Do you need a degree in entrepreneurship to start a business? This topic has been a hot debate for decades as many students are indifferent whether they must acquire a college degree before launching their own business or just skip it. Such discussion has taken a new toll as college fees continue to soar and student debts are on the rise. To help you understand how a degree affects ones ability to start a business after graduation, you must know how student debt hinders successful startups.
Many grads drain themselves in student loans as soon as they get admitted into college as a freshman. And by the time they graduate and begin to ask what business should I start? They already have thousands of dollars as debts waiting to be paid. Automatically, their focus is diverted not to starting an establishment anymore, but to saving enough to cater for themselves and fix the debts before their mid-twenties. But taking out student loans might be worth it in the long run, especially if you have great plans for your future. Don’t you think so?
According to research, the best time to launch a startup is in your 20s to 30s. At such time in your life, you probably aren’t struggling with family commitments, mortgages, and car loans. But you may have a student loan which you can pay off quickly if you get a high paying job after graduation.
So do you need a college degree to launch a startup? No, going to college before embarking on a startup idea is not mandatory, although it is necessary. This is because a degree will help you in your niche. Just like when you write an essay yourself or choose to hire someone to do the writing for you. The result you get from both of them will be remarkably different.
But if you don’t want to weigh yourself down with student debts and you just want to give a shot at entrepreneurship without a degree, you need to understand the pros and cons of such action in the long run.
Pros of launching a startup without a degree
- You can avoid student debts like the plague
The key to becoming successful as an entrepreneur is to identify hindrances and avoid them. When you know that a college degree might hinder your startup ideas, you may decide to skip it and launch your business right away.
- Gaining more experience
Most times, the knowledge needed to run a successful business is not taught in the classroom. Students have to engage in various entrepreneurial activities to gain the practical knowledge needed in business. In most businesses, you need to have more experience than knowledge. Hence, a student who decides to launch a business without a degree will have more time to build up experience in his niche rather than learn theoretically in the classroom.
- Taking advantage of eLearning platforms
There are several programs online that offer college-like education to entrepreneurs. After launching your business, you may decide to take courses online in management, or other aspect related to your business. This is far less expensive than college degrees.
Aside from that, it consumes less time and focuses on helping you to acquire specific knowledge which could be writing, management, analysis, or marketing. Many online courses give tasks or an essay topic just like colleges, but give you enough time to make research on them. If your business is too demanding, you can hire professionals writers on https://studymoose.com/ to write to you. The inexpensive knowledge you acquire through such learning platforms will help you position your business for growth opportunities and help you render high-quality service to your clients.
- Saving for investment
Education can be expensive, especially when you don’t have enough to invest in it. The tuition fee in college can be exorbitant that you may resolve to take student loans for you to cope. But when you start a business without a degree, you can help your business position itself for the speedy growth process. Instead of struggling with student loans after leaving school, you will have more money to save for future business investments.
Cons of launching a startup without a degree
Going to college is a great way to find people of business minds to network with. Aside from gaining access to quality education and lots of free learning tools, you will be able to develop a business mindset and build your mind for the world outside. But you may not have such privilege if you decide to skip college and start a business.
- Entrepreneurship projects in school
Many students who decide to start a business while in school often have entrepreneurial backing. They can participate in projects organised by the school and learn the technical aspects of building a brand from experts who offer a free consultation in such colleges.
After launching your business successfully, and you begin to experience growth on all sides, you may discover that having a degree will be beneficial to your new “status” as a founder. You may find yourself in situations where people will evaluate you based on your degree. What if you had none to showcase? Although this kind of status is biased, it exists in every society.
Our final thought
Even though a college degree is not compulsory, it’s important. If you decide to establish a startup without it, you may want to seek alternative places to acquire the type of education that is relevant to your niche. However, we recommend young ones to consider the various parameters and consult with experts before making a decision. With or without a degree, you can become a successful entrepreneur.