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Do I Need To Go To University To Start A Small Business?
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A common misconception that entrepreneurs have is that they cannot successfully start a small business without having a formal education. This is not the case as a lot of small business owners have no higher education.
Although a university education can teach you key skills for running a business, it is not required, making it important to understand what skills you should have and how to learn them.
Education Vs Experience
When it comes to education vs experience, which one is more important? The answer to this question will depend on your industry as a carpenter would have a different answer compared to an allied health worker. One way to understand if university is required for your field is to look at your daily tasks. Are they more technical or skill-based?
For those in the construction industry, an apprenticeship program will be more beneficial compared to attending university. Keep in mind that even those in the construction industry might need higher education, such as to obtain a builder’s license.
What Skills Should You Have?
There are two different skill sets you should have as a business owner: one that is related to your product or service and one that is related to running a business. Becoming a small business owner requires you to have management skills and a general understanding of accounting and bookkeeping to be successful. Among other skills you should have to start a small business include:
- Time Management – This helps manage clients and customers in a timely fashion.
- Customer Service – Your customers are your livelihood as a small business owner. Understanding how to properly manage them is key.
- Expertise in Your Field – You should have the skills to complete the services you are advertising. For example, if you are looking to start an electrician business, you should have experience working in the field.
- Bookkeeping – Recording income and expenses and tracking business growth need to be understood for financial and tax reporting.
As you can tell, you won’t be able to learn all of these skills at a university, meaning small business owners don’t need a higher education to start their business.
Where Can You Learn The Necessary Skills?
Learning the necessary skills for your small business can be done in a few different ways. Some choose to go to university while others choose to gain experience working in the field. However, there are plenty of courses and experts out there willing to help you out along the way.
Summary
Starting a small business can be done without going to university; however, you must have a general idea of the basic principle of running a business and the skill set related to your field. Another consideration as a business owner is your insurance coverage. Analysing if you have the right coverage can be done with our instant quote generator, where you can get an estimate on market-leading insurance in seconds! Simply enter your occupation and expected revenue to get started!
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