Knowledge exists in layers. Studying Business is studying many layers of knowledge that have been developed over time from things that have already happened. The layers at the top represent the most recent and specific—like how to optimize your acquisition funnel or how to read a term sheet. These knowledge layers are driven by the way society exists today and the way things have been done before. If you peel the top layers back, you get closer to the foundational principles—physics, psychology, game theory, evolution, etc.
The difference between the base layers (e.g. psychology) and top layers (e.g. marketing) is that the former is a framework for thinking and the latter is a prescription for doing. The former allows you to derive your own solution for the best way to do, the latter tells you the best way to do. But what if the prescription is not optimal or wrong?
To innovate is to 'make changes in something established, especially by introducing new methods, ideas, or products.’ Think of each knowledge layer as a Tetris piece. If you build a wall from the first pieces, you have the potential to create a new, better wall than if building on top of one that already exists. Now one might ask—what if the wall that already exists works fine as is? Well, if society was perfect as is then there’d be no sense trying to improve it with new technologies and policies. The best mindset for innovation is one of a first principles thinker, focusing on the low knowledge layers, the first Tetris pieces.
I recommend college students pick a base layer to study—Engineering, Philosophy, Biology, Genetics...I can’t think of anything more ambiguous or tangential than studying Entrepreneurship, Business Management, or Marketing. Studying only the top layers results in paradigms being driven by the status quo, which often results in mirroring what's already been done, the opposite of innovation.
Learn as much as you can on the foundational stuff so you can form your own paradigms and hopefully contribute something novel to the world.