Around ninety percent of millionaires are self-made, first-generation rich, a number that’s been stable in the US since the 1880s. And two-thirds of millionaires are the self-employed. This is the great hope of those becoming entrepreneurs. However, if you don’t know how to run a business as compared to owning your job, you won’t be able to scale up the business to provide a decent standard of living, much less grow the business to the point it can provide you with a steady stream of income while others manage it. If you don’t know what you are doing, your business is likely to become one of the fifty percent of businesses that fail in the first few years. So what degrees teach you what you need to know to become a successful entrepreneur?
Accounting is a great college degree for entrepreneurs on several fronts. Around 80% of self-employed millionaires, according to the book “The Millionaire Next Door”, are entrepreneurs. The other quarter or so were professionals who owned their own business.
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By working on the business and harnessing the work of their employees, these entrepreneurs build the company and improve the founder’s net worth. And unlike many other types of businesses, accounting firms can be set up almost anywhere in the nation and serve everyone from the general public at tax time to small businesses that need bookkeeping help. You can even get help from a big brand name by opening a tax preparation firm franchise to skip the need to market yourself.
Finance degrees differ somewhat from accounting. While accounting literally involves counting the money and tracking the numbers, finance tends to involve managing the money. Those with finance degrees often become financial analysts, credit managers, and financial advisors. One road to wealth is through smart investing and someone with a finance degree is ideally suited to do exactly that using a portion of the high salaries they receive. Open a financial planning consulting business or rise up through the ranks of a small business as a manager, and you could end up self-employed and wealthy.
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Few degrees better prepare to you to run a business than a business degree. Many business degrees teach you how to market a product, design products per public feedback, sell something, or manage employees. There are many different specializations for business majors like finance, marketing or international relations. And if you earned a rather generic business degree, you can still specialize later by earning an online master’s degree in public administration, international business, innovation, and design, or another discipline.
Any business program you complete should teach you about how to lead a business, not just market and sell a product. This leadership experience is why some business majors start a career as a public administration and end up running their own consulting, design or engineering firms later on. Others start a career in public administration after earning an online public administration degree to gain management experience and then move into the private sector as managers. After all, it is all management.
If you want to become an entrepreneur, your top choices are to study accounting, economics, and finance to understand how to manage money and identify opportunities.