Matthew P.’s Avatar

Matthew P.

151

Karma

1

Questions

Would having a degree in accounting be beneficial if I am interested in becoming an entrepreneur?

Would really like to have my own business one day. #futurebusinessowner

Ask a new question Answer this question
Asked

8 answers

Hi Matthew,


I think an accounting degree would be very beneficial if you are interested in any sort of business. If you are hoping to one day run your own company or start a company, it would be incredibly helpful to understand the numbers and financial structure of the business. I don't think that necessarily means you need a formal accounting degree, but taking accounting courses can really ground your business knowledge and help your understanding. A lot of knowledge will come from your experiences as a professional.


If you have the opportunity to double major or expose yourself to more accounting courses throughout your time in college, I think it would really give you a great foundation for your entrepreneurial passions!



Last updated May 11 at 05:13 PM
As a CPA and someone with a degree in accounting, I am biased, but I believe it is very important. Accounting is the language of business. It is how business are measured for success (or failure). It is what allows investors to compare businesses and assess continued investment. As an entrepreneur, you will likely seek investment from outside sources, and these investors will want periodic reports of how the business is doing. So if you want to be a successful entrepreneur, I highly recommend an intro course in accounting!
Last updated Dec 07 '17 at 05:16 PM

It depends.

If you are passionate about accounting, then by all means get a degree in accounting.

However, there might be better choices for you. Does your school offer a degree in business with emphasis in entrepreneurship?

I contemplated a very similar question when trying to decide what to study in college. I chose to get a degree in accounting from one of the top accounting schools in the nation. I knew I wanted to have a career in business, either as an entrepreneur or a general manager. I was good with numbers and liked the introductory accounting classes. I found that my accounting upper level classes where not as fun and exciting and they were actually boring to me. If I could do it again I would not have chosen an accounting degree simply because it could be beneficial as an entrepreneur or general manager.

As an entrepreneur the probability of success increases exponentially when you have a partner or partners who can compliment each other. One of those partners could be someone who loves accounting. You could also hire a CPA to act as an adviser in all financial matters. There are other areas that need to be addressed in other to succeed as an entrepreneur such as sales and marketing. Without sales, there is not business. There is HR if you plan on having employees.

You could consider get an undergraduate degree in something you love and have a passion for and an MBA where you will learn business skills in many disciplines including accounting that is relevant for running a business.

Last updated Apr 20 at 05:27 PM

I know a few people who have run their own small businesses, and accounting will definitely help and save you some money on paying for an accountant. However it's not the only thing you'll need as a successful entrepreneur. It may be worth looking at some form of business studies course that includes accounting, but also covers marketing, sales, perhaps some law, personnel, customer service, project management, and communication and negotiation skills. There are many facets to running a small business, accounting is only one of them.


Of course, if you want to set up a small business as an accountant, then you'd definitely benefit from studying accounting and have some of the other skills as electives or outside study.

Last updated Mar 17 at 11:02 PM

I believe a degree in accounting can add value to your finance skill and this will be very used in your business. After you can link this knowledge with other areas, as economics and business management.



Last updated Jun 26 at 04:33 PM

Yes, very beneficial.


When you run your own business, you will come across so many accounting related issues. For example, you have to file taxes as an oswer of sole proprietor business. You will need to figure out how to treat your investments in your business, and how to file your employee's benefits like insurance. Also, there will be so many cases that your business decisions depending on tax consequences. You can always get professionals' help but I personally think it will be so beneficial for you to know the language/terms the professional use and to be familiarized with the field.


Hope you find my answer to your question helpful!

Last updated Apr 04 at 04:56 PM
Having a background in accounting is always useful regardless of which career path you take. I would highly recommend taking at least an introductory accounting course to have a basic understanding and if you enjoy it continue with it as a a degree. Other beneficial degrees for an interest in entrepreneurship would be economics and finance.
Last updated Sep 29 '17 at 10:59 PM
Yes. It is impertinent to you and the success of your business to understand the financials. Do you want to go in owning your own business without knowing how money comes in and out? Having that kind of knowledge will help you no matter where you go, whether you start or work for someone else. Taxes in this country are complicated. It will work well to your advantage.
Last updated Mar 19 at 01:02 AM
Ask a question