5 Ways a Degree in Entrepreneurship Can Help You Start a Business
If you have ever dreamed of opening up your own business, working for yourself or having a flexible schedule, you are certainly not alone. In the United States in particular, many people state that their ultimate goal is to own their own business rather than working for someone else.
Entrepreneurs start with a great idea or service, add in plenty of hard work and hopefully end up with a successful enterprise.
However, the extra addition to the equation is a college degree. Discover five reasons that an entrepreneurship degree could be instrumental in developing your business dreams.
|Quick Facts: Business Management Industry|
|Median Pay: $112,200 per year | $54 per hour|
|Entry-Level Education: Bachelor's degree|
|Work Experience: Less than 5 years|
|Number of Jobs, 2014: 2,318,000|
Business Management Occupations:
1. Discover How to Finance a New Business
Perhaps one of the hardest parts of starting a new business is determining how to finance the venture. There are several major options, and deciding which is the best is typically a struggle.
The first option is to finance it from personal savings, which is something that most people simply can't afford to do. Financing a new business by mortgaging a home or taking out personal loans is incredibly risky, but it is often attempted by those who haven't learned about the much better options. While earning a bachelor's or associate degree in this field, you might uncover more about how to attract angel investors or venture capitalists, how to crowd-source funding by harnessing the power of social media and how to best apply for a business loan.
Creating a detailed business plan, for example, is a simple tip that instantly makes your idea seem like a better investment for a wealthy investor or even a local credit union.
2. Learn About How to Market and Advertise a Business
According to the Bureau of Labor Statistics, less than 40 percent of businesses last a full 10 years, and that percentage of successful businesses decreases further every year thereafter. A large reason for these failings is because the business simply can't generate enough interest and clientele.
Even if you have a fantastic business plan in place and a service that countless people could benefit from, it ultimately won't be successful until they know about it.
During a typical four-year bachelor's degree, aspiring entrepreneurs can take classes in advertising and marketing. These tools will be the foundation for advertising your own business, using Internet-based marketing tools to reach your ideal demographic and ensuring that your business doesn't fail simply because it hasn't reached enough people.
3. Handle Basic Accounting Tasks For Your Business
In large corporations and businesses, an entire accounting and payroll department might handle all the finer details of balancing a budget and ensuring that stockholders receive quarterly profits. However, smaller businesses don't have that luxury. As an entrepreneur, you will be the person who determines how much money can go out each month, and that task is not always an easy one.
At the very minimum, it takes a solid understanding of basic business finances and bookkeeping, and as your company grows, the skills you need will too. By taking college-level finance and business accounting courses, you can be better prepared to make the right financial decisions for your business in the future. That could be all the difference between staying afloat for the first few years of operation or folding like so many other new businesses tend to do.
4. Explore Basic Managerial Techniques and Skills
While simply opening up a new business in and of itself might be a dream come true, many budding entrepreneurs are also interested in the idea of expansion. You might hope to have a large restaurant that needs only minimal supervision, or you might hope for an auto repair service with several locations in your city. The BLS reports that over the past 15 years, the number of small firms is decreasing, and the number of employees is slowly rising.
This demonstrates that entrepreneurs will need to know how to manage their staff as the business grows. A bachelor's degree can be a smart way to take courses in business management, and it can be the perfect opportunity for you to fine-tune your leadership abilities. Great communication skills, both verbal and written, can also help you take command of your business, delegate tasks appropriately and be an inspiration to your employees.
5. Learn Valuable Skills For a Back-Up Employment Plan
As mentioned above, many small businesses don't have a strong statistical chance for long-term success. That may seem discouraging, but it shouldn't be. Opening up a new business allows you to see exactly how challenging this job can be, and it allows you to utilize the skills you learned in your college courses in a real-life way. Even entrepreneurs who have tried and failed have valuable experience that can prepare them for other exciting employment opportunities.
Some of the many careers that you might pursue with a degree in entrepreneurship could include that of business manager, corporate recruiter, business consultant, human resources manager or even marketing research analyst. Some individuals even pursue one of these careers first in order to build up their skill level and feel more confident when they do ultimately decide to open up their own small business.
Earning an entrepreneurship degree can be a fantastic way to learn more about running your own business. Whether you opt to earn your degree online or in a traditional college campus setting, you will discover more about financing new ventures, managing employees and balancing budgets for a successful business.