Whether you have a great idea for a new app or want to launch your own graphic design firm, launching a business can be an excellent alternative to a traditional 9-to-5 job. Right now, entrepreneurship is booming: a record-breaking 5.5 million new business applications were filed in 2023.
Do you need a business degree to start a business? It’s a common question, but the answer may surprise you. While a business degree can be helpful, it’s not essential, and you can be successful even if you majored in another field.
What Degree Do You Need to Start a Business?
Many new students wonder, “What is the best degree to get in college?” Among undergraduate students, the most common majors include business administration, marketing, finance, computer science, and liberal arts.
Each of these majors can help you become an entrepreneur:
Business Administration
Business administration is a major that allows you to learn about essential business concepts, such as economics, marketing, accounting and management. It gives students a well-rounded foundation for managing a business.
Marketing
For many businesses, marketing and building a customer base is the biggest challenge they face. Majoring in marketing and understanding will allow you to learn how to identify your target demographics, shape marketing messaging and create dynamic marketing campaigns.
Finance
No matter how innovative your product or service may be, your business won’t succeed without solid financials. A finance degree will give you the skills you need to manage your business finances properly, from courses in accounting and bookkeeping to learning the ins and outs of the banking and lending industries.
Computer Science
Computer science majors learn how to use computers, software, and programming languages. As a computer science major, you will gain the skills you need to design operating systems or apps or launch new algorithms that can positively impact your business.
Liberal Arts
A liberal arts degree gives you a broad foundation in several areas, including literature, history, and philosophy. Although it may not seem like a liberal arts degree could directly benefit you as an entrepreneur, the degree gives you essential skills in writing, communication, and critical thinking.
How to Get the Necessary Skills to Launch a Business
Do you need a business degree to start a business? The answer is no. While a business degree can certainly be helpful, you can be a successful business owner regardless of your college major. Whether you majored in art history or biology, your degree type won’t prevent you from launching and maintaining your business.
However, you may find that your education has some gaps. As a business owner, you may need additional skills, such as accounting or marketing basics. To learn those skills, there are several options:
Earn Another Degree
Some entrepreneurs opt to return to school to earn a master’s degree — often a master’s of business administration (MBA) — or an associate’s degree or bachelor’s degree in another major. This approach can give you the education and credentials you need, but earning an additional degree can be expensive. You may need to take out student loan debt to cover the cost.
Take Individual Courses
An entire new degree program may not be necessary. Another option is to take individual courses in areas you feel you need additional education in, such as bookkeeping or graphic design. You can take courses in person at a local community college or online. This strategy tends to be less expensive than degree programs, and you can be selective about what courses you take based on your business’ needs.
Join Professional Associations
Many industries have professional associations that offer training programs, continued education programs and workshops. These associations can help you connect with other professionals and fill any skill or education gaps you may have.
You can find professional associations related to your field through Career One Stop or your state’s Department of Economic Development.
FAQs About Starting a Business
Do you need a business degree to start a business?
Although a business degree can be helpful, it’s not essential. Business owners come from all kinds of backgrounds and majors, including education, marketing, philosophy or performing arts.
Where can I find help starting a business?
Starting a business and developing a business plan can feel overwhelming. You can get help through your local Small Business Administration (SBA) office; you can find an office near you through the SBA website.
What steps do I need to take to start a business?
To start a business, you need an employer identification number (EIN), a business plan and a business structure. The SBA has a checklist you can use to help you complete the necessary steps to launch a business.
