Do You Need A Business Degree To Run Your Own Business?

Many people dream of having their own business from a young age. These people are often innovators that do not respond to the usual rules and restrictions that accompany working in corporate environments. Although many businesses have been started by people without business degrees or degrees of any kind, others have found their coursework extremely useful to various aspects of managing their business.

Do You Need A College Degree?

According to SCORE, the Service Corps of Retired Executives, most small businesses are started by people without a degree. Although people without advanced formal education can, and often do, start successful businesses of their own. In many cases, they may have a degree in a field completely unrelated to the business. It may even be part of a deliberate career change. Starting and maintaining a business demands a variety of different skills, including research, marketing, financial planning, human resource management and interpersonal communications. Many of these skills may be part of obtaining a degree with a specific course of study. Business owners must often be quick studies for new technologies and new strategies. Forbes Magazine thinks this ability to learn is one of the chief benefits of having an academic degree.

How A Business Degree Can Help Entrepreneurs

A degree in business, in particular, provides students with exposure to subject matter than is a common feature of doing business. Although you may not feel that the “theory” of business is much use in real life, these principles apply to all types of businesses in all parts of the country and all parts of the world. In fact, many business degree programs incorporate exercises in typical business situations that serve as a “dry run” for those interested in starting their own business. In addition, a business degree provide opportunities to interact with others on subjects and in a manner that you will likely encounter in real life situations. This type of practice can be invaluable when handling your own business affairs.

Specific Areas Where A Degree Can Help

Subjects covered in a business degree course can help to facilitate your own business transactions. Questions about purchasing, accounting, employee management and a wide range of legal matters are covered in business coursework that can be applicable immediately to real life situations. Understanding profit & loss reports, balance sheets and cash flow reports are critical to maintaining a healthy and expanding business. These reports are critical when seeking financing for your business. An understanding of marketing methods to find new customers and keep old customers is also an important part of business that is usually covered in a business degree program. Although you may be able to learn these skills on your own, a business program can often be a more efficient way to integrate them quickly into your daily tasks.

Whether they are a fan of advanced formal training or not, people can learn valuable skills in their pursuit of business degree. Even those who have already launched an enterprise may find themselves in need of additional training to expand their business or their understanding of business processes. A business degree can provide the information every business owner needs in his or her daily life.