Small businesses are a vital component of the global economy. According to the US Bureau of Labor Statistics, small businesses employ over 50% of the workforce in the private sector. In light of this, it is important for people who have entrepreneurial dreams to prepare adequately for the business world by pursuing smart degree choices that are likely to equip them with the necessary skills to start and run successful small businesses. In order to understand the vital aspects of a business such as innovation, marketing, finance, administration and management, fledgling entrepreneurs should pursue the following degree options:
Most colleges and universities in the US offer associate, bachelors and masters degrees in entrepreneurship. While one can launch successful entrepreneurial ventures without necessary having an entrepreneurship degree, degree programs in entrepreneurship are highly beneficial because they help students to understand various principles that are vital to success in business. This degree option also enables future entrepreneurs to understand elements such as accounting, ethics and finance.
It is important to note that a bachelor’s degree in entrepreneurship is a suitable degree option for students who have entrepreneurial aspirations but lack the core skills to launch a business immediately after graduation.
To assist such students to fulfill their dreams, the degree offers courses such as business statistics, organizational behavior, economic policy and information systems. With knowledge of the aforementioned areas, graduates can pursue careers in management, corporate recruitment, human resource management and market research within other organizations and gather the necessary experience and financial knowledge that would enable them to start their own entrepreneurial ventures.
Bachelor’s Degrees in Finance and Accounting
Degrees in accounting and finance are one of the best degree choices for aspiring entrepreneurs. This is because while pursuing these degrees, students often gain valuable insight on how they would be able to transform any future ideas or opportunities into profitable ventures. Admittedly, one of the key ingredients of a great entrepreneurial venture is the ability to identify a viable idea and turn it into a successful business venture. However, without great accounting and finance skills, it is almost impossible to run a successful business irrespective of how great one’s idea is.
If one intends to start and run an entrepreneurial venture, it is important that one understands issues such as tax, law, management and financial implications. Fortunately, the typical curricula of accounting and finance degree programs cover these aspects.
MBA in Economics
In addition to having a bachelor’s degree that provides a good foundation for an entrepreneurial career, is it also vital for a prospective entrepreneurial to pursue an MBA. By doing so, one would be able to advance one’s knowledge as well as improve one’s business skills.
A Masters in Economics is a smart degree choice because economics is a social science. As such, it teaches students the human impact or consequences of various business decisions and programs. Understanding such impacts is a vital key to understanding how an entrepreneur can create more opportunities worth pursuing by making the right business decisions. Furthermore, students who pursue a Masters Degree in economics degree also cover units such as finance, administration, and accounting in their coursework and as a result, are able to improve their management acumen.
Bachelors Degree in IT
Creativity is one of the major keys to the success of an entrepreneurial venture. In view of this, individuals aspiring to be entrepreneurs should consider pursuing a degree in information technology in order to develop skills such as critical thinking that would improve their ability to be innovative.
Just as it is important to pursue a business degree to gain vital management skills, it is equally vital to pursue degree options that can enable one to identify great ideas/opportunities that one can use to launch a business. Furthermore, in today’s digital era, the Information Technology sector has vast opportunities that aspiring entrepreneurs can explore, especially if they have great IT skills. As such, a Bachelor’s degree in Information Technology is likely to be of benefit to a budding entrepreneur.
While it is possible to start a business without the prerequisite academic qualifications, you can greatly improve your chances of becoming successful entrepreneur by pursuing a smart degree option. Degrees that are suitable for entrepreneurs equip them with vital skills to enable them to create viable business plans, raise sufficient capital, start and manage a business both effectively and profitably.
Joshua Turner is a writer who creates informative articles in relation to business. In this article, he offers a few degree choices that can aid aspiring entrepreneurs and aims to encourage further study with a finance MBA online.