Interest in entrepreneurship-related majors in academia is on the rise.
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Here, we take a look at the growing trend of entrepreneurship degrees.
Is a degree in entrepreneurship valuable? What benefits can this degree yield?
Here are six benefits of studying entrepreneurship that make us bullish on the concept of hitting the books before you open up shop.
1. Entrepreneurs Benefit from the Face Value of a Degree
One cannot deny the value of a strong academic background in entrepreneurship.
Most positions within the corporate realm demand a college degree. Just as an engineer is not an engineer unless he has a degree, some would argue that one should have the right qualifications to operate effectively as an entrepreneur.
While there are many successful entrepreneurs who have no college education or who did not study entrepreneurship, we believe that studying entrepreneurship gives you a leg up on the competition. Moreover, having the degree makes you more credible in meetings with customers, investors and others.
Mind you, the degree just teaches you to talk the talk. You still have to walk the walk. You'll succeed or fail based on your skills and makeup, not because you have or don't have a degree in entrepreneurial studies.
2. Student Entrepreneurs Gain Access to Talented Mentors
There is a recent trend with entrepreneurship professors at universities.
Business schools are beginning to see successful entrepreneurs, angels and/or venture capitalists become integrated into the entrepreneurship school's faculty.
Traditionally, it was not required that entrepreneurship professors be the most successful businessmen themselves. With this new shift, experienced faculty can share real-world experiences with students; thus giving them valuable insight into the roller-coaster world of entrepreneurship.
There is more to this aspect, however, than meets the eye. When an entrepreneur is in the business world, he may keep his knowledge to himself. In turn, when that same entrepreneur interacts in an academic environment, his approach is often different, and he proves more sharing of his expertise. One might never get the same chance once stepping out of college.
This is another reason why studying entrepreneurship can be a smart move. You gain access to talented mentors who may help you for years to come.
3. Practical Learning and Involvement Sharpen Entrepreneurial Skills
Every college curriculum includes compulsory programs that aim to give required widespread exposure and knowledge.
Case studies, team projects, group discussions, effective business communication methodology, and problem-solving techniques help would-be entrepreneurs develop competencies they might not develop elsewhere.
The same goes for academic subjects. If one does not indulge in studying market analysis; long-term strategies; establishment of a management team; evaluation of risks and contingencies; legal strategies; advisory board utilization; etcetera, students may never get a chance to explore these subjects in a real-life setting because they lack the capacity for understanding those processes.
4. University Entrepreneurial Programs Yield Well-Rounded Entrepreneurs
It is difficult to define entrepreneurship by merely one subject or in one word.
Rather, many subjects and professions require entrepreneurial skills. For this purpose, many universities run interdisciplinary programs that integrate entrepreneurship degrees with others degrees, such as accounting, economics, communications, business ethics, finance, human resources management, and sales.
The doctor, the engineer, and the educator all need to have basic entrepreneurship knowledge to be successful in their fields. By exposing student entrepreneurs to many types of entrepreneurship, entrepreneurial studies lead to the creation of well-rounded entrepreneurs who can make smart decisions.
5. Entrepreneurial Organizations Help Students to Refine Their Skills.
Most universities have developed partnerships with entrepreneurial organizations that help students interact with these organizations.
These interactions can help the students in internships, case studies, carrying out surveys, etcetera. The added benefit of these collaborations is the opportunity to network and learn from others.
6. Entrepreneurship Students Gain a Competitive Advantage
Universities hold non-academic activities and competitions from time to time.
Participation in such events allows students to recognize their capabilities as compared to other students of similar institutions. Here, individuals can obtain a "sneak peak" at their potential future competitors who await them when they obtain a degree and enter the workforce. There are often scholarships and internship programs available as well.