If you already have experience as a business owner, then you may wonder if it’s worth receiving a business degree.
After all, you may think that you’re already learning everything there is to know about business through experience.
That isn’t always the case, however.
A business degree can offer a lot of benefits that experience alone can’t offer.
Here are 10 reasons a business degree is worth it.
Is A Business Degree Worth It? (10 Reasons It Is)
1. Specialized Education
When someone says that they’re pursuing a business degree, then that doesn’t give a lot of information.
There are several different types of business degrees.
Some are more general than others.
Specialized degrees offer an even further narrowed-down approach to business education.
General business degrees include:
- Bachelor of Science Business Management
- Bachelor of Science Business Administration
- Bachelor of Science Business in Management & Leadership
Each degree focuses on general topics but also supports education in a certain way.
A Business Management degree, for example, focuses on the day-to-day operations of the business.
However, if you pursue a Business Management & Leadership degree, then you’ll also receive an education based on leadership skills.
It can help you become a more effective leader and guide your employees to a more productive and profitable level.
The most general degree is the Business Administration degree.
It will teach you the basics and the advanced topics of running a business.
Beyond general education is a chance to get a specialized degree instead.
Some specialized business degrees include:
- Bachelor of Science Marketing
- Bachelor of Science Finance
- Bachelor of Science Accounting
When you hone in on a degree, you learn the skills of the trade as well as how to market yourself as an employer and an employee.
For example, with a B.S. Marketing degree, not only can you work in a marketing firm, but you can also start your own marketing business.
The same goes for finance and accounting degrees.
You can work as an accountant, or you can start your own accounting firm.
Those degrees give you the tools and education you need to do either.
The best thing about a specialized degree is that it allows you to start in a career and end up in a leadership role.
If you are interested in climbing a career ladder, then these degrees can help you get there.
2. Certificates Don’t Match Up
When comparing someone in business who has earned a high school diploma with someone in business who has a business degree, the differences are stark.
Even someone with experience and a certificate won’t have the same opportunities as someone with a business degree.
In most studies, the person who has a business degree earns far more than someone with a high school diploma.
They were able to earn as much as $1 million more.
Business degrees unlock doors that having only experience can’t.
3. Advancement Opportunities
When an employer is considering two different individuals for a role, then a major part of their decision is going to come from their backgrounds.
If one individual only has a high school diploma but a lot of experience, and the other person has a business degree with little experience, then the employer is more likely to go with the person who has a business degree.
That’s because the employer knows that the individual with the business degree is aware of the latest lessons and facts about the business world.
They can offer new strategies, new insights, and new ideas that can change the business for the better.
A person who only has experience has the same experience as the employer.
They’re both unable to grow past their experience because neither is aware of the latest changes in the business world.
The person with a business degree is.
The employer wants them in their business because they can keep the business fresh and help innovate it.
Every savvy business owner knows that innovation is the only way to keep a business relevant.
If you remain the same, then you stagnate, and customers leave you behind.
The best way to innovate is to bring in new blood fresh from college who can offer new ideas.
Experience doesn’t matter.
The ability to understand the business world and offer new protocols and practices does.
If you want to succeed in business and have new opportunities presented to you, then you need a business degree.
4. Plenty Of Opportunities For Business Degrees
A common misconception of obtaining a business degree is that there isn’t any work for those with them.
The preferred solution is to skip the education and start working as soon as possible.
This is a misconception because there are tons of opportunities for those with business degrees.
The problem comes from the individual’s lack of knowledge about how to search for a job or what they’re looking for.
They also tend to limit themselves.
Instead of looking for managerial positions, for example, you should play to your strengths.
A specialized business degree, for example, can get you into the door as a marketer or an accountant besides only as a manager.
You can also choose to work for yourself.
With a business degree, you learn the ins and outs of a business.
At the very least, you touch on all aspects of running a business.
This gives you enough prior information to start your own business without running into too many problems at first.
