Does a business degree actually help you run a business? [Case Studies]

It is a question debated among experts and students alike, as business degrees can be helpful in a variety of things, this includes careers in management and finance. For a lot of students looking to start a business, the burning question they have is “will a business degree actually help or am I better off learning on the job?” There are perfectly good arguments on both side as to what is the “better” option is for budding entrepreneurs, so we went out and we asked businessmen and women from around the UK what they think and their experience.

Daniel Knowlton – KPS Digital Marketing

From an entrepreneur who has completed a business degree and started up a successful Digital Marketingå Agency the answer boils down to three fundamental things;

1. The skills you currently own.
2. The skills you need to start a successful business.
3. The ROI (Return on Investment) of the varying ways you can gain the skills needed (taking a business degree being one of these).

To answer this question accurately, you must first of all, understand the skills you currently own. If you already own the skills needed to start and run a successful business, you can just go ahead and do it right?

Ok, you don’t have all the skills you need, secondly, you need to understand the skills you need to start a successful business. More importantly, you need to understand the gap between the skills you own and the skills you need. How can you find out what skills you need to start a successful business? Get out there and speak to business owners! Go to networking events (like create), watch speakers and learn from those who have experienced starting up a business.

Finally, you need to analyse the ROI of each of the methods you could use to gain the skills needed to bridge your skill gap. These methods could include;

1. Doing a degree
2. Outsourcing specific skills to a specialist
3. Building a team of people to fill in the skill gap
4. Forming a partnership with someone who has the skills you don’t
5. Doing some other kind of course

To work out the ROI of each, work out how much each is going to cost and then do some research to discover the kinds of return you will get from each. Speak to people who have completed business degrees, outsourced, have built up a team etc. Ask them how it helped them. But most of all do what is right for you.

I did do a degree and I truly believe that the experience as a whole has provided me with the skills and experience I needed to successfully start KPS Digital Marketing. The question is, which method will have the biggest ROI for you?

Liam Behn – Kent Foundation

Yes, a business degree will almost certainly benefit a budding entrepreneur especially with business planning, business strategy and general management, but, and it is an important ‘but’, it is definitely not essential – far from it. If someone wants to run a business, then they will run a business.

An entrepreneur is a person that has an idea, and ideas are where all good businesses start. It could be an innovation, an invention or a solution to a problem. It is the action taken by that person to execute that business idea and make it a reality that is the important part.

Our research which consulted with successful business people in Kent highlights two key attributes of entrepreneurs – confidence and communication. Having confidence in the idea and being able to communicate it efficiently and effectively.

An entrepreneur is not an expert and they can buy everything else in e.g. accounting, marketing, legal advice etc. An entrepreneur needs to identify their strengths and play to them as well as recognise their weaknesses in order to improve them.

A person running a business with or without a business degree will always be learning, adapting and reacting to their business environment in order to be sustainable and stay relevant to their market.

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For the quick answer, look at the poll below. The question asked was “Do you think a business degree would have/did benefit you?”

As you can see, the majority result was no.

However, there were a variety of comments on the post all with different opinions; some have stated that although it didn’t help them run their business it did give them confidence and credibility in the business world; others also mentioned how it can teach you valuable leadership and management skills, international business practises and human resources matters.

Sarah Arrow – Sarke Media

I have a business degree, and then I left corporate and went to work in an SME, and then I began my real education. In short, I think there are better things you could do a degree in, and if you have to do a business degree specialise rather than generic business. In hindsight, a law degree or an English Literature degree would’ve served me better

Luke Wale – Rido Media

I’ve got a degree in business… complete waste of time, for me anyway. After finishing university most people I knew were then on Job Seekers Allowance for up to the next 18 months and then many were happy to get a job in ASDA.

I only managed to progress by thinking outside the box and working my way through whilst studying my degree, running a side business, working in a night club and then working for the university, becoming a guest lecturer then working for their suppliers.

Did it teach me how to set up a business… No

Did it teach me how to market… No

Did it teach me how to sell… No

Did it teach me lessons in business? (Ironically… No).

What it did teach me though was about international business practices, human resources, accounting law and ponzi schemes etc

Long story short, don’t do it. If you really want to learn from something focused, then speak to someone from the university and find the reading list and spend the money on books.

Side note, they will rip you into pieces for plagiarism, yet say nothing when you find they’ve vast information word for word straight out of Wikipedia. You can access Wikipedia for free… So why pay extortionate rates for someone who is out of touch with the business world to read from an outdated powerpoint slide?

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Overall I believe it factors down to each person, what are you goals? Are you planning on running a small business or having multiple employees and expansion? If it’s the latter then a business degree could be more suited to you.

Nobody will ever have every skill they need to start a business, and with many 16-24 year olds now turning to entrepreneurship as a career, business degrees are out of the question for some of them. If you have the funding and time to get a business degree, then there’s so harm in doing it as there is always something you can learn. If you can’t commit to a university or college course you can always head over to Udemy or Alison, online learning in your own time.