 Is an entrepreneurship degree or entrepreneurship major worth it? That's what we're going to be talking about today. But before we jump into that, let's go ahead and gently tap the like button in order to defeat the evil YouTube algorithm. On this channel, we talk about personal finance, college degrees, careers, and opportunities that are going to lead you to success. And we also go over some of the common financial traps that so many people end up falling for. Now, if you're new here and that sounds like something that interests you and you haven't done it already, go ahead and hit that subscribe button and ring the notification bell so that you never miss out. So with that out of the way, let's jump right into it. First of all, let's define what exactly entrepreneurship is. Entrepreneur was originally a French word that basically means somebody who takes on risk. And that makes sense because most businesses don't succeed in the modern world. Only a small percentage of them are still around after 10 years. Now, entrepreneurship in general has gotten very popular, especially with the rise of shows like Shark Tank. And there are many people out there that have amazing ideas that might one day actually change the world. But I guess the big question here, and this is what we're going to be going over in the video, is getting an entrepreneurship degree or an entrepreneurship studies degree going to help you achieve this goal. So first, let's go ahead and talk about salary. After all, this is a personal finance channel. With an entrepreneurship degree, you can expect to make around $51,000 a year starting out and mid-career pay is going to be $86,000. An early career pay is going to be in the first five years and mid-career pay is going to be 10 years and after. Now, it might be a little bit weird that if you study entrepreneurship, you might actually end up getting a job where you're not an entrepreneur. But there are actually quite a few jobs out there that are sort of like entrepreneurship on training wheels. So you might be working within a company, but you would have a lot of freedom within a certain project, for instance. So one quick example of that would be a business operation specialist. They make around $67,000 a year. But in researching this degree, I found that they go into all different types of business-related professions. And they do tend to gravitate towards managerial-type roles because that is kind of like being an entrepreneur. You're sort of in charge of a specific area. So for instance, you might become a financial manager. They make around $129,000 a year. There's $697,000 jobs available. And it's growing at 15%, which is much faster than average. Now, if you did want to go down the entrepreneurship route, of course, you can definitely do that with this degree as well. Over the next 10 years, BLS projects that personal care and service is going to be extremely popular when it comes to being self-employed as well as construction and extraction. However, it's only projected that it's going to grow about 3.6% when it comes to being a self-employed worker over the next 10 years, which is lower than average. I think this is probably because of the rise in popularity when it comes to entrepreneurship and the fact that so many people are trying to get into it. And they don't really realize that it's a lot harder than they make it seem. There's tons of $1,997 courses on YouTube. People will advertise there. In fact, there's probably some advertisements on this video right now. And they'll say, Oh, it's super easy. You don't have to have any experience. All you have to do is buy my $1,997 course and you'll be good to go. And the reality is it takes usually about 5 to 10 years of hard grinding in order to build up a successful business. And the truth is that most people simply won't make it. But with that being said, this is a high-risk, high-reward move if you decide to go off on your own and start a business. And so the rewards can be absolutely massive. This would be a lot more than anything you could ever make with a corporate job or a normal job that you would get just like a nine to five. So with that being said, because of the fact that a lot of people who graduate with this degree tend to go for managerial positions which tend to pay a lot higher and the small chance that you could start a successful business which would be much better than any job that you could ever get, I am going to go ahead and give this one a nine out of 10 when it comes to salary. Next on the list, we're going to be talking about satisfaction. And this one is extremely subjective. Some people will be very happy with the types of jobs you would get with this type of degree. And then some people would be miserable with it. But with that being said, 2020 has shown that it's extremely risky starting businesses. A lot of businesses have been shut down, unfortunately, including people in my own family. So again, when it comes to satisfaction, this can be a very high risk, high reward move. Running a successful business is going to be extremely stressful. But to the right type of personality, this is going to be ideal. However, if you end up failing at your business, that's also going to be extremely stressful. And it's probably going to lower the satisfaction quite a bit. Now, when it comes to satisfaction and degrees, there's two different things that I like to talk about. And that is job satisfaction as well as meaning. Job satisfaction is just how much do you enjoy your job, whereas meaning has more to do with how much do you think your job positively impacts the world. So for instance, if you play video games for a living, you might enjoy your job quite a bit, but it doesn't necessarily positively impact the world. Whereas if you're a garbage man, you wake up really early in the morning to pick up people's garbage, that's definitely something that positively impacts the world. But you might not have as much job satisfaction. Now, according to PayScale, an entrepreneurship degree has about a 45% meaning score, meaning 45% of people think that it significantly positively