5 Great Degrees for Young Entrepreneurs

Truth be told, you do not need a college degree to become an entrepreneur. And according to Peter Thiel, a self-made billionaire and the founder of PayPal, you should actually drop out of school to start a life in business. But unless you have sufficient funds to start a business, you should take this advice lightly. There are many reasons why you should get a college degree.

For one, you will acquire the business skills necessary to build a business to Thiel’s level. School is also a good place to network and learn social skills so vital in entrepreneurship. To give you an idea on where to start, here are five degrees for young entrepreneurs.

1) Computer Science

Computers run everything today. Thus, expect them to play a central role in any startup. And since startups are about building stuff, having tech skills lets you do just that. But keep in mind that running a startup needs some practical skills too. So, if entrepreneurship is your goal, do not specialize too much. Instead, be a jack-of-all trades who can handle any technical problem that arises in your business.

2) Communication

As a business owner, you must inform clients and investors about your products and services. A communication degree arms you with the skills you need to get your message across effectively. This could be in the form of a business proposal, blog post, or a business journalism article.

3) Marketing

No matter how good your invention is, no one will know about it unless you market it. A marketing degree teaches you how to generate interest about your products and services. And the better you are at it, the more your sales will be.

4) Finance

People with finance credentials rarely think of entrepreneurship. Instead, they pursue corporate careers with their MBAs or bachelor’s degrees. And who can blame them? The perks of lucrative corporate finance positions are hard to resist. But the few who do decide to get into business also find their credentials just as useful.

After all, financial management is also vital to any startup. According to Forbes, accounting and finance skills help an entrepreneur do three key things. One is to make financial predictions. The second is to increase efficiency. And last is to measure how the business is progressing.

5) Psychology

Yes, a psychology major is also important if you want to start a business. And this is how. User experience (UX) is a big thing in business today. It is about how people feel about and respond to different products and services. UX helps companies make practical and meaningful products that are easy to use.

In short, UX is about getting into the minds consumers to figure out what they want to see in a product. And to be able to give your consumers what they want, you must have a good understanding of the human brain. This is where your psychology major comes in.

Although you do not need a college degree to be an entrepreneur, having one does not hurt. It equips you with skills that actually make you better at business. So, consider getting one despite your itching to get into business.

About Mohit Tater

Mohit is the co-founder and editor of Entrepreneurship Life, a place where entrepreneurs, start-ups, and business owners can find wide ranging information, advice, resources, and tools for starting, running, and growing their businesses.

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