If you are interested in starting and running your own business, you may think you can skip out on the college education and jump right into launching your company. While it is certainly possible to do so, earning a business degree before you take that big step is one of the best things you can do to boost your odds of success. Launching and running a small business is challenging on many levels. Most small businesses will not succeed. You may feel the impatient urge to dive in with both feet, but remember other small business owners that launched businesses assumed their businesses would succeed as well.
No one plans for failure. Taking the time to build your education and learn what you need to know will set you ahead of the pack when you are ready to launch. If expenses are your excuse for not earning your degree, you may want to look a little harder at those numbers. Paying for school through a combination of grants and loans allows you to attend school, learn what you need to build a successful business, and launch your business after you earn your degree. If you are worried of asking your family for help or just do not have anyone that can help with loans, there are a variety of private student loans available that do not require a cosigner.
Learn a Little About a Lot
Earning a business degree provides you with a well-rounded education on many different facets of running a business. You will learn how to write a business plan, read financial statements, develop a marketing plan, build a budget, and hire employees. All of these are part of running a successful business. If you struggle, you face problems ranging from wasted money to lawsuits. The wide range of things you learn in a business degree would be impossible to self-teach. You can potentially learn about many of these topics on your own, but not as thoroughly as when you are guided through a structured program designed to educate you on all facets of running a business. One of the biggest problems with trying to coach yourself through the process is that you don’t understand everything that you don’t know. When it comes to running a successful business, you want to minimize the times you learn lessons the hard way.
Protect Yourself Legally
Earning a business degree will not prevent you from ever needing to hire an attorney, but it will help you recognize situations where you should bring one on board. You will learn how to read and understand contracts, red flags to look for in business deals, and the proper way to deal with vendors and employees.
Expose Yourself to New Ideas
Even if you think you have the most cutting-edge idea for a business, along with innovative marketing plans, you are only one person. The exposure to others that you get in college opens your minds to new ways of thinking and different viewpoints. Discussing, arguing, and brainstorming with your peers allows you to better understand your ideas as well as help you recognize others.