Steve Jobs dropped out of college, student loan debts are rising, and many suggest that real-world experience is more important than getting a tertiary education – so should you even bother going to uni to become an entrepreneur? Paul Siderovski says maybe.

For some, a university degree can be hugely beneficial, whereas others might do better just getting started.

Managing director and founder of SiDCOR accountants Paul Siderovski knows the challenges of starting up a business – from staying focused to managing your time effectively – but his degree in commerce equipped him with the skills needed to succeed.

Paul Siderovski shares 5 transferrable skills a degree provides you with

It turns out that studying and entrepreneurship have a lot in common – from being able to recognise worthwhile opportunities to being able to self-motivate, here’s how a university degree can set you up for success:

Open-mindedness

University tends to be a diverse environment, with students and teachers varying in ethnicity, religion, gender and socioeconomic status. This results in a broad range of ideas and beliefs floating around, which can challenge you to learn and grow. Being able to adapt to ideological differences and work in diverse teams is a great skill to have as an entrepreneur. Not only does it help you to get along better with people, but it also allows you to grow as a business and person and adopt new ideas which can support you on your journey. Uni is a great place to get exposure to different ideas and beliefs (and to share your own with others!) and use them to your advantage.

Resourcefulness

Like the business world, university is a big place and you are expected to navigate it relatively independently. Between clubs, events and volunteer opportunities, it is important that you are able to recognise valuable opportunities and make the most of them. Networking is a crucial part of entrepreneurship and is something that you can develop during your time at uni. Being able to determine which people and opportunities are worth your time (and where you can be an asset) is a useful skill to have.

Persistence

Many start-ups fail due to a lack of persistence in getting their dreams to become a reality. Entrepreneurs must expect their goals to take time – you can’t launch a successful business overnight. Studying at uni teaches you the value of focus and concentration; in order to do well with your assignments and exams you need to study consistently over time, just as you need to keep working in order to build your business. Learning to avoid distractions like social media and texting is also valuable in that it helps you stay productive.

Interpersonal skills

Having great interpersonal skills is crucial for entrepreneurs, who are required to communicate, interact and sell their business, products or services to customers and other stakeholders. Interpersonal skills include assertiveness, verbal and non-verbal communication, negotiation, listening and decision-making. These are all skills that allow you to work better with others whilst getting your needs met. Interpersonal skills are acquired at university by engaging in group assignments, clubs, volunteer work and more.

Time management

Given that unstructured time tends to make up the most of people’s lives, being able to better manage your time is a skill that can really set you apart from the rest. University studies require you to keep your end goal in mind whilst staying productive over long periods of time. Being able to meet deadlines is an important skill that you can develop through studying. You can do this by breaking down large tasks into smaller ones and working on them throughout the day whenever you have free time.

Paul Siderovski knows that good time management is an essential skill for succeeding as an entrepreneur; as the owner of the business you won’t be given instructions from others – you’ll need to organise tasks yourself. Being able to make the most of your unstructured time is crucial for doing well.

Conclusion

While the decision to study at university really depends on you as an individual, choosing to get a degree can be a worthwhile pursuit for many people. Making a serious attempt at studying can help equip you with the skills needed to succeed as an entrepreneur.