Last Updated on September 2, 2024

The received wisdom about starting your own business is that you don’t need a college degree to do it. After all, many famous entrepreneurs are proud that they don’t have this extra level of education and that they did things all of their own, so why couldn’t you do the same? 

The truth is, you can do the same. You don’t technically need a college degree to start a business. However, if you want that business to stand the best chance of success, and if you want to open up as many doors as possible yourself, a college degree will always be useful. This is something that Bashar Hanna, interim president at Lock Haven University, believes, and there are certainly some good reasons to agree with him. Read on to find out more. 

 A Back-Up Plan

At this very moment, the idea of running your own business is the only thing on your mind, and you don’t have any other plans and can’t think of anything you would rather do. There is nothing wrong with that. It’s a great career plan. 

 However, you never know what’s around the corner, and you don’t know if, once you start running that business, you don’t enjoy what you’re doing, or you realize there is something else you would prefer to do, or that you’re better at. 

 Because it’s impossible to tell the future, getting a college degree is a good idea. You’ll have the benefit of a back-up plan, and you’ll know that you can do something else if need be. This will help you take further calculated risks in your business, which will improve it, but you might not have done without your safety net degree in place. 

Additional Skills

When you study for a degree at college, you won’t only learn about that specific topic; there are always other things to learn, and even if they are not integral to your choice, they are still skills you’ll be able to pick up as you continue with your degree. These skills might include research, delegation, time management, communication, networking, organization, and more. 

These skills, plus many more that we haven’t mentioned, can be helpful when running a business. No matter what kind of degree you have, even if it’s something that doesn’t link to the business you are running at all, you will still be learning these additional skills – they are simply part of college life. 

Networking And Connections 

When you want to start a business, you’ll need some things before you can begin. You’ll need a good idea. You’ll need some funding. You’ll need connections to help you grow. The first requirement shouldn’t be an issue; you probably already have an idea for your business. The second two requirements are slightly more problematic, but you could solve them by getting a degree. 

 Let’s talk about connections first. When you are at college, you are going to meet all kinds of people. They might be in your course, you might live with them, you might just bump into them in the library or cafeteria one day. These people will have plans and ideas just like you, and they will potentially have different skills to you too. These connections could help you to bring your business to life. You might even go into partnership with someone you meet at college. 

As for funding, again, the people you meet at college may be able to help you either by offering you work, becoming an investor, or introducing you to someone who might want to work with you. The possibilities are endless when you have a degree.