses. In addition to covering the different methods of fundraising, students also learn how to make financial forecasts, create long-term capital and attract investors.
Designed for learners who want to use their businesses and entrepreneurial skills to make the world a better place. Social entrepreneurship focuses on the skills needed to create non-profit or other socially organizations that are financially viable but also give back to the world around us.
In addition to starting their own small business, many entrepreneurs find it professionally rewarding to consult with other aspiring entrepreneurs to solve business problems. This course provides the skills and knowledge to be an effective consultant in this area. Find more entrepreneurship degree curriculum here.
Skills acquired through an entrepreneurship major
By the end of a major in entrepreneurship, students will have developed a set of skills. These skills help graduates to perform complex operational tasks encountered in professional life.
Creativity allows entrepreneurs to make the groundbreaking discoveries by looking at things from a different perspective. This makes it easier for an entrepreneur to find new insights to solve a financial or operational problem.
As an entrepreneur, you need to be able to control the flow of your business and your company while maintaining authority to maximize productivity. However, being able to understand, inspire and motivate your employees will not only help you to have a productive team, but also to establish a good working atmosphere.
Entrepreneurs need to establish a strategy to optimize the value creation of a business, organization or project.
- Analysis of available resources
- Accounting for political, social and societal context
- Critical thinking
As an entrepreneur, improving your negotiation skills is essential to the success of your business. This will enable you to “win” discussions with your employees and clients, and get the best offers.
If you want to make a place for yourself in the business world, be innovative. Find new ideas or new products that are not on the market to ensure the success of your business. Being creative and developing an effective marketing strategy will give you an advantage over your competitors.
Entrepreneurs need to communicate effectively about their business, organization or project, both internally and externally.
I write about the importance on communication in this post.
As an entrepreneur, it is important to develop your entrepreneurial potential from a personal and professional point of view
- Work well with multi-disciplinary teams
- Demonstrate good emotional intelligence
- Continuous learning from experiences
Calculated Risk Taking
Successful leaders are not afraid to take risks. Calculated the risks and chances of success. Starting a business is a risk, so entrepreneurs naturally have an inherent tolerance for risk.
With all the knowledge and experience you have acquired during your training, you will be ready to start your own business.
Starting Your Entrepreneurial Journey after Graduation
You can start your own business right out of school and you will probably face resistance from many people, including your parents, teachers, researchers or other investors. Resistance is something entrepreneurs will face throughout their entrepreneurial journey.
Getting out of school can be a good time to start, as you have the time and energy – two resources you need.
You have nothing to lose: Once you have a good management position, a good salary, responsibilities, it will be more difficult to leave everything behind to go on an adventure, and it will be much more stressful.
Your mistakes will be more easily forgiven: The fact that you are coming out of school includes the fact that you usually don’t have as much practical experience. So many people will forgive you more easily if you are not perfect. Your youth will work in your favor.
Benefit from a favorable environment and free advice: Some large groups promote entrepreneurship. So you can find your starting point in your school’s network. You’ll also have easy access to your professors for advice regarding your business.
You have everything to gain: This is the main argument in favor of entrepreneurship. Even if you don’t succeed, you will still have learned a lot. It will be an exceptional experience for you, in case of failure as well as success, for the rest of your life.
I cover more on How to be an Entrepreneur in an earlier post.
If you haven’t yet, check out the other parts of this series on being an Entrepreneur and starting an online business:
- How to be an Entrepreneur – Are you sure you want it?
- How to Start an Online Business – Overview – Part 1
- How to Start an Online Business – Find your Niche – Part 2
- How to Start an Online Business – Pick your Brand Name – Part 3
- How to Start an Online Business – Setup the Blog Domain, Web Host and WordPress – Part 4
- How to Start an Online Business – Design Your Blog Website – Part 5
- How to Start an Online Business – Creating SEO Rich Content for Your Blog Posts – Part 6
- How to Start an Online Business – How to Successfully Market Your Blog or Business – Part 7
- How to Start an Online Business – Choosing Affiliate Programs – Part 8
Here’re snippet recaps of the above information for quick use:
Do Entrepreneurs Need an Entrepreneurship Degree?
There’s no right or wrong answer. It’s about you and whether or not you need the structured educational format. Do you have the drive to learn and execute on the go? Steve Jobs and Mark Zuckerberg didn’t finish college. Richard Branson and Thomas Edison never finished high school. It’s not always about going to formal education, as much as what you personally need to start your entrepreneurial journey.
Course Examples of an Entrepreneurship Major
Some common courses when majoring in Entrepreneurship:
– Entrepreneurship – obviously!
– Low Risk Start-up
– Business Financing
– Social Entrepreneurship
– Business Consulting
Skills Acquired from an Entrepreneurship Major Program
Through Entrepreneurship programs, you’ll start developing skills to help you succeed as an entrepreneur and in business:
7. Calculated Risk-Taking