impacts the world. And when it comes to job satisfaction, that's really difficult to say just because of the fact that a lot of people who would get this degree would probably want to start their own businesses. So it's going to be extremely subjective for the right person. Of course, starting your own business is definitely going to be the best move for you. But for a lot of people having that nine to five job where you've got benefits and retirement and all kinds of other perks like that, where you don't really have to worry about, you know, the business shutting down, you're not really responsible for that, can be really nice as well. Now, when it comes to business majors in general, a lot of the time people don't regret getting them. Business related degrees are the second least regretted degree according to Zip Recruiter. But out of the people who did regret it, the reason for that is because they thought it was too general. And I do kind of see this being a huge issue with an entrepreneurship degree. In my opinion, the best way to learn entrepreneurship is to just go out and start your own business. It's not really something that you can learn in a classroom in my opinion. It's kind of like riding a bike. You could read a book on how to ride a bike. You could watch videos about how to ride a bike. You could hire Lance Armstrong to teach you how to ride a bike. But until you actually jump onto the bike itself and try to go on it, you're probably not going to know how to ride a bike. So although I'm sure that a lot of things that people would learn getting an entrepreneurship degree would be extremely valuable, it would be best if they were actually starting a business at the same time so that they could apply those lessons in real time. And realistically speaking, a lot of people don't know this, but starting a business is going to be extremely stressful and very difficult, especially when you compare it to a normal nine to five job. And so overall for job satisfaction, I'm going to go ahead and give this one a seven out of 10. So the next section is going to be all about demand. And when it comes to getting an entrepreneurship degree, this is really hard to talk about. Because sure, if you look at the whole picture, there's a lot of demand for entrepreneurs in the economy. But when it comes to people who are just looking to hire other people for their skills, there's not going to be a lot of demand for someone who has an entrepreneurship degree. Now, if you want to go the business route, your average business, according to BLS, has around a 20% survival rate over 20 years and a 30% survival rate over 10 years. Meaning businesses that were started 10 years ago, about 70% of them have already failed. So that means all of the time, hard work, and the capital that people invested into that business, probably just went to nothing. So again, this is going to be another high risk, but also high reward move. Because if you're one of the 20 or 30% that does survive, then that can be amazing. According to Payscale, your average small business owner makes around $72,000 a year. And when you compare that to the median wage for the average US worker, which is around $49,000 a year, it's quite a bit better. So if you are able to survive as a small business owner, you're probably going to be making quite a bit more money. And studies have shown that your happiness does increase up to a certain point when it comes to how much money you make. Usually that's going to be around $80,000 a year where your happiness actually maxes out. If you make any more than that, it's not going to make you any more happy. But if you're making less than that, it will actually increase your unhappiness, basically increases your stress, et cetera. And so it's a good idea to try to aim for around $80,000 a year, which of course that's going to be different depending on where you live. Now demand and satisfaction do tend to go hand in hand. You could get an entrepreneurship degree and end up working as a manager or a CEO or some type of executive. But you could probably get there with any number of other types of degrees as well. So to be honest with you, when you compare it to other types of business degrees, there's really not that much demand for an entrepreneurship degree. It's still going to be a lot better than some other types of degrees in general, but when you compare it to other business related degrees, it's not as good. However, I will say that if you combine an entrepreneurship degree with a different type of business degree, that can actually be really good. So for instance, if you combine an entrepreneurship degree with a marketing degree, you'll end up making around $48,000 a year starting out and 111,000 in mid-career pay, which is fantastic. So it might be a good idea to consider this degree for a double major, but this video is talking about the degree on its own. And on its own, it's honestly not as good as a lot of the other business majors. So I'm going to go ahead and give this one a seven out of 10 when it comes to demand. So next, we're going to be talking about X factors and this could be any number of things. You know, we could be talking about the flexibility of the degree, different types of skills that the degree teaches you that are going to be valuable when it comes to the workforce. Another thing that's not talked about enough is how well respected the degree is in general. So let's say you're going down a particular career path. You decide you don't want to do that anymore. How easy is it going to be for you to switch over to a different career path? Now, if you look at census data, the average college degree graduate is making around $2.4 million over their entire lifetime. Business degree graduates on average in all different occupations make around $2.6 million over a lifetime. So it's definitely above average. However, a business degree graduate that goes into business, for instance, is going to be making around $2.8 million over a lifetime, which is well above average. And if they go into management, they'll be making around $3.3 million over a lifetime. And