I think the common answer to this question is Business and I understand the logic behind it. If you’re starting a business, what better major to pursue than Business, right? I’m not so sure. There is certainly validity to that approach and many Business majors have gone on to become successful entrepreneurs. But I think that  most would-be entrepreneurs would be best served focusing on an applied field or industry of study and supplementing that education with a few targeted business classes.

I think the key is knowing your business, rather than business in general. Someone with a degree in horticulture, for example, would be much better suited to starting their own nursery or landscaping business than a business whiz with some understanding of plants. That is not to discount the importance of a solid base of business fundamentals as well as outside factors such as market, competition, overall economic health, and luck. Many factors will play a role in the success of a new venture, but I believe that a strong understanding of the core services or products of a particular business is the most important element to ensuring success.

If you have even the slightest inclination to one day start your own company (and I think most of us have that urge at some point), I would recommend taking and really absorbing at least one each of a college-level accounting and finance class. The fundamentals of both accounting and finance (no, they are not the same thing) can be invaluable in helping you avoid some of the major pitfalls that new entrepreneurs face. And even with a strong foundation in each, I would recommend finding a good and accessible accountant to guide you through the set-up and structuring of your company.

Tags: college major selection, education for entrepreneurs, starting your own business

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