Your experience, and business, will grow from there.
If you don’t have a business degree, then you’re limited in the job opportunities that you qualify for.
Many businesses require some form of degree if you want to land an advanced career.
Without one, you’re restricted to managerial positions.
If you limit yourself to a certain geographical area, then your job prospects become limited.
5. Earlier Advancement
Business degrees are worth it because you can expect early advancement in your career.
Someone who only has a high school diploma and experience may qualify for low-tier and mid-tier managerial positions.
Their experience reflects that.
While some individuals who start their own companies without a degree are out there, it isn’t as common as those without degrees working low-tier and mid-tier jobs in the business industry.
Upper-tier jobs are typically held by those with business degrees.
That’s because they have the education and knowledge to hold that position.
It also means they advance earlier than someone who relies on their experience alone.
Coming out of school, you can start out as a mid-tier manager or even higher if you have the right connections.
That can put you ahead of others by several years.
They may only be reaching a mid-tier position by the time you’re involved in a high-tier position.
With a business degree, you don’t have to start at entry-level.
It gives you a head start on a career that can save you money and time in the long run.
6. Business Degrees Offer Flexibility
When you leap into work as a business owner without a degree, then you’re restricted in the role that pertains to your experience.
If you only have experience as a manager, for example, then you’re likely only going to have offers for managerial positions.
It’s based on your experience.
A business degree opens far more doors.
A general business degree, for example, teaches you various aspects of the business world.
That allows you some flexibility in the roles that they offer you.
Because you know how to fill several different roles, you’re more appealing to employers.
They can use you in different roles and even transition you at any time to cover open areas.
You’re a valuable part of the team because your general business degree taught you to perform several different jobs.
Many individuals who choose to forgo a business degree do so because they think they need an expensive specialized degree.
That isn’t necessarily the case.
A general business degree is an effective choice.
You can always choose to minor in a specialty if you want an emphasis in one of the niche areas of the business industry.
7. Increased Lifetime Income
There’s no question that with a business degree, you’re going to earn more lifetime income than without a degree.
A business degree allows you entry into higher-paying positions from the start.
You begin with a salary that is typically higher than those with a high school diploma or only experience behind their name.
As you move up the career ladder, your salary does, too.
You’ll be advancing into roles that those who only have a diploma or experience won’t be able to reach.
Those roles come with high salaries.
Finally, you have a much better footing for negotiating a pay raise.
Even if you’re happy in your current position, you might want to have a pay raise that reflects your performance and education.
Having a business degree can help you in your negotiations.
Many companies out there would be happy to hire someone with a degree at a great starting rate.
This is even more true when you gain experience in your field.
Those who only have experience or a high school diploma to fall back on are replaceable.
In the labor force, there are tons of individuals like that.
There are fewer with business degrees.
That makes them more valuable.
As a result, the company is more likely to give them a pay raise.
Their lifetime income increases several times over someone with only a high school diploma.
A business degree may be expensive, but you’ll come out making more than you would without it, even with the student loans.
8. You Need It To Land The Job
If you want to work in a professional business, then you’re going to need a business degree.
A quick search on the Bureau of Labor and Statistics website shows that only one listed business offers positions to those without a degree in an entry-level position.
The rest require a degree, even for entry-level positions.
Some will also claim that they’ll accept individuals who have the experience that’s equivalent to a business degree, but you’re only doing yourself a disservice by believing them.
They’re likely going to receive another application from someone that has a business degree.
They’ll choose that person over someone who has experience equivalent to a degree.
Having a business degree ensures that businesses take the time to consider your application rather than writing you off immediately.
9. You Can Work In Your Favorite Field
The great thing about working in business is that it allows you to work in your favorite field.
If you love hospitality, for example, then you’ll find tons of different companies looking for someone with a business degree.
Those companies are across the world, too.
You could be living on a tropical island working at your dream job.
Others might prefer finance.
Tons of financial institutions are looking for people with business degrees.
