Business Degree vs. Entrepreneurship Degree: What’s the Difference?
If you clicked on this article, you might be either wondering what business administration vs. entrepreneurship is or contemplating which major to pick. If it's the former, we hope that this article gives you some clarity as to the differences and similitudes between the two. And if it's the latter, we will go over these two degrees and explore their potential; this way, you will have a clearer vision of how your future career could look like. So without further ado, keep on reading to find out more about these two degrees, their career paths, job outlook, and salaries.
What Is a Business Degree?
A business degree is an academic credential that allows students to develop deep knowledge of business organizations and provides them with understanding in areas such as customers, markets, operations, finance, communication, information technology, and business strategy.
In a business degree, students are trained to analyze data, evaluate an organization's effectiveness, and design/implement business strategies. A business degree can increase chances for job prospects, give you opportunities for advancement, and potentially increase your salary. It's a beneficial investment in your career, especially if you pick the business program that can lead you to the profession you are passionate about.
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Business career paths
After your business degree, you will be qualified for various challenging and well-paid careers. We have compiled a list below with a few of the most popular fields you can specialize in. Each of these has its own specialties, which can open a lot of opportunities for students planning their careers.
Business Administration - this field relates to the management part of business operations, including people and resources. Administration degrees focus on skills such as finance, decision-making, and leadership. Careers you can pursue in business administration are budget analyst, cost estimator, logistician, human resource specialist, accountant, and auditor.
Business Intelligence - this field provides training in relevant, modern technology and developing analytical skills. Most jobs in this field require you to obtain at least a bachelor's degree in business intelligence. Careers you can pursue in business intelligence are financial analyst, market research analyst, operations research analyst, budget analyst, and management analyst.
Accounting - this field relates to the recording and management of financial records. To become a certified accountant, you will at least need a bachelor's degree in accounting. Careers you can pursue in accounting are cost estimator, tax examiner, auditor, budget analyst, and accountant.
Human Resources - this field involves scouting, recruiting, hiring, and managing employees. Many jobs in human resources require you to obtain a bachelor's degree. Students will be trained in communication, leadership, and legal and ethical knowledge. Careers you can pursue in human resources are corporate recruiter, human resources specialist, human resources coordinator, human resources director, and human resources manager.
Some other careers you can pursue in other fields of business include, but are not limited to:
Credit Analyst
Financial Advisor
Senior Investment Analyst
Finance Manager
Marketing Manager
Account Manager
SEO Specialist
Digital Marketing Manager
Regional Sales Manager
Environmental Project Manager
Product Development Manager
Emergency Management Director
Purchasing Manager
Contract Administrator
Coach
Athletic Trainer
Promotions Manager
Business job outlook and salary
According to the U.S. Bureau of Labor Statistics (BLS), it is estimated that career opportunities in business will grow 8% from 2020 to 2030, as fast as the average for other occupations. Jobs are expected to grow, with about 750,800 more opportunities to get hired.
According to Payscale, these are some of the highest annual salaries of some of the most popular occupations in business:
Finance Director - $119,000
Accounting Director - $113,000
Corporate Controller - $110,000
Portfolio Manager - $106,000
Tax Manager - $104,000
Finance Manager - $103,000
Finance Controller - $93,600
Financial Advisor - $88,100
Assistant Controller - $84,400
Accounting Manager - $81,000
Financial Analyst - $72,400
What Is an Entrepreneurship Degree?
An entrepreneurship degree could be classified as a type of business degree. It trains students in skills that are important in creating and developing businesses. Many students obtain an entrepreneurship degree in order to start their own business; however, there are many other jobs they can pursue after earning their degree.
The ability to take risks, make decisions, and lead teams is what makes a good entrepreneur. Many skills used to start a business also apply to other careers, so students can make a living while they build their businesses. This degree also allows students to go after a more traditional job, should they prefer one with more predictable income and opportunities.
