• Theo

Do I Need a Degree to Run a Business?

The majority of people have thought at some point in their lives that they would want to run their own business. If you’re reading this, then you’re probably thinking it right now. Often these dreams and ambitions are soon shut and locked away because of the notion that it’s not possible. One of the biggest causes for people to think they can’t run a business is because of their capabilities. There are a lot of legislative rules as well as financial and administrative tasks that are involved in any business so those without any qualifications in higher education may feel that they aren’t able to run a business. Well, that isn’t true.

Yes, many billionaires had some kind of higher education and were usually enrolled in some prestigious school. But it isn’t the schooling that makes a business. It’s the passion. As you long as you have the drive and perseverance, then you don’t need a formal education to run your own business. That’s the beauty of being your own boss; you make the rules.

A degree is mostly useful for those who are planning on going down a particular career path. For example, if you want to be a solicitor or a doctor, then you have to go to university. You aren’t able to practice those things without qualifications. So if you want to run your own business, look at the legal requirements where you live. Let’s say you want to help people. If you want to be a counsellor, then you need to have official qualifications as well as training in order to be a counsellor lawfully. However, you don’t need any formal qualifications to be a life coach.

One of the things that university teaches you is problem solving. Although you have numerous classes, you have to put a lot of work in outside of those and make the most of various resources. It’s a great starting point to help you in the real world. You learn which sources to use for information, where to go when you need to find something, the quickest way to get answers, etc.

Aside from that, university can be a great way of making contacts. There are often events with local businesses and opportunities to gain experience working with them. Without the university, it can be harder to find those kinds of placements. The reason that placements are so valuable as they give you an insight into how the business is run.

Whether you have a degree or not, you need some level of experience in the field that you are planning to run your business in. It’s crucial in order for your business to be successful. You will need to know the various levels of operation, the administrative tasks, the legislation and the kind of work that goes on behind the scenes. To its customers, a business can seem pretty straightforward but it can be a totally different story in actuality.

In terms of business knowledge, you can gain that from various online courses and I would definitely recommend you doing so. You don’t need a degree to progress but business courses will often give you a clear curriculum that will help broaden your understanding of how a business is to operate successfully. At the same time, having a degree in business doesn’t automatically mean that you can run a business successfully. As I said before, it is more about the experience you have.

Of course, you can learn from your own mistakes but naturally, the more mistakes you make, the more it costs you so ideally, you want to make as few as possible. The main thing you will want to have before venturing out with your own business is a solid business plan. That will be your guide and point of reference when things get tricky.

To summarise, you don’t need a degree to run your own business (unless it is required by law) but it is helpful to do some research whether through courses or by working in a similar company for some time, before starting up on your own. Be sure to get in touch to see how we can help you with your business plan.

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