Do You Need a Business Degree to Start a Business?

Earning a business degree opens you up to several different career paths. If you want to work for yourself and be your own boss, you may be wondering whether or not a business degree is a requirement. Starting your own business requires several things, beginning with an idea, then market research and developing a business plan. This article will share degree insights with you, including several potential ones for business owners.

Read more: Is a Business Degree Worth It? Guide

Do you need a business degree to start a business?

You can start and manage a business successfully without ever stepping onto a college or university campus. The essentials you need include a passion and drive for the business you will start, communication and problem-solving skills, and a willingness to work hard. You can develop many of the skills and foundational knowledge you need from work experience or earning a degree in any subject.

That being said, earning a business degree can be an effective step toward making a living with your company. A degree can help you develop business acumen and skills that can be instrumental in your success as an entrepreneur. 

One of the benefits of formally studying business is that you will learn more than just the necessary skills to start your business. You will also have opportunities to network and build valuable connections, become a better communicator, and learn to think creatively when developing a business plan.

Read more: What Can You Do with a Business Degree? 10 In-Demand Jobs

Business degree major options

If you choose to move forward with your studies, you will find that you have several business degree options, which may be challenging to narrow down. It can be useful to make this decision based on your strengths and interests, but as a prospective entrepreneur, you may also benefit from thinking about developing new skills. 

Here’s a closer look at different business majors and what you will learn in each.

Business management

Business management degrees focus on preparing you with the skills to guide a business toward its goals through strategic planning, directing, and organizational efforts. This major allows you to learn about various topics, including human resources, marketing, sales, supply chain management, and business strategies.

Read more: Types of Business Degrees: Guide

Accounting

Even if you don’t plan on pursuing a career as an accountant, an accounting degree is an excellent option to gain skills in several areas, such as financial and managerial accounting. The material covered in this major will help you with your budgeting, financial planning, taxes, and more. Developing high-level accounting skills can aid you in every phase of starting a business, from starting up when you may need to tackle accounting on your own to effectively communicating with your accounting team once you establish the company.

Read more: Your Guide to Small Business Accounting

Finance

Studying finance allows you to gain fundamental business skills. Because finance is at the core of running a business, having a firm grasp on financial concepts, financial analysis, and other foundational skills in the field can help you run it more effectively. You’ll be able to make sound financial decisions and communicate with your finance team. From understanding how to manage money to business law, statistics, economics, and other important subjects, a finance degree is an effective way to grow your financial literacy. With a finance degree, you can even use your knowledge to start a business in financial services.

Read more: What Is a Finance Major? Coursework, Careers, and Job Outlook

Marketing

It’s rare that a revolutionary business idea is enough to succeed as an entrepreneur alone. To effectively sell your product or service, marketing strategies are essential for driving sales and finding potential customers. Studying marketing will teach you how to understand consumers, help them find your brand, and interest them in your services or products. 

Read more: What Is a Marketing Degree?

Human resources

A successful business depends on its employees. For business owners, effective human resources practices are vital for providing a quality working environment for your employees and equipping them with the tools they need to succeed. Coursework will include subject material in areas such as employee training, talent acquisition, and leadership development.

Read more: What Is Human Resources and HR Management?

Public relations

Establishing the business's public image is vital for developing its brand. Building a positive reputation can create relationships in your community. Public relations shares some similarities with marketing in that the goal is to become recognized as a positive force with the public, which may help increase sales. 

Entrepreneurship  

Studying entrepreneurship will teach you not only how to identify business opportunities but also how to make your ideas a reality. During your studies, you will learn the mindset you need as an entrepreneur, how to increase your understanding of target markets, proper financial skills for success, and how to communicate with investors to gain investments. 

Read more: Should I Get a Degree in Entrepreneurship?

MBA

Generally speaking, you will first need to earn a bachelor’s degree before pursuing a Master of Business Administration (MBA). To be eligible for MBA programs, your bachelor’s degree can be in any subject. Earning an MBA will allow you to expand your knowledge of international markets, how to implement data to develop valuable insights, and grow your leadership skills. You’ll typically develop deep business insights, expand your network, and gain practical hands-on experience. It can also help you build credibility with investors and business partners.

EMBA

An EMBA, or executive MBA, is similar to an MBA program but is designed for professionals who have gained experience in their careers and may need more flexibility. Students are typically well-established in their careers, with an average of 10 years of experience. Subject material for this degree focuses largely on teaching you how to be a more effective business leader.

Is a business degree worth it to start a business?

Consider the pros and cons to determine whether earning a business degree is a worthwhile venture for a prospective entrepreneur. 

A business degree will allow you to develop crucial foundational business skills and more advanced technical skills. Additionally, college campuses provide many opportunities to network and connect with others, including alumni, faculty, and classmates.

However, going to school does require time and a significant financial investment. Additionally, some of the skills you learn in school can be developed through self-learning.

Skills to develop as an entrepreneur 

If you want to grow your own successful business, preparing yourself with the right skills is essential. Here are some fundamental abilities to have as part of your skill set:

• Communication

• Financial literacy 

• Networking

• Time management

• Creativity

• Critical thinking

• Sales

• Data analysis

• Leadership

• Industry knowledge

Get started with Coursera

On Coursera, you can find highly-rated courses designed to help you develop your skills to become a successful entrepreneur. The Entrepreneurship Specialization offered by the University of Pennsylvania on Coursera covers the process of starting your own business, from identifying a business opportunity to becoming profitable. Another option, Launch Your Online Business from the State University of New York, can help you grow your understanding of building an online business, including creating your brand identity and standing out from competitors.