Many people would disagree that modern business owners require a degree. However, a college or university education can increase a young business owner’s success at entrepreneurship. Why? Because it will help them learn new skills and knowledge that can be instrumental in nurturing a business idea with potential into a booming business. But, which degree should young business-minded people opt for? That question will likely bring to mind degree choices such as an MBA. However, you need to realize that business degrees aren’t the only college majors aspiring business owners should look to obtain.
So, to answer the question, we’ve shortlisted a few options in this article. Of course, some degrees that we’ve mentioned make a fitting entry into this list. However, a few degree options might surprise you. So, keep reading.
Analytics
World economies are starting to shift because of the availability of tons of data. Therefore, data analytics is the future of business. Plus, it transforms how companies, small or large, make decisions to drive success. So, with the boom in data analytics, it is vital to improve your problem-solving and critical thinking skills as a business owner. It will help you move towards DDDM! Also, an analytics degree will provide you with the skills and knowledge to identify and leverage business growth opportunities when they arise.
Here’s the best part. You can easily enroll in an online masters in analytics in this tech-savvy age to speed up the learning process. This flexible learning mode will help you apply your new skills and knowledge in your business on the go.
Accounting
According to research, almost half of all small businesses in the US close shop within five years of inception. That’s not all. More than 80 percent of these businesses fail because of poor financial management and cash flow issues resulting from improper accounting practices. Hence, an accounting major can be an asset to your company- pun intended!
With a better understanding of accounting basics, you can save money you’d spend hiring a professional accountant. Modern accounting software is easy to use. Moreover, you’ll be able to streamline accounting and financial decision-making and analyze risk, which is a vital component of making sound financial decisions. So, while a bachelor’s degree in accounting will provide you with the proper accounting knowledge, going one step further and obtaining a master’s degree is usually recommended. Typically, accounting degree programs include managerial accounting, auditing, business law, statistics, financial accounting, etc.
Marketing
Since the internet has made local and global companies more competitive than ever, digital marketing plays a crucial role in business success. Young entrepreneurs who know how to take advantage of the power of the search engine and interwebs will become authority figures in the online marketplace. Therefore, consider obtaining a marketing degree to develop robust marketing strategies, identify customer needs, research market trends, and much more.
Typically, a marketing degree covers product management, consumer behavior, retailing principles, branding, and advertising. You can also specialize in digital marketing to understand SEO, social media marketing, viral marketing, etc. A marketing degree will allow you to learn everything from creating content to how to sell it online.
Information Technology.
In today’s modern business world, computers and businesses are linked. So, it makes perfect sense for young business owners to obtain an IT degree to set themselves apart from their competitors. Furthermore, if you acquire such a degree, you won’t be required to follow someone else’s timetable. For instance, if you want to add functionality to your website or update it, all you’ll need is an internet connection and a computer.
Furthermore, an IT or computer science degree allows you to learn basic network security principles. This will help you remain safe and secure from cybercrimes. An IT degree will help you keep your business stay up-to-date on all the cutting-edge technology while taking it to new heights of success in the process.
Business administration
Perhaps naturally, it is a no-brainer for young business owners to study a business-related major, whether a bachelor’s degree or an MBA. So, opting for a business administration degree is probably the best choice you can make. In contrast, a business administration degree is similar to a business management degree, but the latter targets individuals who want to learn the human aspects of managing a business. On the other hand, a business administration degree helps business owners think from a holistic point of view.
Furthermore, by opting for a business administration degree, you will learn various ways to develop business goals and strategies to achieve them. They will also learn to develop business plans, manage finances, handle supply chains, solve logistical issues, and much more. In addition to this, a business administration degree will also allow you to build your business network, which is vital to success in the business world.
Conclusion
While most colleges and universities offer the majors mentioned above, it is better to enroll in one that provides you the best bang for your buck. Sometimes, the most expensive degree are not the best ones. Not to mention, you will probably be reluctant to spend thousands of dollars on a degree at the start of your journey in the business world. So, do your research, shortlist a handful of universities and colleges, and go for degrees that add value to your business.
