Required Education for Entrepreneurs and Business Owners
Many business owners also provide the services sold in their business. A doctor, for example, may own their own clinic. If you visit an auto repair shop, you might see the owner under the cars as well. While it’s common for owners to be involved in such ways, this isn’t a mandatory requirement for entrepreneurs. For this reason, there are no set educational requirements that an owner must meet. Being financially and legally responsible for a business doesn’t require you to have graduated from any university or be certified by a licensing agency—in most cases. You can have the business skills to own a medical clinic or auto repair shop and not provide the services personally. That said, states often require individuals to be licensed to perform work in specific professions, which may include everything from health professions to snow removal to barbers. Always check with your state licensing agencies to make sure you comply with those requirements.
Degrees and Programs for Entrepreneurs and Business Owners
It may be smart to get a certificate or degree in the industry you’ll be serving, especially if it is considered a skilled trade. A food truck owner may benefit from getting a hospitality degree; an app creator could find guidance in a tech certificate program. Since there are no rules to what you must accomplish in post-secondary education, it may be helpful to ask others in the field what they have done. Popular programs for accomplished entrepreneurs often include:
BusinessHospitalityMarketingEconomicsFinanceAccountingCommunications
Certifications for Entrepreneurs and Small Business Owners
There is no single certification required for all entrepreneurs or business owners. However, if you want to increase your knowledge in one aspect of your business, getting a certification from a reputable company can give you invaluable tools. An IT certification in a particular area, for example, could give you a new skill that can expand the services your business offers. You can also earn general certifications for small business owners, such as Certiport’s Entrepreneurship and Small Business (ESB) certification.
Other Ways to Learn
Learning a business takes time. It’s smart to look for opportunities outside the formal school or post-secondary education system for educational growth. Business owners may find the following to be just as useful in their learning:
Seminars and business webinars Conferences and industry events Mentoring programs Clubs and business groups, such as the Chamber of Commerce Magazines, blogs, journals, books, and whitepapers Interviews with seasoned professionals
Business owners who consider themselves “life-long learners” may be better suited to entrepreneurship than others.
Required Skills
Many professionals argue that experience is far more valuable than education. In business ownership, this holds much value. Growing up in your parent’s restaurant, watching them work, seeing recipes being created, and understanding the lingo of the business will likely prepare you far more for owning that restaurant than any course at a community college. You’re more likely to have developed the characteristics of a business owner when you’ve been thoroughly exposed to all that entails. Doing the work that your business provides gives you a feel for the nuances of the industry. You’ll understand the unique challenge of that niche. It’s something that can’t be taught in college. The skills most likely to help you succeed in business include:
Interpersonal skills, ability to work well with people of all backgrounds Commitment and dedication to see your business succeed An eye for detail and the ability to see when things need to be fixed or changed Excellent writing, reading, and analytics skills The ability to prioritize and manage time Basic finance, bookkeeping, and business taxes Understanding the markets, supply, and demand
Experience is not required to own a business, however. Many entrepreneurs learn on the job or hire outside consultants and talent to help them transition to ownership or even run the business for them.
Entrepreneur Career Outlook and Growth
How well your business does depends on many factors, including the market for your industry, your abilities as an owner, and the economy at large. The Bureau of Labor Statistics (BLS) projected that the future for an entrepreneur is bright, however. The BLS projected a 7.9% growth rate for self-employed workers by 2026, slightly more than the 7.4% rate projected for all workers. The average salary for a business owner was $49,912, as of August 2022.
