Many people aspire to become entrepreneurs, as the arrangement could serve as financial security if the opportunity turns out to be profitable. Being an entrepreneur also allows individuals to focus in a field or on a product they believe in, and the fact that they serve as their own boss offers creative freedom for marketing their endeavors. Although entrepreneurs are known for their acquired business knowledge, some can build on personal experience rather than academic credentials.

Although having a higher degree may make it easier to make connections, the Wall Street Journal is reporting that having an MBA is not required for individuals interested in entrepreneurship. A large number of executive and investors hold MBA degrees, however, the majority of entrepreneurs do not.

It's up to the individual whether or not they want to pursue additional schooling. While some may believe a higher degree could help them better succeed, others may rely on their own expertise.

Being an entrepreneur can be a lucrative endeavor. According to SimplyHired, the average annual income for an entrepreneur is $111,000.