The Importance of a College Education when Starting a Small Business

Essay by BabsanUniversity, Bachelor'sA+, October 2004

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The Importance of a College Education when Starting a Small Business.

The reasons for the interest and desire to start a small business may be varied. A desire to work independently, to be the boss and create a good income for oneself, not for another person, can be a great motivator. Starting a business may not be difficult, but staying in business and making it successful through proper planning requires a lot of business knowledge. A college education can help provide the know-how and facilitate success in realizing a long-term dream.

Many have the capability to do great things, but have not had the opportunity or the business knowledge to take such a drastic step. A new business owner does not plan to fail, however that person may fail to plan. "At any given time approximately 10 million Americans are attempting to start their own businesses" (Ewing Marion Kauffman Foundation).

According to the Small Business Administration, only 66% of new companies will survive the first two years. How can an entrepreneur improve those odds? The best way may be very simple; get the relevant education, preferably a Business degree. "Studies have found that factors like having a college degree...can increase the chance that a new venture will survive" (Ramachandran, 2004, p. 62).

What doors can a college education open to enable success in a new venture? One may only have a vague idea of what to do. When attending a variety of classes and actively participating in the learning process, it is possible to be exposed to a wide variety of businesses and to be given the opportunity to learn about different fields, never before considered. An investment banker may find a new interest in catering, a college professor may want to become an interior decorator, and an insurance...