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The purpose of a business is to generate profit, but achieving profit requires careful planning and is not always guaranteed. While education can provide entrepreneurs with essential knowledge and skills related to business management, there is no specific type of education or set of classes that is required to become a business owner.
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Entrepreneurship Basics
In the U.S., anyone is free to start a new business at any time regardless of educational background. If you have never attended college or graduated from high school you can still start a business. For instance, if you grew up in a family that ran a pizza shop, you might have learned the skills necessary to run the shop without taking a single class. Education may, however, enhance your ability to make informed decisions and manage a business.
Entrepreneurship and Business-related Courses
Skills like creating business plans, accounting, adhering to government regulations and performing other common business management activities may improve the chances that a new business will succeed. Classes that can provide business owners with such knowledge include entrepreneurship, marketing, accounting, microeconomics and statistics. “Business Week” writer, Karen Klein says that some business owners choose to attain masters of business administration or MBA degrees to gain skills related to finance, marketing, organizational design or human resources.
Professional Degrees
Business owners that intend to provide certain types professional services may have to earn a degree related to that field to open a business. For example, if you want to start your own law firm, you need to attend law school and take the courses required by the school to earn a degree and a license to practice law. Similarly, doctors, dentists and veterinarians need professional degrees.
Considerations
Entrepreneurs can gain knowledge and skills without taking formal classes at an institution of higher learning. Many business owners gain the skills they use to become entrepreneurs by working in a particular job field. For instance, if you want to start your own restaurant, working as a manager at an existing restaurant for several years may provide more insight than taking formal classes. The U.S. Small Business Administration offers a variety of free online courses that can help prospective entrepreneurs learn about concepts like starting ventures, financing, marketing and business expansion.
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