Practical experience is the best teacher for most business owners. Should young people who have an entrepreneurial outlook skip university altogether since university fees and costs are at all-time highs?
A number of the UK’s most successful entrepreneurs don’t have a university degree, including Peter Jones, Theo Paphitis, Duncan Bannatyne, Hilary DeVey, Richard Branson, and Alan Sugar.
But university is not just about getting a degree – it’s also about developing life skills and making connections. Without Mark Zuckerberg’s Harvard education, would Facebook still exist? If the three founders of Innocent Smoothies hadn’t met at Cambridge University, would the company have been formed?
There are of course positives and negatives, thus both sides of the coin must be investigated.
Is a business degree worth it
There are many opportunities available to those with a business degree. From management to entrepreneurship, it can open doors to a wide range of career paths. You can also learn about a variety of topics with a business degree, including accounting and marketing.
Additionally, a business degree can prepare students for internships and other hands-on learning experiences. Business degrees are not for everyone, however. Hard work and dedication are required. To succeed, students must be willing to put in the hours. A business degree can also be expensive. A business degree can be a great investment for those who are willing to put in the effort.
If you are considering pursuing a business degree, there are a number of factors to consider. Some people may not be able to justify the investment of time and money. A business degree can, however, offer several potential benefits. In the first place, a business degree can equip individuals with the skills and knowledge they need in a wide range of careers. The majority of businesses require employees to have at least a basic understanding of business concepts.
In addition, a degree in business can increase your earning potential. According to the Office of National Statistics, individuals with a bachelor’s degree in business earn an average of £63,000 per year, compared to £37,000 for those with only a high school education.
Working on the job may have already given you invaluable experience in your business career. Your career may be under financial pressure, but you know a bachelor’s degree can open doors to advancement. You may want to change careers or look for new opportunities in thriving and up-and-coming industries. Can you juggle both? And will the return really pay off in the long run?
The recent statistics
In 2018–19, there were 2.38 million students studying at UK higher education institutions.
- Undergraduate: 1.80 million
- Postgraduate: 0.59 million
- Full time: 1.88 million
- Part time: 0.5 million
- Students from the UK: 1.9 million
- Students from the EU: 0.14 million
- Students from non-EU countries: 0.34 million
(Source: UniversitiesUK)
Positives of doing a business degree
Studying a business degree has many unique benefits, and even though these may vary slightly depending on the type of course you take, they are quite universal.
Looks good on a CV
These days, many people attend university to study up on a profession they hope to enter in the near future. A degree is often viewed as a launching pad into a field of work that interests you. People can study just about anything now.
It is another matter whether or not university will help you find your dream job, but it certainly doesn’t hurt. Therefore, if you’re planning on working for a company before starting your own, you may want to get your degree first. Don’t forget to choose a course that you’ll enjoy and that will teach you something useful.
At the very least, an employer will understand that you can commit to something and work hard to accomplish personal goals if you have a relevant degree listed on your resume. It may help you land a job you’re interested in if you demonstrate hard work and determination.
Increase the size of your social groups
There is a good chance you will make a lot of new friends while studying at university. Due to your common interests, these peers will probably end up working in a similar field to you. As such, you should keep in mind that these friendships will probably last a lifetime and may even prove to be helpful in the future.
When you start your own personal business venture, for example, having someone to compare situations with may help you solve problems. As they’ll be people you trust and individuals with a high level of knowledge in your chosen field, you might end up working with them or hiring them. You could eventually become a market leader if you are able to progress through the industry you choose to work in.
As we’re at this point, we’d like to point out that having a helping hand to rely on can be crucial in the business world. It is often necessary for new and upcoming entrepreneurs to surround themselves with supportive characters so that they don’t doubt themselves and lose faith in their ideas when something goes wrong. You will certainly find it helpful to have like-minded friends and colleagues around you when times get tough.
It can make you a more ambitious school student
You’ll likely be more motivated to achieve better grades at school if you’re aiming to go to university and study your dream course and then pursue your dream career path. Your chances of performing better and receiving better university course offers can be boosted by this.
At such a young age, it can be difficult to see the big picture and lose motivation when striving to do well. Therefore, if you set a goal of attending university and graduating with a Bachelor’s degree, you’ll set a target you can aim for and goals you can hopefully accomplish.
As well, if you have been a highly motivated individual throughout school, chances are you will carry this attitude into your degree studies and again strive to achieve the highest possible grade. In order to get you started on the path to starting a business career, this lays some solid groundwork.
You learn about the industry from professionals
Most likely, the tutors who will lead your lectures and seminars are industry professionals with extensive experience. They can tell you how they got to where they are today, how difficult it is to progress with your own business ideas, and how they got to where they are today in the industry you hope to work in.
Unless your parents or peers are business owners themselves, you won’t be able to gain this knowledge anywhere else. When choosing whether to study at university, many people consider this to be a deciding factor.
You can begin to build up a network
You will build up a network through people you meet throughout your degree, whether they are fellow students, tutors with industry experience, or others with a strong business mind. You can get guidance from these individuals, compare situations with them, and perhaps even collaborate with them in the future.
You will have the opportunity to meet real-life business leaders and owners when you take business university courses. They will be able to answer all of your questions, and you will be able to learn from their past mistakes within the industry before making them yourself. With this information, you might be able to start your own small business successfully.
So, do I need a degree?
To become an entrepreneur, you don’t need a degree, but it doesn’t hurt. Having a degree shows that you have a skill, and learning is good. As well as making contacts, studying at university is a great way to gain life experience.
Ironically, many MBA programs that are intended to prepare entrepreneurs instead produce merchant bankers and venture capitalists.
With your mates as your first customers, you have the ideal opportunity to establish a business at university. You have time to do it. If an employer interviewed a graduate who had run a venture at university and paid some of their debts off with revenue, they’d seem like an enticing candidate to hire. In other words, it’s more than just academic achievement.
The number of entrepreneurs with dyslexia is increasing, people who have trouble learning formal subjects. It has been said that many grassroots entrepreneurs learn on the job – the old-school entrepreneurs.
You should try as many things as you can when you are young and build up your network of contacts. The first thing you need to know is that you don’t know anything or anyone. In order to start a business, you will need experience – that could be at a university or in a job. Starting a business at 28 is a great age. It takes gumption and resilience to succeed.
Seasoned professional with a strong passion for the world of business finance. With over twenty years of dedicated experience in the field, my journey into the world of business finance began with a relentless curiosity for understanding the intricate workings of financial systems.