Is there a set path to becoming a business owner? If you’re dreaming of starting your own business, you might be wondering: Do I really need a master's degree? And if so, which one should I choose? It’s a logical question for aspiring founders to ask. 

What do Steve Jobs, Richard Branson, Walt Disney, and Mark Zuckerberg share in common? They’re all incredibly successful entrepreneurs who never completed a college degree. 

Did you know that, according to Kauffman Foundation Trends in Entrepreneurship Report, only 22.6% of the entrepreneurs surveyed had an advanced degree? While a master’s degree can be helpful, it’s not necessary for starting your own business.

The Myth of a “Set Path”

The truth is, you don't need a degree of any kind to start your own business. When it comes to running a business, most of the knowledge you need comes from real-world experience. That said, a college education can definitely help you develop important soft skills, like communication and problem-solving, that you can use in your new role. So, what kind of degree is really needed to run a business? Business degree? You may think that this is the best choice but the type of degree you have is remotely important as your commitment and perseverance.

The top skills needed for starting your own business are communication, problem-solving, and time management. Chances are, you’ve already developed these skills through your previous education or learned the skills you need during an on-the-job training.

What If You Could Learn the Key Skills Without a Degree?

Nothing beats learning through experience. Think about the times you’ve solved a tricky problem or worked on a challenging project. Those moments didn’t just teach you skills; they gave you real confidence to handle future hurdles. That’s where experiential learning comes in. It’s all about gaining practical knowledge through action, reflection, and adjustment. Even the tough moments shape your skills and prepare you for the road ahead. As it turns out, you can’t plant a seed and expect a tree tomorrow.

Entrepreneurship education is essential in inspiring and preparing individuals to start their own businesses. It teaches you to think on your feet and make decisions even when you don’t have all the answers. Online courses are a great way to build the skills and confidence you need as a business owner. Udemy Business reported a 236% surge in entrepreneurship course enrollments, showing the growing interest in building business skills. 

Reading books is an excellent way to develop fresh perspectives, ideas, and insights. 

We know... there’s a lot! 

Go with the ones that truly connect with you and your needs. Here are some of the best books that you can read: The Lean Startup by Eric Ries, Start with Why by Simon Sinek, Atomic Habits by James Clear, The Hard Thing About Hard Things by Ben Horowitz, Good to Great by Jim Collins, The $100 Startup by Chris Guillebeau, and Zero to One by Peter Thiel. 

Podcasts are also a great way to dive into the minds of successful entrepreneurs—pop in your earbuds during a walk or while driving and let the wisdom of the pros spark new ideas and strategies for your own business journey.

Taking action now could lead you further than waiting for everything to be 'just right'

No one starts with all the answers, and fears are often just barriers to the success you're capable of achieving. Don’t get too caught up in your past experiences. Whether it’s losing money or facing a tough challenge, take the lessons you need from the situation and just move forward. 

Over 31 million entrepreneurs are already building businesses in the U.S. There are endless opportunities to find a mentor or talk to someone about their experience starting a business.

Final Thoughts

If you're considering starting a business but feel held back because you don’t have a degree, don’t let that stop you. Forget what others say you need to succeed—your potential is yours to define. 

Love what you’re doing. We’re a firm believer that passion is more important when it comes to being an entrepreneur.