Entrepreneurship degree career paths
After obtaining your entrepreneurship degree, you will be qualified to pursue a wide range of careers, depending on what type of company you plan on starting. The bachelor's and the master's in entrepreneurship train students in skills such as writing, reading, researching, and interpersonal communication. Entrepreneurs can then use all of these to grow and boost their business' success. All of these skills are useful not only in careers in entrepreneurship but in business too.
Here is a list we compiled of different career paths you can pursue in entrepreneurship:
Real Estate Broker - this career entails working with clients to help them buy or sell commercial, residential, and industrial spaces. They consult and negotiate on market prices, stay up to date on market conditions, host open houses while presenting offers from buyers to sellers.
Sales Representative - this career entails working for different manufacturers or wholesale businesses, selling clients' products to other firms and clients, identifying customers, creating contracts and sales materials.
Advertising Agent - this career entails selling advertising space for clients in magazines, websites, newspapers, radios, and television shows. Advertising agents provide estimates, set the run dates, and create contracts.
Marketing Manager - this career entails helping a company compete in the market and raise its profile. Marketing managers promote different campaigns, manage branding initiatives, monitor and develop budgets, develop and strategize marketing goals.
Some other careers you can pursue in other fields of entrepreneurship include, but are not limited to:
Personal Financial Advisor
Financial Manager
Fundraising Manager
Financial Analyst
Budget Analyst
Management Analyst
Accountant
Entrepreneurship Professor
Researcher
Chief Executive Officer
Students can advance their careers in entrepreneurship in various ways, other than obtaining a degree. For example, as an entrepreneur, you can learn new essential skills by taking education courses (some of which you can easily access online) or by earning a professional certificate.
Entrepreneurship job outlook and salary
Even though a lot of entrepreneurs use their learned skills to start and run their own company, some others may also pursue a related job like finance manager, business manager, financial analyst, or chief executive officer. Luckily, careers in entrepreneurship can be found in most industries because every business needs professionals who are skilled and can juggle many responsibilities of the company.
The four most common career paths for entrepreneurship majors are financial analyst, chief executive officer, finance manager, and business manager. Based on your degree, the skills you learn, and the certificates you earn, you can progress in each of these careers and raise your income to your liking.
According to Payscale, here are some of the highest annual salaries of some of the most popular occupations in entrepreneurship:
Marketing Manager - $135,900
Financial Manager - $129,890
Fundraising Manager - $116,180
Chief Executive Officer - $104,690
Personal Financial Advisor - $87,850
Financial Analyst - $85,660
Management Analyst - $85,260
Researcher - $79,720
Entrepreneurship Professor - $79,540
Budget Analyst - $76,540
Accountant - $71,550
Sales Representative - $63,000
Advertising Agent - $53,310
Real Estate Broker - $50,730
Business vs. Entrepreneurship
In order to help you make a decision on which major to choose, let us first compare these two respective fields. Since many careers can be pursued with both a business and an entrepreneurship degree because of their similarities, we will narrow down to the one significant difference between these two degrees.
Students who pursue a business degree will be able to invest their energy, time, and resources to run the business based on an already existing company. This has its advantages since you don't have to worry about boosting a startup company and spending money and time while doing so. So, if you're a hardworking person who has a lot of interesting ideas and can take a lot of responsibilities at once, then the business degree might be the best choice for you.
On the other hand, students who pursue an entrepreneurship degree will be able to invest their energy, time, and resources to build a company that is unique, original, and has been developed from scratch or to help an existing one to grow. Starting your own business/company can seem intimidating, but you will have the independence and advantages to make decisions about your company from top to bottom. So, if you're an ambitious person who has innovative goals and isn't afraid of challenges, then the entrepreneurship degree might be the best choice for you.
Conclusion
If you are trying to decide between these two degrees, remember that both are great options and may lead you wherever you want to go. Consulting with friends or colleagues who have pursued one of these paths about their experience can be helpful.
Both of these fields require a lot of hard work, determination, and perseverance. If one of your strengths is creativity and innovation and you want to exploit your ideas, then entrepreneurship may be the degree for you. If you are not sure exactly about how you want to approach your career and keep your options open, then a more general degree such as business may be what you need to start with. That being said, we wish you the best in your endeavors!