Out of all the American entrepreneurs who graduated with a bachelor’s degree in business, 53 percent of them are very confident about their capacities in running a business.
Based on the survey by TSheets, the confidence level of business owners with a college degree is way more than the ones without a degree. While only 48 percent with no degree can say that they can run their business properly. This is especially true if they started early in the business. Unfortunately, most entrepreneurs do not have the luxury of time to pursue a college degree.
Not to mention, only 3% of entrepreneurs pursued a PhD in business. The good news is that the Internet offers different learning opportunities to those who want to pursue their degrees without taking time off from the business.
If you are still unconvinced that getting a degree has a lot of perks, here are three major reasons why academic qualifications can boost your business.
1- Reach the Top of the Corporate Ladder
It is common knowledge that some of the biggest entrepreneurs in the world launched their business after dropping out of school. Facebook’s chairman and CEO Mark Zuckerberg is one of the most popular college dropouts with a wonderful success story.
He launched the world-famous social media network while enrolled at Harvard University but opted to drop out during his sophomore year in 2004. However, the billionaire and philanthropist received his honorary degree from the same university in 2017.
Not everyone can get the same recognition as the world’s youngest self-made billionaire. However, you can apply for an accelerated PhD online offered by some of the finest universities and colleges in the US. Other accelerated programs to get a doctorate degree for business include finance, management, and accounting.
2- Learn New Skills
Nothing beats a first-hand experience of running a business. But sometimes, you may only learn some skills in the four corners of the classroom. Going back to school can provide you with a new set of knowledge that can be useful in your line of work. You will also learn the emerging trends in your industry to give you an upper-hand against your competition.
If you will have formal entrepreneurial training, you will learn all the rules in developing, organizing, and managing a business. Once you learn all the right ways to do this, you can start thinking out of the box and develop new concepts that could elevate your business. These things are only taught in classroom settings. Therefore, it is advisable to pursue a business degree if you want to excel in your field.
3- Expand Your Professional Network
Having a strong and diverse professional network is very important for all entrepreneurs. It will allow them to connect with a respected community composed of resourceful and knowledgeable members. With their help, you can learn a lot of things crucial for running a business through each other’s unique experiences.
Everyone in the class can share their own difficulties when running their own organizations. This will help everyone learn from each other’s mistakes and get inspired by each individual’s triumphs. You may also ask them for help whenever you experience a major challenge in your management decision.
Also, learning more tips about entrepreneurship with like-minded people is more fun and informative since you can exchange thoughts and ideas with each other. It may also open up several opportunities for the growth of your business. Reaching out to your connections to find a skilled and trustworthy person to join your team can be easier with a strong support group.
The Bottom Line
Pursuing a higher degree while running a business can be time consuming. You may even get overwhelmed with all the academic requirements and work demands while juggling both priorities. But if you will come up with carefully laid plans for both your school and business tasks, you will be able to finish all the tasks needed for both responsibilities. You only need a little sacrifice to get the fruit of your handwork.