Less than 50% of entrepreneurs have a college degree, according to CNBC. Figures show that just 26% of business owners are college graduates and 18% have a post-graduate degree. While the likes of Mark Zuckerberg and David Karp have proved that you don’t need a degree to build a successful business, signing up for higher education can boost your business in a number of ways.
Essential skill building
As an entrepreneur and successful business owner, you will have a range of qualities and skills that others will lack, such as great leadership and persuasion. However, research from Harvard Business Review has found that it’s common for entrepreneurs to be missing many key business skills. These include empathy, self-management, planning and organization, and analytical problem-solving. As all of these skills are crucial when running and growing a business, as well as for retaining business relationships with employees and associates, higher education can help you to hone in and build any vital skills that you’re missing.
How do you do it?
You’re probably now wondering how to get a bachelor’s degree fast so that you can continue to run your business at the same time as studying. The good news is that there are numerous online bachelor degree courses that entrepreneurs can sign up to which allow you to bag a degree in a matter of weeks. Whether your line of business is financial services, information technology, or marketing, you can study from the comfort of your own home while ensuring things are ticking over in your business. As a result, there’s no need to sign up for a 4 to 6-year college course or attend college in person, meaning your business will be protected throughout your studies.
As a general rule, the better your education, the more you’ll earn. The Association of Public & Land-Grant Universities (APLU) reports that those with a bachelor’s degree earn $32,000 more per year than those who have a high school diploma. When you bear in mind that the average entrepreneur earns between $58,000 and $68,000 per annum, you could easily increase this to almost $100,000 a year when you’ve completed your degree. This will then benefit your business and allow you to make it bigger and better, as you’ll have more money to invest back into it. Some of the most profitable investments include hiring additional staff, training, buying more equipment, and increasing your marketing, all of which can be expensive. But the more cash you’ve got as a result of your degree, the more your business will be able to afford.
If, like millions of other entrepreneurs, you don’t have a degree to your name, it’s worth considering your higher education options. By choosing to study for a degree alongside running your business, you’ll gain all the skills you need to ensure your business is as successful as possible. Plus, you will more than likely see the financial benefits, too.