Do I need a license in Cosmotology to open my own hair salon or can you just get Business degree?

Well a business degree may help you, but it is definitely required of stylists to be certified in their field, and have a license to do so. You wouldn't be able to open a business that way. You need to be certified, and work for an employer who can insure you in case of an accident on the premises, etc. There is much more to think about than "I like cutting hair, and so I want a salon". You need to be qualified to work with the public, or else you'll have no clientele. Start with Cosmetology school, find some close friends from your classes that share that passion with you, and maybe 4 or 5 years down the road you will be ready to make that decision with some experience under your belt ;)