The idea of the start-up entrepreneur has changed a lot over the last few years. There was a time when suits and MBAs dominated. We’re now in the era of multi-specialists running companies. Many of the most successful entrepreneurs today do not have a formal business education. We’re seeing an increasing number of entrepreneurs coming from fields like engineering and IT. This doesn’t mean that business degrees are obsolete, only that they have more competition these days. However, business degrees could still end up being the best option for you depending on the skills you need and your aptitudes. Let’s take a look at some of the best degrees for aspiring start-up owners.
This could be a great option for someone who doesn’t have a business background to get the foundation needed to run a business better. They might not get the same in-depth financial education as an MBA, but they’ll learn the basic principles of supply chain management, advanced reporting and forecasting, lean management, and how to manage people as well.
Another great thing about these is that you can find great online business management courses that you can take on your own time while keeping your current position. This is great if you’re already working on your start-up but want to get the managerial skills needed to take it to the next level.
While there are tons of apps and tools out there that make tracking finances and accounting easier, someone with a finance degree will still have a significant advantage over the competition. They will be able to read global financial reports better. They will understand the movements in markets, especially when it comes to commodities. They will be able to use advanced financial instruments to be able to manage and stabilise costs.
They’ll also have an in-depth accounting formation that will allow them to manage their own books. This is a great skill to have if you’re a business owner. You’ll be able to forecast better. You’ll be able to identify waste in your processes. You’ll be better at valuing your business. You’ll also be better able at making purchasing decisions based on how it will affect your cash flow and future profits.
Accounting is one of the most sensible areas of any business. This means that accountants can have a lot of influence on a business and can cause a lot of harm as well. On the other hand, they are often the first people to notice when there is something fishy going on. Having a finance background will help you have a complete understanding of the inner workings of your company, which is something very few business owners can boast.
You might be surprised to see this here, but psychology could be a great degree to pursue if you already have a deep understanding of business and want to understand the human side of it a bit better. Having a psychologist formation could help you in tons of different situations as a business owner.
You’ll be better at managing conflict between employees. You can get involved directly in the interview process and make sure that you hire the right people. You will be able to foster more engagement within your organisation and really understand how to implement a culture.
Not only that, but you’ll also become a shark at the negotiation table. You will be able to read people better and know exactly what to say in different situations. You’ll be better at speaking and persuading potential investors. You will also be better at motivating them and your employees.
Having a psychology background will also make you a lethal marketer. You’ll know how to get the public’s attention or be able to provide insights to your marketing team. You’ll also be better at creating more exciting product launches, eye-catching press releases, and dealing with any potential PR issue.
If your goal is to become a better marketer, however, marketing is the way to go. Some have called it the most beautiful form of art there is. We won’t go that far, but it’s definitely one that will set you apart as a start-up owner. Marketing students learn more than how to build campaigns. They understand things such as demographics and market segmentation. They have a deep understanding of branding. They also know about the logistics of marketing, project management, and how to monitor the results of a campaign.
Besides, new marketing students learn about online marketing methods and how to market through social media. These are all things many business owners today struggle with, but you will get this type of expertise if you decide to go for this programme. Marketing is the best option if you want to focus on selling and be able to have control over how your brand and products are perceived by the public.
Having a business law degree can be a very valuable asset for any entrepreneur. This will allow you to stay out of trouble with regulatory agencies governing various industries. You’ll be able to minimise lawsuits at every level, whether it’s from customers, employees, or the competition. You’ll also be able to understand things such as intellectual property and copyrights, and you’ll be able to organise your own defence if you are the object of a lawsuit.
Not only that, but you’ll also have an understanding of tax law, which is invaluable. You’ll be able to run your business in a more tax-efficient way. You’ll also be able to draft your own contracts and know how to read them as well. This could come in handy when crafting agreements with employees, suppliers, or when leasing property.
These are all great degree options for aspiring start-up owners who want to get an advantage in the marketplace. All of these have something different to offer, so we suggest you give them all a close look and see which ones would be the most beneficial for you.