STUDENT: Part 1 of 4 – Entrepreneurs: How Important is Your Major?

Entrepreneurs are imperative to the success of our economy.  They drive innovation, maximize market efficiency, and create jobs. You can see the fruits of their labor in almost every aspect of everyday life, from the apps you use on your smart phone to the grinders you use to make your coffee.  Entrepreneurs pave the way for us average folk, but in light of all their inspired genius, what is their take to the age old question:

“Does it really matter what type of degree you have, or just simply that you have a degree in order to succeed?”

The Entrepreneurs Perspective:

In my search to better understand the importance of a specialized major, I reached out to established entrepreneurs throughout the state of Utah, as well as students from the University of Utah, Utah State University, and Southern Utah University, in order to gain a brighter perspective. 

Josh Light, co-founder of the advertising firm CupAd and student at Utah State University, believes that in the real world, specialized majors are important to the future success of all students because they gain valuable skills in “problem solving, analyzing situations, and generating innovative ideas.”. Josh, who is a triple major in economics, entrepreneurship, and finance, believes that “my degrees will directly affect my success because without them I would probably never be able to conceive and launch my businesses”

After my discussion with Josh, I looked to find other information sources that might give me more information on the subject. In my search I found an article by Inc. Magazine summarizing results of a study done by the accounting software company Quick Books. The study analyzed small business entrepreneurs with businesses that employed fewer than 20 employees. The study found that approximately 77% of the entrepreneurs involved in the study did not have a specialized business degree.

Tim Justice, an investment entrepreneur and Southern Utah University alumnus, aligns his beliefs with the 77% found in the article from Inc. Magazine. Tim had this to say in response to our question of whether a specialized degree is relevant to future success:

“It has nothing to do with what degree you have.  Where education can be influential is in training someone how to think about problem solving and leadership.”

Travis Corrigan, a student at the University of Utah, entrepreneur, and columnist for {BRANDED}, believes that education is important, but the success of an entrepreneur isn’t defined by his/her education. During my interview with him, Travis clarified two major objectives of any successful entrepreneur: Opportunity Recognition and Cheap Iterative Experiment Recognition… not so much a specialized major.

When I look at it from an entrepreneurial perspective, it seems that the perennial argument—specialized vs. broader, non-specialized degrees—has been settled: it isn’t necessarily the degree itself that makes the difference between success and failure, but the application of the skills and characteristics developed during the process of achieving that degree.

Despite glaring differences among experts’ opinions, one common theme unites them all: specialized majors do not guarantee success, but the benefits of education are invaluable.

We welcome your thoughts and arguments on the subject, so don’t hesitate to give your insight in the comments below.

Until Next Time,

Alex Grimnes

Josh Light is the co-founder of CupAd and is involved in multiple  business ventures. He is currently working on the completion of degrees in economics, finance, and entrepreneurship at Utah State University.

Travis Corrigan is a student at the University of Utah majoring in entrepreneurship and is involved with the enlightenment and growth of entrepreneurs throughout Salt Lake City.

Tim Justice is an investment advisor as well as an alumnus of Southern Utah University.