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How important is education for business owners and entrepreneurs?

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Client Samsung
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While it can be important for business owners and entrepreneurs to attain qualifications related to the running of their businesses, it’s not imperative. Some of the business world’s biggest names have only a few qualifications, but have gone on to start up hugely successful companies.

Education for entrepreneurs

The educational needs of an entrepreneur differ to those of a business owner, but not greatly. A business owner will often be in control of a fleet of staff, whereas an entrepreneur could be working autonomously or, outsourcing parts of his business maintenance to others with the appropriate education/qualifications.

It’s well highlighted that some of the world’s top entrepreneurs in the world started their business after dropping out of higher education. One of the most recent examples of this was Mark Zuckerberg, who created Facebook from his dormitory and promptly quit college, when the social media platform began to grow. Richard Branson, arguably one of the most well-known entrepreneurs of our generation, was dyslexic and never pursued a pathway through higher education.

Of course, like many business owners, entrepreneurs may wish to self-educate themselves to not only reduce overheads, but also maintain control of their organisation. Qualifications in accounting, marketing and business administration will remain useful throughout not only the life cycle of an entrepreneurs business, but their career as well.

One of the more useful qualifications that can be attained while running a business is a Master of Science in accounting online. There are many places to study these types of qualifications but learning online can offer you the freedom necessary to both study and work.

Education for business owners

There are a variety of courses and degrees which business owners can complete; they range from GCSEs in Business Studies, through to masters and doctorates. One example of a qualification business owners often look to complete several years after they graduate is an MBA (Master of Business Administration). These courses can often be studied part time over two years, so that you can still organise your business on top of studying!

Many business owners choose not to pursue the education route, and there’s no requirement for them to do so. However, it’s a useful way to progress the understanding of the inner workings of a business, and can make life easier in the long run. Business owners may want to look into qualifications in disciplines such as marketing, accounting and business administration. These types of qualification could play a crucial part in driving your business forward, and could make all the difference over time.

Self-education in business is a great way to reduce overheads as a business owner, allowing owners to take on more responsibility within the business, rather than outsourcing to expensive consultants.

It’s important to bear in mind that business owners may be legally required to complete certain courses or certifications related to their industry.

There’s always the risk that taking the time to obtain qualifications can be detrimental to your business. That’s why you should consider all of the options and weigh up whether it’s more cost effective and easier to outsource certain responsibilities. The obvious advantage to gaining qualifications is that you’ll hold them for life. You’ll be able to use them to leverage better career opportunities, no matter what happens with your business in the long run.

Shane O’ Driscoll is an entrepreneur in the hospitality sector and loves discovering and exploring new niches. He believes there’s no challenge like the challenge of business.

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