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4 Tips to Start a Business (Without a College Degree)
Don’t want to go to college? We feel you – it’s a big-time commitment and an investment. But if you want to live out your entrepreneurship dreams you may be wondering, “Can I start a business without a college degree?” Absolutely! After all, it’s not what you know but how you adapt and learn. Today, web designer Nick Throlson shares some top tips for getting into business without a college degree. Let’s dive right into it.
Get an Idea and a Plan
According to VentureBeat, 50% of businesses fail in the first year alone. This is because new entrepreneurs usually jump into their idea without much thought and prep. While passion is critical in business, it is equally vital to do the groundwork for your business. This means coming up with and researching a viable idea – this will involve market research and understanding your target demographic. It also means you need to have an actionable plan to guide you towards success. A business plan can help you formulate your ideas, such as how much money you need to get started, expected expenses, marketing strategies, and more.
Get a Network
One of the most significant benefits of getting a college degree in business is the contacts you make there. This is arguably more helpful than the learning, as most business functions on your network and a mutual support system. As someone who doesn’t have a pre-existing network built up, it will be highly critical you prioritize networking. Start by creating a LinkedIn profile, and reach out to other professionals in your industry or with a similar background. Finding and attending local business chapters or entrepreneurship events can also help you build these social networks and benefit from them.
Find Additional Resources
Thrive Global reports that learning never stops. This is particularly true in business, where you must wear many hats and creatively solve various problems. Thus, finding resources to help you manage your operations and functions more successfully will be key. There are a multitude of resources available for learning about running a business, including mentorship programs, online courses, business incubators, and government resources, which can provide valuable guidance and support for entrepreneurs.
Very few people have the funding needed to start a business. However, entrepreneurship is a booming industry, and there are lots of people and groups out there hoping to support ventures like yours. Crowdfunding through platforms like Kickstarter and GoFundMe is an excellent way to raise the capital you need to get started. You can also reach out to venture companies or identify potential investors.
Taking out a loan may also be a viable option. Taking out a business loan can be impacted by your credit score, as a high score can increase your chances of approval, improve your loan terms and interest rates, and provide your business with the financing it needs to grow and thrive.
While it’s true that a degree can open some doors, there is no real substitute for hard work and effort. If you’re genuinely passionate about your business idea, there is no doubt that you’ll find a way to make it work. So keep at your dream, gain experience, and you’ll soon be ready for unparalleled business success. Good luck!