The nature v nurture debate extends to entrepreneurship — the concept of self-made millionaires dragging themselves up by their bootstraps is the lifeblood of countless motivational blogs.
But the path to success is usually a little more complicated — it depends on a mix of internal and external factors like talent, determination, timing and environment.
So formal business studies can back up a unique business vision and boost startup success — here are five reasons why.
The risk-return trade-off is crucial for entrepreneurs to understand — and it affects startup business viability as well as investments.
Throwing caution to the wind and launching your business in a volatile market might pay off, but can also end in disaster.
Formal management techniques will train you to take calculated risks in the classroom before you take the risk with real money.
- Practical experience
If theories are never put to the test in real life, they have little vocational value.
But the best modern management courses include practical modules that either place students in short-term internships or require them to complete a work-based project.
So you have the opportunity to apply new skills in an existing job or sharpen them in an established business before migrating completely to self-employment.
Ditching full-time employment to undertake studies on a physical campus might be impractical for many entrepreneurs — especially those with family financial commitments.
But online business management degrees offer a viable solution to this problem.
- Expanding skillset
Entrepreneurs, leaders and managers are three archetypes with distinct skillsets.
It’s rare for one individual to exhibit these traits in equal and extensive measures — yet they’re all essential for business success.
Entrepreneurs might have the creativity and vision to develop a ground-breaking product, but lack the management skills required to co-ordinate daily operations or the leadership skills to engage and inspire staff and stakeholders.
A business degree helps you build a firm foundation in each of these areas, so you know when to step forward and when to delegate.
Networking is vital to entrepreneurial success for 78 per cent of startups.
And the pressures of securing investment funds, developing prototypes, finding premises and hiring staff can leave little time for making vital connections.
But your business course classmates can become a valuable network of contacts you can collaborate with throughout your career.
Tapping into this free knowledge base is a wise move and adds another dimension to your education.
These five reasons explain why formal business studies create business leaders with a blend of innate and absorbed skills — perfect for making the educated guesses that lead to startup success.
Do you have advice for startup entrepreneurs? Share your tips in the comments section.