How important is education for business owners and entrepreneurs?

Computer and Entrepreneurship

LONDON – BUSINESS – The progress of countries depends primarily on having entrepreneurs. Entrepreneurs are the ones who see an opportunity and jump at it generating economic growth. These opportunities take place because consumers need a new product, a new service or a modification of the currently existing product on the market.

Computer and Entrepreneurship

A great thing about business owners is that they can take an idea and transform it into a specific product or service. The entrepreneur brings together people and technology so that it is feasible to meet the needs of customers. Ultimately, this is what allows to generate better living conditions for people living in a particular country.

On the one hand, the entrepreneur makes available a new product or service to consumers and thereby satisfies a social demand. On the other hand, their capacity for innovation and leadership allows the entrepreneur to obtain an economic reward for their effort put in. This economic benefit also attracts other entrepreneurs who realize that by making a similar product or creating a complementing one they can obtain an attractive economic reward.

Education vs. Entrepreneurship

Entrepreneurship and university studies seem to go the opposite way, and while some entrepreneurs have demonstrated that they can succeed without a college degree, others cling to universities as business incubators.

Is it necessary to go to college to find a job? And to create a job? Is the university an essential ingredient in the recipe to become a successful entrepreneur? Are those who do without a university degree doomed to failure? Does the university guarantee success?

The example of great entrepreneurs such as Bill Gates  (Microsoft), Steve Jobs  (Apple), Mark Zuckerberg (Facebook), James Cameron (film director) , Richard Branson (Virgin), Ralph Lauren, Larry Elison (Oracle) support the idea that, in some cases, it is not necessary to complete university studies or major in business to become a successful business person negating the importance of education.

Only a few months ago, the Approved Index company that provides data for the rankings of millionaires of Forbes magazine revealed that oone-thirdof the 100 richest people in the world do not have a university degree, as opposed to the other two thirds who do. That is, although you can become a millionaire with a successful business without having a degree, it is clear that those who have completed their university studies have greater possibilities of realizing the business goals and entrepreneurial potential.

Therefore, there is a growing concern to emphasize that the educational process plays a leading role when it comes to generating entrepreneurs with a business identity, which encourages creativity and allows aspiring entrepreneurs to act, reflect and negotiate based on a series of experiences that increase their entrepreneurial skills.

Those individuals who drop out or never go to university in the first place must face the labor world without some of the knowledge taught in the classroom, mainly referring to business strategies and the business world.

On the other hand, university graduates must confront stagnant labor markets, with low salaries and few job opportunities, which make them question whether or not they actually had to spend 3-6 years in university studying a number of subjects they did not really need and completing a great number of homework assignments. In this regard, you may want to click here to pay for essays  if you are still in your college years and looking for some professional academic aid in the matter. The important thing to remember is that you need to take advantage of the opportunities that are presented to you, have a solid project and plan before starting your own business. Negotiation skills and tolerance to frustration will also be great tools for those who wish to start their company whether they have a university degree or not.

Computer and tools on desktop

Final words

In short, a university degree does not guarantee success in the world of entrepreneurship; it requires hard work, dedication, and much effort if you truly want to achieve the desired objectives. However, going to a university offers more possibilities to reach the goal because these institutions provide some great education in business (primarily if you major in Economics and Business Administration) and because they function as large networking centers where it is possible to get to know your future partners or even investors.

There is no single formula, nor a path that would lead you to success in entrepreneurship. Just as there are successful entrepreneurs without college degrees, there are also professionals with several degrees waiting for a job opportunity. Each person must take the path they consider to be right, but one thing is clear, though. University or not, entrepreneurial skills and the knowledge about how a successful business operates are crucial if you want to achieve success with your own business.