Do I need a degree to be an entrepreneur?

Education and entrepreneurship: Weigh the options. See how an entrepreneurship degree can set you on the path to realising your business dreams in the UK. Start your business.

If you've had some experience in business before but are uncertain about your next step, or if you're just dreaming of starting a small business, an entrepreneurship degree in the UK can be a great help. It lets you learn about the business world, build connections and plan for your future business. It's a path to clarity for aspiring entrepreneurs.
However, keep in mind that you don't always require an entrepreneurship degree to succeed in business. Going to a higher education institution and starting a business aren't exclusive. If you're serious about your ambitions, an entrepreneurship degree can give you a strong head start in the competitive world of entrepreneurship and startups.
In short, you don't need formal qualifications to start a business, but if you aim to create the next “Gymshark” or a groundbreaking non-profit like “CoppaFeel!”, you will need to nurture an entrepreneurial mindset and also the skills and qualities of an entrepreneur.

What does an entrepreneur do?

Someone who starts their own business is called an entrepreneur. You think of an idea, get the money you need, hire a team and run the business. Entrepreneurs create businesses in different fields, creating new products or offering services.
When you start your new business, you will have to adopt many different roles. You might hire people, promote and develop your product and organise the finances. This will help you save money because you might not have a big budget at the outset. Entrepreneurs often gain knowledge of many different processes by having to take on a variety of tasks themselves.
‘A recent report in the UK showed that in 2022, about 7 out of 10 (72.1%) businesses had been around for less than 10 years.
Nearly 4 out of 10 (36%) were 1 to 4 years old and 21% were 5 to 9 years old. Less than 6% of companies had been in business for 30 years or more, with only 1.3% lasting over 50 years.’

Five skills and qualities of an entrepreneur

Entrepreneurs are important for any economy. They use their skills to come up with new ideas and meet people's needs. Successful entrepreneurs are rewarded by money, fame and opportunities to grow. If their business is unsuccessful, on the other hand, they will likely lose money and their favourable position in the market

Becoming your own boss and making a lot of money can be exciting. But starting your own business has risks. If your business loses money, your whole life can be badly affected, not just your business. To reduce risk, it is essential to follow some important principles. Here are the five skills and qualities of an entrepreneur that you need to be successful.

1. Communication

As an entrepreneur, you must be good at talking to people. Whether you're a small business owner or leading a large company, you have to know how to communicate well with everyone involved in your business.
You need to talk to your employees, investors, customers, creditors, colleagues and mentors. If you can't explain why your business is valuable, it probably won't succeed.

You also need to be skilled in all kinds of communication, like:

one-to-one
in-person conversations
group conversation
written communication
emails or online messages

2. Sales

Being good at sales is closely connected to being a good communicator. As an entrepreneur, you have to be able to sell. You need to sell your business idea to investors, your products or services to customers and even yourself to your employees.

When you can communicate well, you can sell your ideas and things more effectively.
At the start, it's common for entrepreneurs to be the first salespeople in their companies. Having the soft skills of sales is important to show the value of your business to everyone, both inside and outside the company.

What is an entrepreneurship degree?

You might think about getting an entrepreneurship degree if you want to be an entrepreneur. Entrepreneurship degrees in the UK teach you how to start, grow and expand your business. Renowned institutions in the UK such as Global Banking School (GBS) offer these entrepreneurship degrees and they're a popular choice for people interested in business.

What can you do with an entrepreneurship degree in the UK?

After pursuing entrepreneur courses in the UK, many entrepreneurs simply start their businesses and run them. Sometimes, they do it alone or with a few partners. They might get money from investors or use their savings.

As of 2022, there were about 5.5 million private sector businesses in the UK and over half of them (56%) are sole proprietorships.

There were 4.2 million businesses in the services industry – 76% of the overall business population.

Besides starting your own business, the skills you learn in entrepreneur courses in the UK can help you succeed in other jobs:

Business consultant: You can help big companies find and fix problems.
Business manager: The business principles you learn in entrepreneur courses in the UK can also be useful in larger companies.
Sales representative: Being good at sales often needs negotiation and taking the lead, as entrepreneurs do.
Marketing manager: You can use your creativity and leadership for a job in marketing.
Intrapreneur: While you are unlikely to find this an official job title, but you can use your entrepreneurial skills to lead new initiatives within an existing firm.

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