Do You Need a Business Degree To Start a Business?

There are many examples of individuals who have started successful business ventures without a degree, such as Bill Gates, Richard Branson and Rachel Ray.¹ While it may be possible to launch a company without a business degree, it might not always be advisable. Individuals who are successful on this path are generally the exception, not the rule. 

Do you need a business degree to start a business? There are many reasons why it is important to earn a degree before starting your own business. Higher education teaches important skills and knowledge, and it can also confer respectability and credibility to your professional brand.

In This Article:

• Entrepreneur Education Requirements
• Business Degree Alternatives
• Advantages of Having a Business Degree
• What Business Degree Should I Get?
• Earn Your Business Degree From GCU

Entrepreneur Education Requirements

There are no universal requirements for aspiring entrepreneurs regarding academic backgrounds or other credentials. It’s indeed possible to start a business despite not holding a business degree, but it’s important to keep in mind that even if a degree isn’t a strict requirement, it can certainly be helpful.²

Earning a business degree offers numerous potential benefits, which you can explore below. That said, if you’ve already enrolled in a non-business degree program, you might not necessarily need to switch majors. Other degree choices can also support entrepreneurial ambitions.

Business Degree Alternatives

As an alternative to a business degree, you may wish to earn a degree in a field that complements your planned business venture. For example, if you would like to start your own private investigation business, you might earn a degree in criminal justice or justice studies. To complement your degree, you could earn a relevant undergraduate or graduate certificate. Aspiring tech entrepreneurs might earn a technology-related certificate.

There are additional ways of acquiring foundational skills and industry experience. For instance, you might decide to apply to a few internships at businesses in your field of interest. You could also seek out mentorship opportunities. For example, ask a local entrepreneur if they would be willing to serve as your mentor.

There is no single “best” business degree to get; any business-related degree may prove useful when launching a business. However, some students might decide to look a bit further afield. A non-business degree can also teach foundational skills and can provide invaluable experiences for future entrepreneurs.

When deciding what type of degree best suits your needs, consider the type of business you’d like to start. If you’re passionate about technology and you believe you’d like to launch a tech start-up, then consider earning a tech-related degree such as a Bachelor of Science in Computer Science with an Emphasis in Business Entrepreneurship. Similarly, future marketing agency owners might earn a Bachelor of Science in Marketing and Advertising, while future owners of a web design company might earn a Bachelor of Arts in Digital Design with an Emphasis in Web Design.

If you’re not sure what type of business you’d like to start, consider earning a degree in a field that appeals to you. Alternatively, stick with a business degree.

Advantages of Having a Business Degree

Enrolling in a business degree program may not be a strict requirement, but it may help give you the following opportunities:

Developing Business and Management Knowledge

One of the primary reasons why it can be ideal to earn a business degree before launching your own company is that you will be taught key skills and strategies that can help support your venture.

Depending on the specific degree program you choose, you may examine competencies in:

• Advertising and marketing
• Business plan development
• Marketing research
• Legal compliance
• Management best practices
• Human resources

You might also benefit from the diverse perspectives of your instructors and fellow students. Acquiring knowledge in an area is about more than just memorizing facts and strategies. It is also about understanding how to look at an issue from multiple angles before making a decision — this is essential for those who want to run a successful business with solid, long-term growth prospects.

Acquiring Critical Soft Skills

In addition to exploring business and management strategies, you will have opportunities to work on crucial soft skills in your business program.

Some important soft skills for aspiring entrepreneurs include:³

• Leadership
• Collaboration and teamwork
• Effective communication
• Critical thinking
• Analytical reasoning
• Problem-solving
• Time management
• Organization
• Strategic thinking and planning

In addition, your college experience can allow you to cultivate emotional maturity and a sense of social responsibility.

Acquiring Technical Skills

Of course, aspiring entrepreneurs can also benefit from having certain hard skills, also known as technical skills. In college, you may have opportunities to develop skills in:⁴

• Financial planning 
• Accounting
• Business plan development
• Advertising and marketing
• Sales
• Data analytics
• Training and development
• Web development

Gaining Credibility and Authority in Your Field

A college degree program teaches much more than just knowledge and soft skills; it can also confer credibility and respect. A degree may allow you to work toward developing professional authority and building your personal brand. Regardless of the type of business you want to build, it is recommended that you earn a degree first.

Taking Advantage of Professional Networking Opportunities

College can be an invaluable experience that can continue to reward you for many years to come. Long after you graduate, you can utilize the connections you forged at school. Regardless of whether you become an online or on-campus student, there can be plenty of opportunities to network. 

Consider, for example, forming a study group with fellow students or joining clubs on campus. Make a point of talking with your professors during office hours. Getting to know your instructors can be helpful if you need to request a letter of recommendation from them.

Remember to keep in touch with your connections after graduation. They will go on to work at various companies that might become vendors for your business. You may even decide to form a business partnership with one of your fellow students. There are a wide variety of possibilities.

Exploring the Possibilities With Internship Positions

Another benefit of earning your degree is that you will have the opportunity to apply for internships during college. Often students see internships as a way of impressing a potential future employer. However, an internship is also valuable for an aspiring entrepreneur.

During an internship, you can gain hands-on experience that you can use when starting your own company. Additionally, you may benefit from the guidance of your internship supervisor.

What Business Degree Should I Get?

Now that you understand the value of a college degree for aspiring entrepreneurs, it is time to look at your options. If you think a business-specific degree is your best choice, you may be wondering, What business degree should I get?

Some business colleges offer degrees specifically designed for those who plan to launch their own companies. A Bachelor of Science in Entrepreneurial Studies or applied entrepreneurship will teach important skills in the following areas:

• Marketing
• Public relations
• New venture financing
• Organizational behavior and management
• Business law
• Human resources

These degrees are both good options for future entrepreneurs. However, depending on your interests, there are other possibilities. Consider speaking with a university counselor to discuss how to further your career goals with a degree.

Earn Your Business Degree From GCU

When you’re ready to earn your business degree, the Colangelo College of Business at Grand Canyon University is here to help you achieve your goals. Choose from a wide range of business and management programs, including the Bachelor of Science in Applied Entrepreneurship degree and the Bachelor of Science in Entrepreneurial Studies program.