Do I Need a College Degree to Own My Own Business?
January 11, 2018 8:00 AM
While today it is expected that most kids will head off to college after high school graduation, it is not the best path for everyone. With the cost of higher education constantly rising and the increased difficulty in landing high paying careers, people are beginning to question whether a college education is really necessary.
If you have dreams of owning your own business, you may be particularly worried about a college degree being necessary to be a successful business owner. Luckily, the answer to, ‘do I need a college degree to own my own business?’, is not an emphatic yes.
While there is certainly value to a college education, you can learn a lot from just being out there in the trenches and having good mentors as well. There are plenty of ways you can be prepared to be a business owner without that diploma.
Experience, Experience, Experience
Many entrepreneurs start out small and slowly build up their business skills. It doesn’t mean to jump right into investing everything you have in a business though. Start with baby steps. Get a job in a similar business that you would like to own so you can learn the ropes without having all the stress of being the owner. Work for someone who you admire and respect and that you think you could learn a lot from. That is worth so much more than what you can learn in textbooks. You’ll get practical advice that you can put to use every day in your own business when you finally do establish it.
Also it can be a big adjustment when you have to take all the theory you learned in college and actually put it to use. By actually having to run staff and balance books and come up with marketing plans in real life, you will already have a good sense of what works and what doesn’t before taking the big jump into owning your own business.
Trial and Error
Once you feel like you have some basic skills that apply to your own business, start slowly building your own business. There are plenty of ways you can start small. You can do some work on a freelance basis at first to build a clientele while also working other jobs. That way when you are ready for a brick and mortar building for your business, you will already have some clientele. If your dream is to open a restaurant, then consider maybe starting with a food truck or a catering business to work through a lot of the kinks. You need to be willing to do some experiments to get valuable feedback.
Some Values/Values Are Innate
A lot of important values of a successful business owner are innate. Not everyone is built to run a business. But the positive side of this is a lot of what will make you a great business owner is already inside of you. Having a strong work ethic and a good business sense is not something that can be taught in books.
Knowing how to hire talented employees who can fill in the other qualities you don’t have is also an innate skill that is important to a business owner. You don’t need to have all the skills needed to run a business that just isn’t practical. For example you don’t need extensive IT background to run your own business. You just need to be able to be able to recruit a talented IT expert who shares your vision and values.
Don’t Write Off Education Just Yet Though
All this doesn’t mean that there isn’t any value to a college education, however. Having a degree, certification or even just a few relevant classes can not only give you some important business foundation as well as analytical skills that are crucial as a business leader.
And having that bachelor’s degree or even MBA can be beneficial. Having a broader based college education can help you have a better handle on your business. While you of course will hire a team to do all the marketing, tech work and other aspects of your business, it is always better to have at least some skills so you can guide your staff properly. All strong analytical skills that are honed in school are also crucial for successful business owners.
College is also a good way to make connections that may help you as you start your business. In many ways good connections can be as important as having enough financial collateral. They can really help you get good deals on building your business and lead to even more connections. Having a degree might also give you better credibility when you are wheeling and dealing.
It Really Is an Individual Choice
There really is no right or wrong decision when it comes to whether you should get a college degree or not before starting your own business. It is more about having the right knowledge and skills to do it right. You have to decide for yourself the best way to get those skills and knowledge.
Consider hiring business advisor to help you at all stages of helping you with building your business. MBB Management specializes in bringing you the best tools and expert advisors to provide a solid path to success. And if you might be interested in franchising, they can help you with that too.
Some of the services MBB Management offers you include franchise development for new franchise programs, strategic planning for franchise growth as well as help with all the legal documentation involved. They also offer assistance with developing operations and training documentation and franchisee recruitment marketing strategies.
Overall, the knowledgeable and experienced staff at MBB Management can provide you with hands-on consulting to help you grow your business by pinpointing the areas that you most need support. If you are considering hiring a consulting company in Philadelphia then consider MBB Management.
For more information about what you need to succeed as a business owner, contact MBB Management today.