Most of us have entertained the idea of becoming our own boss and opening our own business – but entrepreneurship can be a big, overwhelming decision, especially if you don’t have any experience or qualifications. Many entrepreneurs would recommend taking a leap and starting your company right away – after all, experience is the best teacher! However, business schools can also offer a lot of valuable knowledge and other perks.
But before you sign up for that Master of Business Research program, read our breakdown below on what you can get from getting or skipping qualifications.
Starting a Business Without a Degree
If you decide against going to a business school, you can save time, money and energy. Business courses can come at a significant cost and take years to complete. Furthermore, the formal educational structure may require you to take up impractical courses and tough assignments that don’t always translate to real-life business situations.
“Having graduated from the business school at University of Wisconsin-Madison, I’m grateful for the quality education I received — but none of the skills necessary to start and run a business needed to be learned in a classroom,” said Joe Sweeney, co-founder at 100state and CRO at GrocerKey.
Getting a Degree Before Starting a Business
However, there are many different benefits of getting qualified. Most business schools will cover the fundamentals, such as accounting, finance, marketing, management, logistics and so on. You may not turn out an expert in all these fields, but it’s always good to know a bit of everything.
Apart from gaining knowledge, you can also expand your network and find like-minded individuals which you can tap on for partnership, investment and hiring purposes. Moreover, as a business student, you have a better chance of finding mentorships and other opportunities of interest, such as incubator programs and special grants.
Will you be signing up for a business course? Whatever your choice is, it’s always wise to evaluate your options before starting a company. Consult this Starting your business checklist by the Australian Government to make sure you’ve got everything covered.