You have likely watched a documentary or read a thrilling anecdote about a business owner that dropped out of university and made it big. These people started a business and became a multimillionaire before their friends even took their final exams. Unfortunately, while some of these stories are undoubtedly true, this type of entrepreneur is rare. Many of these money-spinning entrepreneurs tout the benefits of further education or a return to study later in their careers.
Entrepreneurs have an innate ability to perform a cost-benefit analysis on almost any scenario, from splurging on a business class ticket to ensure a restful night of sleep to shaving time off a commute. However, when time is money, what courses, degrees, and further studies are valuable? There isn’t a universal answer here, so check out our opinions on the matter below.
What Is the Benefit of Further Education for an Entrepreneur?
Pursuing further studies as an employee is typically related to career advancement and securing a higher-paying salary. The benefits for an entrepreneur may not be as overtly correlated. But, you could reap the following benefits with further studying:
The decision to further your education is incredibly personal, regardless of the impact on your professional life. What might be suitable for one individual may not fit into the current stage of life of another. While increased knowledge is always beneficial, you need to weigh the benefits. Consider asking yourself the following questions and contemplate them honestly.
Can You Manage the Costs Involved?
The cost of taking a course, degree, or further education is not limited to the course fee alone. You will need to consider the additional cost of books, travel, study fees, and miscellaneous course expenses. If you intend to take a sabbatical or limit your professional commitments, this could also hinder your monthly bottom line.
Additional education typically pays off in the long term, but it is integral to ensure you won’t be putting your fiscal future at risk. It is always worthwhile speaking to the department of financial assistance at your choice of institution to see how they may be of service. You might be eligible for grants or low-interest government loans. Scholarship opportunities could also be available and may be the determining factor in deciding between one course or another.
Can You Make the Necessary Time Commitment?
As a budding entrepreneur, the thought of adding extra education to the mix may seem preposterous. However, we all know that a busy person accomplishes far more than any idle individual.
Check out how flexible your intended course is, including time commitments and hybrid or online possibilities. For example, some courses take professional experience into account in exchange for course credits. In contrast, others might allow you to use on-the-job projects as case studies.
Can You Meet the Required Prerequisites?
Any successful entrepreneur knows that requirements can be bent for certain people in the right situation. If you are a mature student, your professional skills could weigh more heavily than your high school transcript. Speak to the admissions department and push to schedule a face-to-face interview if needed.
No matter your age, fine-tuning what you want to study full-time is not a simple task. Think about what skills you would like to improve and what drives you to excel. As an established entrepreneur, you know that sometimes it makes financial sense to pay experts. However, we would argue that a wide-ranging knowledge base can be the key to success for yourself. Here are six examples of broad knowledge master’s degrees worth looking into:
1. Masters of Business Administration
This course is generally for those with an educational background in business or a related field or an extensive amount of field experience. Courses can be specific to various areas such as entrepreneurship, marketing, finance, information systems, and more.
2. Masters in Management
This education course is typically for those with no educational background in business or little on-the-job experience. As a result, the financial outlay is often less than a master’s of business administration.
3. Master of Information Technology Leadership
An IT masters degree is ideal for those wanting to expand their capabilities as a leader. The classes typically encourage research within the workplace enabling you and your company to benefit from your skills before you graduate. In addition, classes focus on problem-solving, empowerment, teamwork, digital literacy, and driving strategic results.
4. Master in Entrepreneurship
This course can be ideal for those that want to pivot their specialist skills from a previous career into their own startup. Classes typically focus on real-world applications with courses in strategy, marketing, risk, return, and scaling ventures.
5. MSc in Sustainable Entrepreneurship
This course could be the perfect fit for those looking for a multidisciplinary education that encourages developing new perspectives. Students develop management and leadership skills that will hopefully one day drive sustainable change in society.
6. Master in Entrepreneurship, Finance and Innovation
This program addresses the role of financial support for new business startups, including growth and innovation. Classes in acquisition funding, financial management, and the innovation process are attributed to real-world scenarios.
The skills needed as a successful entrepreneur are wide-ranging and dynamic. There is no static mold of what will prepare you for an unknown future filled with innumerable variables. As such, we highly recommend pursuing education courses where real-world problem solving, teamwork, and innovation are complemented by core business methodology.