Do You Need a Business Degree to Start a Business?

Can you start a business without a business degree? That’s what many entrepreneurs want to know. The good news is that yes, it is certainly possible to start and run a business without a degree. 

While having a degree isn’t required for running a business, this doesn’t mean that a degree is worthless – far from it. There are many situations where a degree isn’t just a good idea, getting those qualifications is necessary. It depends a great deal on what field you’re getting into and the type of training that you’re required to have. A degree can also make life easier, opening up many doors and facilitating opportunities for networking and rubbing shoulders with potential future clients or business associates. 

If you don't have a business degree and are considering starting a business, here’s a look at five things anyone needs in order to be successful.  

Must-Haves for Business Success

1. Resilience

First things first, in order to start, and run, a business, you’re going to need resilience. If you crave security and predictability, then business ownership may not be for you. When you’re first starting up, there will be periods of uncertainty, unpredictability, and where things don’t go how you’re expecting. You’re going to need strength of mind, adaptability, and patience to ride out any potential uncertainties and struggles. 

2. Expertise 

It’s always a good idea to start a business that’s in a field that you’re experienced with. This is especially true if you’re not going on to further your education. Being an expert in your field will help give you an advantage when it comes to running a business. It can also make it easier to talk to customers, potential investors, and even the media, allowing you to position yourself as an expert. Since you’ll already be familiar with your craft, and understand potential pitfalls that you’ll need to avoid, you’ll be able to sidestep and problem-solve many potential issues that could come your way as well. 

3. Experience 

When starting your own business, having some level of real-world business experience can help to give you an advantage. This is an especially important consideration if you’re sidestepping formal education. Many business lessons can be obtained through education but it’s also something that you can pick up as you go along – although it might take a bit longer. Still, this is something that can greatly increase your chances of success. For this reason, if you don’t have any experience running a business, consider working in your industry to gain real world experience before you branch out on your own. 

A business degree can help you learn how to identify gaps in the market and execute successful business strategies, but so can knowledge, experience, skills, and plenty of diligence. 

4. A Strong Network 

Connections, both in terms of your personal life and professional career, make life much easier. One of the great things about getting a business degree is that it gives you the opportunity to network with plenty of people who go could on to become valuable business connections. If you’re planning to launch your own business, you’ll want to rally your support network and look for opportunities to build your professional connections as well. 

5. The Ability to Meet the Market’s Needs 

Finally, the most pivotal of all requirements when starting a business is the ability to identify a need and fulfil it successfully – in a way that’ll generate a good return on your investment. This might sound simple, and it is in theory, but executing it isn’t always straightforward. Gauging demand is tricky and involves conducting surveys and careful market research. It also means knowing who your target audience is and being able to market and advertise to them effectively. Finally, it’s about supplying that product or service in a way that’ll generate not just cash flow, but viable profits. A business degree can help you learn how to identify gaps in the market and execute successful business strategies, but so can knowledge, experience, skills, and plenty of diligence. Just make sure you’re prepared to put in the work that’s required and outsource for the skills that you might not have. 

Should you pursue a business degree or start a business? That depends a great deal on what you’re planning to do, what industry you’re in, and of course, whether you believe that obtaining a business degree will help you to succeed. At the end of the day, just make sure you’re following a path that will help you to find success – don’t just do something because it’s how things are traditionally done, or because you know someone who did it that way. Decide for yourself where your best opportunities are – then go and make things happen. 

A version of this article was originally published on June 30, 2009.