Should You Study Business To Become A Business Owner?
In many cases, you don’t need qualifications to start your own business. That said, a business degree can still be useful to have if you are thinking of chasing your entrepreneurial dreams. This post weighs up the pros and cons to determine whether you should consider studying business before owning a business
The benefits of studying business
Business knowledge
There’s a lot to know about running a business from marketing to accounting to business law. The biggest advantage of studying business is that it teaches you all of this before you get started. This could reduce the risk of making costly mistakes when starting your business. Self-teaching yourself how to run a business is possible, however you’re more likely to cover all the important details by studying business.
Meet people and network
When studying a business course on campus, you have the opportunity to mix with other budding entrepreneurs. For some people, it can be a great opportunity to build a network. You also get to seek advice from professors and you can get access to campus career services.
College life
Don’t want to miss out on college life? Studying business gives you an opportunity to experience college life while building the practical skills you need to succeed in business. There’s no denying that college is a fun experience for most people and it teaches you to start living independently.
The drawbacks of studying business
Entry requirements
Many colleges have strict entry requirements. You usually have to meet certain minimum grades - if you don’t consider yourself to be particularly academic, you may not be able to meet these requirements. That said, there are MBA admissions consulting services that can help. Also, some colleges have much more relaxed entry requirements (but of course, this doesn’t include the most prestigious colleges).
Cost
A college education can be very expensive. If you don’t already have savings in place, you’ll likely have to take out a loan. Some people would much prefer to avoid this large debt - especially as you may have to take out another loan to launch your business. It depends whether you see it as an investment for success or not.
Time
For those that want to get stuck into launching a business immediately, studying a business course first may not be the best option. If you’re getting a college education, you’ll have to wait three years (two years if you take an accelerated course) to get started, which may be too long to wait. There are non-college courses that are shorter, but you need to make sure that they’re extensive enough to justify the cost. Take the time to decide whether studying is time well spent, or whether you’d prefer to be getting stuck into your business.
Should you study business?
Ultimately, studying business is good for those that find education rewarding. It is an extra step in your path to launching a business, however you’ll have more expertise to rely on than if you didn’t study, plus you may have a useful network to rely on.
For those that just want to get their business started without extra cost, time and academia, it’s probably better to not study business. You’ll need to be prepared to learn the ropes yourself, however it could allow you to get ahead while others are still studying.
