Business owners are turning to training and education to spur business growth, according to data compiled by SCORE, mentors to America’s small businesses. Although degree offerings in entrepreneurship have grown by five times in the past 30 years, 56% of business owners do not have a four-year degree – and are instead taking advantage of other low-cost educational resources.
Small business owners who invest in training are more likely to grow. In fact, business owners in one survey cited training as more critical to their success than adopting new technologies or hiring employees, sharing the following plans for 2019:
- 36% of business owners plan on improving their skills to boost productivity and efficiency.
- 32% will invest in new technologies.
- 28% will hire more employees.
This growing interest in business training is reflected in higher education trends. Over the past 30 years:
- The number of freshmen who want to pursue entrepreneurship has doubled.
- Degree offerings in entrepreneurship have grown by five times.
- Courses in entrepreneurship have grown twentyfold.
Nonetheless, 56% of business owners do not have a four-year college degree:
- 5% did not complete high school
- 20% completed high school or a G.E.D.
- 14% earned an associate’s degree
- 17% completed some college
- 26% have a four-year degree
- 18% earned a post-graduate degree
Instead, many entrepreneurs are using online training materials and modules to educate themselves on business topics, including those found on www.score.org.
The three most popular training topics on www.score.org are:
- Starting your business
- Developing a business plan
- Marketing and sales
