How To Become an Entrepreneur Without a Degree

You've got a great business idea and you love the idea of starting your own company. There's just one problem � you don't have a degree. You might wonder if it's necessary to go to college to become an entrepreneur, or if it's possible to get started without a degree.

Entrepreneurship is a field that anyone can enter, even without a college education. While a degree in business or entrepreneurship can teach aspiring business owners essential skills, many have proven that it's possible to be a successful entrepreneur without a degree.

Keep reading for more information about becoming an entrepreneur with a college degree.

Can You Become an Entrepreneur Without a College Degree?

You don't have to go to college to become a business owner. While a business degree can certainly make it easier to get started, it's possible to gain all the skills you need through real-world experience and hard work.

Is It Possible to Start a Business Without a Degree?

As an aspiring entrepreneur, you're probably considering starting a new business and wondering where to start. The good news is you don't need to complete a degree program to start a business.

Many successful business owners never attended college or dropped out before completing their degree. Steve Jobs, Bill Gates, and Mark Zuckerberg all dropped out of college, and yet they started some of the most successful businesses in the world today.

If you want to create your own startup or small business, don't let your lack of a college education stop you. Instead, focus on expanding your skill set for your niche, learning about the different types of business structures, and creating a successful business model.

Steps To Becoming an Entrepreneur Without a Degree

Perhaps you're still wondering what you should do to enter the business world as an entrepreneur. Below we've listed several steps for aspiring business owners to consider as they work towards launching a new company.

1. Identify Your Business Idea

Every successful business starts with a great business idea. Think about the products or services you want to sell and why consumers would buy them.

There's no need to be too specific at this stage. Instead, consider the big picture. Look at your long-term business goals, your interests and passions, and the market, and determine how you can merge all of these factors.

2. Develop a Business Plan

Once you have a general idea of the kind of business you want, it's time to figure out how to make it happen. That's where a business plan comes in. Many small business owners use their business plan to pursue funding or take out loans, while others mainly use it for planning.

Your plan doesn't have to be long or complicated. Instead, you can use it to identify your target audience, the problem to solve (such as a need for specific products or services among your target audience), what you're doing to solve that problem, and how much it'll cost.

3. Pursue Certifications

Professional certifications aren't required to become an entrepreneur, but pursuing specific certifications can help you develop essential business skills. Read through the requirements for certifications as some may require a degree while others may require industry experience. Let's look at some certifications to consider.

Project Management Professional (PMP)

The Project Management Professional (PMP) certification is available through the Project Management Institute. This credential demonstrates you have a strong understanding of managing projects, a skill that comes in handy as a business owner. You can take this exam without a degree if you have at least five years of relevant experience and 35 hours of project management education.

Certified Professional in Management (CPM)

The American Management Association (AMA) provides the Certified Professional in Management credential. This certification demonstrates that business managers have developed key skills in analytical intelligence, business acumen, professional effectiveness, and relationship management, helping them become effective business managers.

You can apply for this certification with a high school diploma or GED and five years of professional experience.

Certified Sales Professional (CSP)

The Certified Sales Professional (CSP) program is a training and certification program available through the Sales and Marketing Institute. The program helps business professionals develop skills relative to marketing and improving sales, helping them learn to reach more potential customers.

4. Acquire Necessary Skills

One of the most important things you can do when building your business is to develop various hard and soft skills that will help you be successful. These skills may include the following.

Strategic Thinking

Strategic thinking is the ability to come up with effective plans and strategies. It requires strong analytical skills and the ability to look at problems from different angles to find a solution.

Leadership and Management

Leadership and management skills are essential to any business. When you're running your own business, you're the one in charge. It's important to have strong leadership and management skills to ensure the business is well-organized and has potential for growth.

Financial Management

If you're running a business, you need strong financial skills. Being able to set and adhere to a budget, understand profit and loss, and find good investment opportunities are all important skills to have whether you're running a small online business or a large corporation.

5. Take Online Courses

The internet is an excellent resource. If you feel there are areas where you need improvement, consider taking some online business courses to develop your skills in that area.

Free entrepreneurship courses and programs are available, as well as paid courses, ranging from basic introductory topics to more advanced, in-depth courses. Consider trying different courses from different sources to find what works for you.

6. Build a Professional Network

Having connections in the business world is important. Those in your professional network can provide you with support, guidance, and resources, which are all valuable not only when you're starting out but also throughout the life of your business.

You can make connections by attending networking events (i.e., conferences and training sessions) and by reaching out to others in your specific niche.

7. Secure Funding

Starting a business can be a significant up-front investment. Unless you have a large savings to invest in your business, you'll need to secure outside funding.

This is one area where your professional network could come in handy. Your business connections may recommend people or organizations they know who would be willing to fund your business. You could also apply for business grants and loans to help you get your business off the ground.

8. Register and Launch Your Business

Depending on where you live and the type of business you start, you may have to apply for different licenses or registrations. For example, you will likely need to register for an Employer Identification Number (EIN), local or state business license, and product-specific licenses (such as a food handler's license if your business involves food).

Once you have all the necessary licenses and become familiar with local, state, and national regulations, you are ready to start selling.

How Important Is Formal Education Compared to Practical Experience for Entrepreneurs?

There is no one way to start a business. Entrepreneurs can take different paths according to what works best for them.

Many entrepreneurs pursue formal education by completing a degree in business administration. Others don't attend college but still end up starting successful businesses through hard work and gaining practical experience along the way.

Whether you decide to complete a degree or not, there is no substitute for gaining hands-on experience. Getting a degree can diminish the learning curve of starting a business, but sometimes, just starting is the best thing you can do. If you're willing to put in the time, money, and effort, you can become a successful business owner with or without a college degree.