Sure, you don't have to get a degree to build your own business. But here's how it might help you...
Conversations where the words 'entrepreneur' and 'degree' are involved quite often get to the 'yeah, but Branson didn't need a degree, did he?' point, and it's a fair one. Not every successful entrepreneur went to uni.
However, lots and lots of them did. Take graduate and entrepreneur Sahan Suman, for example. Since graduating with a Master’s in Business with Consulting, Sahan has successfully launched Bubble, a digital marketing agency. What’s more, he did it with zero initial investment.
We spoke to Sahan about how getting an undergrad or postgrad degree can help you build a business in lots of different ways.
Curiosity
One thing many entrepreneurs share is an open, curious mindset. They're the ones who wonder 'why not?' and 'what would happen if?', then go and do something about it.
It's a mindset that some people are born with, but it's also one that you can either hone, or develop from scratch, and that's something that a degree is great for.
Undergraduate study, whatever the subject, is partly about rewiring the way you think. Which sounds a bit Black Mirror, but is really all about helping you develop critical thinking skills and dialling up your curiosity.
You don't just get learnings from textbooks, you get the skills to approach ideas from all sides, to question the norm, and generally mess stuff up a bit.
Once you get to Master’s level, the postgrad experience provides opportunities to develop and improve that attitude and critical approach, says Sahan.
“For me, entrepreneurship is about being able to envisage your dreams and accepting that you can achieve what you want.
“The business school community creates the environment to think big and nurture that mindset.”
Subject knowledge
Your degree doesn't have to link to the business you want to start for it to be useful, but sometimes the two things come together nicely.
Engineering graduates might have a competitive edge starting up their own structural engineering business, for example.
Similarly, you don't need a business degree to make it as an entrepreneur, but you might find that the grounding an undergraduate business programme gives you in finance, accounting, marketing and economics comes in handy when you're putting together your business plan and setting out to charm some potential investors.
Postgrad study zooms in even more on the practical skills and Sahan says it helped a lot. “Business consulting and project management were two of my favourite subjects. They equipped me with tools and systems which I still use in my business today.”
Working on case studies or roleplaying business scenarios (no-one wears a wizard's hat, it's not that kind of roleplaying) is a key part of both undergraduate and postgraduate business study, and one that Sahan enjoyed.
A module called 'business in practice' was a highlight for him. "[It was] a real-time business simulation that gave us practical insights into the business word, bridging the gap between theory and practice,” says Sahan.
It's not what you know, it's who
Whatever level you study at, uni is as much about the people you meet and the experiences you share with them – whether you study in person or online – as the modules and technical bits.
Many people walk away with lifelong friends, and for entrepreneurs there's also the chance to build a professional network that will support them on their adventures in business.
That network might be in the form of your coursemates or your tutors – many of them with deep links to industry, in the case of business schools.
It could also be the wider uni community, or even the professionals you meet - in the course of your studies, at networking events (clue's in the name) or on work placements.
“In terms of the benefits of my time as a postgraduate, the network I built created a foundation of connections across the globe,” says Sahan. “As they say, your network is your net worth – and this is true for any entrepreneur.”
Fail fast, get better
Uni is legendarily the time when we get to experiment. That might be with your hair or affecting a new nickname like 'The Quirky Poet' (we're not here to judge), but for entrepreneurs it can also be the crucible in which they learn to push themselves, fail, and get up again.
“Move outside your comfort zone,” advises Sahan, who started his current business with no investment while at university. He now has two offices and an international client base.
“Surround yourself with people who constantly push you to be your best self, start experimenting with ideas and executing them at low cost.”
A degree can offer you so many practical aids to success, but for Sahan the big ones to remember are 'network' and 'knowledge'.
“They're the greatest tools for an entrepreneur. During your time as a student, equip yourself with these two resources.
“Then be OK to fail, try new things and always understand that the first step to making wealth is believing you can!”
Our partnership with Lancaster University Management School
Lancaster University Management School (LUMS) is one of the longest-established business schools in the UK and home to a thriving and truly international community.
We are a triple-accredited research-intensive business school that combines world-class research with excellent teaching and high levels of student satisfaction. We welcome students and staff from more than 180 countries and have a presence in 24 countries, including campuses in China, Germany, Ghana and Malaysia.
We challenge and support our creative staff, students and partners to realise their ambitions as they experience a transformational journey that leads to real impact on whole industries, societies and economies.
Lancaster University is among the best in the UK, and has been the top university in the northwest of England for more than a decade.
To find out more, visit the Lancaster University Management School website.
