Starting a new business and building from the ground up is a really tricky and challenging endeavor. The facts are, the majority of new businesses fold within their first five years, meaning that it’s a competitive and challenging objective to succeed in. However, being one of the few that makes it, and thus earning a good income through this new business can be very rewarding and fulfilling.
To be a successful entrepreneur and to have the best chances of succeeding with a new, small business, a good form of education and knowledge can be very helpful. This is because starting a new business will have many challenges and difficulties that are going to have to be maneuvered, so having the appropriate skills and knowledge to successfully negotiate these challenges can really help you.
Even if you’re an expert on the service or the product you plan on providing, understanding the fundamentals of the different areas of business management will make this adventure a lot less treacherous.
One of the best ways to learn how to be a good new business owner is through different forms of education and university courses. Here’s a look at some of the best degrees and other forms of education that new business owners should at least consider to give them a better chance of success.
A Master’s Of Business Administration Degree
An mba is the most important and the highest form of education suggested in this article, meaning that it should give you the most robust and detailed form of education available. However, it is a difficult degree to get into, due to the fact that you need to have already completed a four-year bachelor’s degree and have obtained work experience within business prior to applying.
However, once you’re on the course you will be exposed to a wide, informative degree that aims to teach you comprehensive information about each aspect within a business, so that you can become a well-rounded businessperson and excel as a business owner.
Furthermore, you can also choose to specialize in one of the many different areas of business, with the entrepreneurship specification of the course being really beneficial for aspiring business owners.
This is because this specialization will focus more on how to build a business, the mistakes that need to be avoided, as well as the skills required to manage a team of staff, monitoring the business’s finances and analysis of KPI’s to inform business decisions. To learn more about the mba, click here.
Practical Experience Within A Business
This suggestion may not be like the others in this article due to how it’s not an actual degree, but it may be one of the most important avenues of gaining necessary knowledge and skills. This is because not everything can be taught in a classroom or lecture and gaining practical experience within a workplace can really help you learn how a business actually works and operates.
Getting this familiarity in a role within a business will help make the transition to being a business owner a lot easier to manage, and networking and interacting with your fellow staff members may help you learn new skills and information that you might never pick up on a degree.
It’s always a good idea to seek out work experience or internships during your education, so this is a good thing you can be doing alongside your studies. Try to find yourself a mentor in a senior position as well while you work and try to learn from them and shadow them to better inform your own business practices when you start your own company.
It’s said that you should spend around three years in a business role learning before starting your own business. This way you would have learnt and come across some mistakes you should avoid and get a general better understanding on how things work.
A Finance Degree
A degree in finance can seriously benefit a new business owner, as it will give them the skills to not just monitor their money, but also make good decisions on how to improve their finances and income. An entrepreneur will benefit greatly from obtaining a better understanding of accounting methods, financial ratios, and critical financial analysis.
A graduate from a finance-based degree will learn how to track cash flow, create financial statements, perform accounting functions, and conduct in-depth analysis of their finances to understand the trajectory of their business.
They can also learn essential skills in how to acquire funding from external sources which can be important in getting a business off the ground, not to mention debt management so that paying back these loans do not begin to overwhelm and badly affect the business.
This degree is also good for new business owners who want to start a business that is involved in finance in some way, such as starting an accounting business or developing a financial assistance application. More than 80% of small businesses that fail do so because of cash flow issues, so learning a financial degree to eliminate these issues will seriously help your small business. The degree can also lead to lucrative roles in banking and financial management, making it super versatile.
Marketing is perhaps the single most important way a business can attract a larger audience and new customers to their business. This means that studying a marketing degree will help teach you the essential skills and advanced techniques to make you better at attracting this audience to your business.
A marketing degree can help you better understand SEO, email marketing and all the different aspects of digital marketing as a whole and will also allow you to develop analytical skills to help you monitor your marketing, track your target audience and make appropriate changes to your marketing strategies as a result of what you learn.
A good understanding of marketing will help your business stand out among the crowd and appear as an attractive business for customers to engage with. The biggest businesses in the world are just so because they nailed their marketing at an early stage of their business’s life, so to improve your chances of success, consider this degree.