you can kind of see that just generally speaking, across the board, pretty much no matter what career path they go into, it's pretty good. And this is because the degree itself is so flexible. You can use your business skills to go into just about any industry. You can get hired by just about any business out there as well. That's one of the biggest strengths of getting a business degree in general is just because of the fact that it's so flexible, you can do just about anything you want after graduating. Whereas there's a lot of types of degrees out there where you're kind of pigeonholed, there's pretty much only one or two different paths that you can go with a lot of these degrees. And business-related skills like project planning or business process management are some of the most valuable skills that you can possibly have. Compare business process management on this zip recruiter skills index, which ranks around 86 out of 100 to something like sheet metal fabricating, which only ranks 19 out of 100. Now, when a list was put together of the degrees that create the most millionaires, business-related degrees made up about six out of the top 10 on the list. And I think there's two really big reasons for this. Now, of course, you can make a good salary as a business degree graduate, but that's not the most important thing. The most important thing is, one, I think business-related degrees teach you some of the most important skills, which is investing, budgeting, and just personal finance skills in general. A lot of people don't even learn these skills until they're in their 30s, but as a business major, I mean, I took entry-level business classes, I know they teach you right away how to balance a sheet, for instance. They talk about advanced budgeting things, like cost of goods sold, and if you can budget for a business, of course you can start budgeting for yourself. And so I think business majors in general are gonna start saving, budgeting, and investing at an earlier age, and so that's why so many of them end up being millionaires. Now, another thing we always like to talk about in this section is automation, and business-related careers in general are not very likely to be automated. For instance, human resource managers have about a 0.6% chance of being automated according to WillRobotsTakeMyJob.com. Now, another thing that I like to talk about is difficulty when it comes to academic studies. There's some degrees that I go over that are incredibly difficult. We're talking about like physics, some of the engineering degrees, for instance. And the truth is, the average 18-year-old is probably not going to be ready to do a physics degree. You might be smart enough to do it, you might be hard-working enough to do it, but you simply don't have the experience that it takes in order to get through something that rigorous. However, business-related degrees tend to be a little bit easier. I mean, I hate to generalize here, but business-related majors do tend to be easier. Out of the top 55 most common degrees, a business degree ranked 53rd when it came to difficulty. Now, this can be a pro, and it can also be a con, of course. But the truth is, there's some people who have business smarts, and this might be very easy for you, and it's probably just very easy in general, whereas a math class like physics, for instance, would be very difficult. So that's another thing to keep in mind, and I think one of the most valuable things about a business degree in general and an entrepreneurship degree specifically is the fact that you can combine it with any number of other types of degrees, and it makes a great combo. You can combine business degrees with math degrees, engineering degrees, science degrees, pretty much anything. So although an entrepreneurship degree, when you compare it to other types of business degrees, isn't gonna have the highest X factor score, I'm gonna go ahead and give this one an 8 out of 10 just because of the fact that it is a business degree. So some of the pros here are gonna be that you can work in just about any industry or any business, so there's a ton of different career paths that you can go down. Another pro here would be that there's a possibility of self-employment, which ends up paying higher, and if you're the right type of person, it's gonna make you a lot happier. And another pro is gonna be the fact that it's going to teach you extremely valuable skills. Business skills in general are very valuable. The cons here is gonna be that it's extremely general. Entrepreneurship studies, that's just a very general thing. You could apply that to almost anything. And the whole purpose of college, I've talked about this before, is to develop specialized skills. Another con here is that there's no guarantee that you're gonna start a successful business. Most businesses fail within the first 10 years. And then the last con here is that it's probably best that you just start your own business and that will teach you all the things you need to know about entrepreneurship. Different businesses, different industries are all going to have specific skills that you're gonna need to learn, and just getting a general entrepreneurship degree isn't going to prepare you for any specific one. And so your best bet is to just start your own business and start learning from there. And so the overall score here is going to be 7.75 out of 10. This is pretty good when you compare it to all degrees in general, but when you compare it to other business-related degrees, it's not one of the best. If you are interested in this one, I would maybe recommend double majoring in it or just taking extra classes on the side. If you wanna see my complete degree ranker list, you can check that out in the description down below. I'm gonna be updating it as I go along. If you haven't done it already, go ahead and gently tap the like button, hit the subscribe button, ring the notification bell, and comment down below any thoughts, comments, criticisms, et cetera, that you have on the video. And before you leave, check out my other videos right here. I made them just for you.