Business is an evolving, in-demand, and dynamic industry full of diverse career paths. Within the field, there is truly something for everyone: number-crunchers, strategic thinkers, creative marketers, organizers, decision-makers, budgeters, motivational leaders, and, of course, ambitious entrepreneurs. No matter your skill sets and interests, the world of business has something to offer you.
For individuals who have maybe dreamt up a start-up, or have goals to run a company, there are two typical pathways you can pursue in business school: business and entrepreneurship. While these terms are often used interchangeably, they involve unique approaches and mindsets, and therefore slightly different studies and career outcomes.
Business vs. entrepreneurship definitions
At a high-level, business refers to the producing, buying, and selling of goods or services in exchange for profit. It is an overarching job sector that encompasses a wide range of operations, including manufacturing, retail, finance, marketing, leadership, and more. At its core, business involves the creation and exchange of value between individuals, organizations, or entities. It often operates within a structured framework, with defined goals, processes, and hierarchies with an organization or company. Businesses can vary in size, from small start-ups to large global corporations, but all types of businesses play a key role in driving economic growth, creating employment opportunities, and satisfying the needs and wants of their consumers. The most successful businesses effectively manage resources, adapt to market changes, and strive for innovation and efficiency to remain competitive in their respective industries.
Entrepreneurship, on the other hand, refers to the process of identifying, creating, and pursuing new business ventures. These ventures are typically established with the goal of addressing unmet needs in an industry, or creating value in new and novel ways. For example, an entrepreneur might start a tech company, launch a new business, or design a new product. Sometimes, entrepreneurs will innovate within existing companies, but all share the common drive to bring their business ideas and concepts to fruition. Entrepreneurship, as a branch of business, embodies a mindset characterized by innovation, creativity, risk-taking, and the willingness to undertake challenges in pursuit of one’s goals. Successful entrepreneurs possess vision, initiative, and determination, as well as the skills needed to break into a competitive market and thrive.
Now, the question is: As an aspiring business leader, which area of study is best for you?
Business degrees vs. entrepreneurship programs
Business and entrepreneurship programs are both incredible options for business-minded individuals, and can help you develop valuable, versatile skills that can be applied to any career. However, the subject matter of these programs can vary, so it’s important to do your research before choosing the best degree program for you.
There are many different types of business degrees but, most commonly, the term “business degree” refers to a business administration degree. Business administration degree programs cover a broad range of topics related to various aspects of operating a business. They typically include courses in management, finance, economics, customer relations, accounting, marketing, and business law and ethics. The specific curriculum will vary depending on the degree you choose, as business administration programs can be found at the associate, bachelor’s, and master’s degree level.
Because of the broader nature of business administration, many programs will enable you to carve your own path through a concentration or customized elective coursework. For example, at Goodwin University, our BS in business offers 27 credits of open electives, as well as directed electives, so that students can hone in on their interests and professional goals. For some, this might involve taking more courses in entrepreneurship and small business management. For others, it might also involve studies in modern marketing methods.
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Entrepreneurship degree programs, as you might expect, are more concentrated in focus than a business administration degree. These programs focus on the knowledge one needs to start, grow, and manage a new business venture. While entrepreneurship programs may cover some foundational business topics (e.g. accounting and marketing) to prepare students for the daily operations, they typically place a greater emphasis on subjects and skills relevant to entrepreneurship, such as market research, business plan development, and leadership.
Entrepreneurship degrees may be offered in silo. More often, however, you might find that entrepreneurship is a concentration or specialization that you can pursue within a business degree program. At Goodwin University, for example, students within our associate degree program have the option to complete dedicated entrepreneurial coursework and a practical internship. Through this experience, students gain hands-on practice in small business management and walk away with the capacity to bring their own business to life.
While both business and entrepreneurship programs provide valuable knowledge and skills, a business administration degree offers a broader foundation in various aspects of business management, and an entrepreneurship program offers a more specialized focus on starting and growing new ventures. These differences translate to the varying career options and outcomes available after graduation from either type of program.
Business vs. entrepreneurship career options
Business degree programs offer a comprehensive understanding of how businesses function and operate and, as noted above, cover a breadth of topics related to daily management. Business degree candidates learn the ins and outs of strategic planning, operations management, and customer relations. They gain transferable skills and fundamental knowledge in areas from human resources to marketing/advertising. As a result, they leave well-equipped for careers in (but not limited to):
- Business management
- Consulting
- Finance
- Human resources (HR)
- Marketing
Entrepreneurship studies are specifically focused on bringing business ideas to life, and giving students the tools they need to launch, as well as operate, their own business successfully. They offer students skills in business development, market research, small business management, and more. Graduates of an entrepreneurship-focused program will be best suited to:
- Achieve leadership roles
- Consult other small businesses
- Start and run their own company
- Work within existing corporations to inspire and innovate (called intrapreneurship)
At the end of the day, choosing the right degree for you is as simple as evaluating your specific career goals, interests, and aspirations within the business world. If you desire a lucrative career in business, a business administration degree is a great way to develop your foundational skills and knowledge. But if you are looking for the specific tools and knowledge needed to launch a business of your own, an entrepreneurship program is going to be a better fit for your needs.