Every field is going to need someone with a business degree because almost every industry is a business.
In a world where work-life balance is difficult to achieve, it’s important that you love what you’re doing.
Business, especially, often requires several hours of professional and personal time devoted to it.
A business degree allows you to work in the field or industry of personal interest to you.
You’ll find your work rewarding and earn a good amount of money, too.
A business degree is a key that unlocks several different markets and fields to you.
With only a high school diploma and some experience, you’re limited to certain fields like retail, fast food, and similar types of industries.
10. Start Your Own Business
A final reason a business degree is worth it is that it gives you the knowledge and confidence you need to start your own business.
While you’re studying, you can find great connections with professors, speakers, and even your classmates.
Those connections can help you make your business a success.
The tools and lessons you’ll learn at school can also be useful when you start your own business.
You’ll know how to perform certain actions, find funding, and perform all the necessary paperwork that goes with starting a business.
You won’t feel as though you’re walking in the dark since college will have prepared you.
As the owner of your business, you can work without a boss.
You set your own hours, determine your pay, and have sole responsibility for the success or failure of your business.
It’s a thrilling adventure that any true entrepreneur finds addictive and exciting.
Those who only have a high school diploma can attempt to start their own business, too.
They may even find funding through various grants.
The problem is that they lack the understanding of certain parts of running and operating a business.
That lack of knowledge can cripple them.
If a problem arises and they don’t know how to solve it, then their business venture can tank.
Someone with a business degree has a better chance of solving problems.
At the very least, they have mentors and connections that they made during business school to rely on.
A business degree can help you start your own business and become a successful brand.
How To Make The Most Of Your Business Degree
If you decided to pursue a business degree, then there are a few things you can do while you’re at school to make the most of it.
Try these things while studying for a business degree to ensure you’re prepared for life outside of college.
1. Make Connections
One of the best things you can do to make the most of your business degree is to make connections.
Get to know your professor and their friends.
While you don’t want to force yourself into their group, you should approach them like mentors.
Establishing a good relationship with them can give you someone to call or contact when you’re facing a business problem in the real world.
They can offer sage advice.
This goes for other business-related individuals in your school, too.
If a speaker comes to your school, then take the time to ask them questions and get to know them.
Acquire as many mentors as you can.
You can learn from their experience as much as you can from school.
Finally, learn about your classmates.
You may find out that some of them have skills that you don’t.
It could be worth partnering with them in the future if you have similar goals and values.
You can cover for each other’s lack of skills and make a formidable team.
2. Consider A Minor In A Specialty Degree
One of the best degrees that you can study for is a general business degree.
Not only is it going to be cheaper than other degrees, but it also helps you learn several different aspects of a business.
That can make you a more flexible worker which also means you’re able to solve various problems.
However, you should consider taking on a minor if a particular specialty appeals to you.
If you know that you want to get into marketing, for example, then you should consider studying marketing as a minor.
Not only will get you all the benefits of a general business degree, but you’ll also appeal to marketing firms in the industry.
With your unique combination of skills and talents, you’ll find a job practically anywhere.
3. Gain Experience
While a business degree will usually get you in the door for an interview, you won’t be the only one with one.
A way to make yourself stand out is to have experience, too.
It’s easy to find opportunities while you’re at school.
Internships are one method.
This will give you hands-on experience performing the role that you’re studying for.
You may even find yourself hired as an official employee if you do a great job.
Another way to gain experience is to join different student organizations related to business.
This can brush up some skills and develop new ones that could be useful in the industry.
Finally, try to sign up for positions with your professors.
They often have projects or businesses they run outside of school.
Becoming involved with them can open several opportunities down the road and give you plenty of experience.
Business degrees are worth it if you want to earn more money and save time on your career.
It can help you leap over the heads of other business individuals who only have a high school diploma and some experience to their names.
Finally, a business degree can build a solid foundation of skills and knowledge for you to build your own business on and become your own boss.