It’s often said that you can’t learn how to be a good business owner; some people are simply born entrepreneurs while others are not. In other words, you either have it or you don’t. However, in reality, it’s more complicated than that. While it’s true that some people do have the natural leadership skills, creativity levels, and critical thinking skills that help in business, never underestimate the importance and power of education.
Getting a degree can help you learn valuable skills that will ultimately make you a better business leader when you do eventually start your own company or want to work your way up through the ranks of a high-flying firm.
Of course, there are a lot of different types of business degrees out there and some seemingly non-business-related subjects that could be useful, too. The question is, which degree is best for aspiring and ambitious business leaders? Out of those available, these are undeniably some of the top degree subjects for future business leaders.
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The umbrella of business studies is the most obvious degree subject if you want to run a business of your own someday. This is a very broad degree that covers all aspects of owning and running a company. The first couple of years of the course will teach you the basics of marketing, accounting, management, and product development. Then, in the later years of the degree, you can specialize in a specific area.
Interestingly, business studies degrees are excellent for people that don’t necessarily know where their skills lie. It gives you the opportunity to work out which aspects of running a business you are good at and where your skill gaps are. When you start your company, you can focus on the things you are good at and outsource other areas that don’t come as naturally to you.
Advanced Leadership Programs
Successfully leading a team of people is among the hardest responsibilities of running a business. Day to day, most of the intricacies of your business will be delegated to your employees – and the job of a manager and business owner is to steer everybody in the right direction, keep them motivated, and manage any problems.
Therefore, having a deeper understanding of leadership theory and how to apply it is extremely valuable when you are starting a new business. You can acquire better knowledge, experience, and enhanced skills in this area by taking specialist educational programs in this field, such as the course offered by Spalding University – the Spalding online EdD program is a great example that explores leadership concepts and the latest research and shows you how to implement it in real-world situations.
What’s also great about this higher education program is that it is an advanced degree that you can take remotely after completing another type of business degree. If you want to improve your ability to lead your team and unlock your full potential as a business leader, continuing your education with an advanced leadership program is a good way to go.
Sensible money management is also crucial to the success of your business. So many new companies fold because of cash flow issues before they even make a profit. To avoid this, you need to track every penny the company spends and find ways to reduce overheads wherever you can. The accounting skills of a business can be a make-or-break ultimatum, and you need to make the right decision regarding who handles it.
Hiring an in-house accountant or outsourcing to an accounting service is probably best if you are not confident in this area. However, that’s an added cost that many new businesses cannot always shoulder. Initially, you may even need to manage the financial side of things yourself until you are generating enough revenue to pay somebody.
With that latter notion in mind, an accounting degree can help you get to grips with financial management, business taxes, and payroll, so you can ensure that things run smoothly in the early days of your new business until you’re able to employ someone else to fulfill those tasks. A solid understanding of business finances gives you the foundation you need to get things off the ground, which is priceless when you’re just starting out.
Marketing is another key area that every business owner needs to understand. Creating an amazing product is the first step, but if you don’t know how to market it, you will never get the business off the ground. In some senses, marketing is more accessible than ever because you have tools like social media and paid ads that will help you expand your reach without spending too much money.
However, digital marketing is complicated, and if you don’t know what you are doing, you can easily waste a lot of time and money without seeing any tangible returns. There is also a lot of psychology involved in marketing, and to be successful, you need to understand what your target audience is and how to create campaigns that resonate with it.
A marketing degree will teach you all of these things, covering areas like market research, building customer profiles, social media marketing, SEO, and pay-per-click ads. Going into a new business with in-depth knowledge of how to market your products and services will put you at a distinct advantage. Again, you can outsource this, but that’s an added cost that puts more financial pressure on a new business – so knowing how to do it yourself is a huge bonus.
Communication degrees are broad, and although not necessarily geared towards business owners, many of the skills learned throughout these qualifications are transferable. For example, journalists often take communication degrees because the curriculum covers aspects like writing, research, and even broadcasting. But those skills are equally as valuable for business owners trying to market their products and services.
Ultimately, communicating well with potential customers and your employees is key, and if that’s an area where you don’t excel, a communication degree can be very helpful. It will help you in many different areas, including leadership, PR, and social media management.
Although some people have a natural aptitude for business, the right education is vital if you want to start a successful business. Getting a degree can give you the foundation that you need to build a profitable company – and there are a lot of great options out there.
When deciding on the right degree for you, always think about your skills and the areas in which you are not as confident and experienced. If you can invest in education to plug those skill gaps, you can set yourself on the path to success. So, which degree do you think is best for preparing aspiring business owners for the future?