It was long thought that you absolutely needed an MBA to be a worthwhile entrepreneur, but things have changed over the last few years. While the MBA still holds weight in many circles, we’re now seeing successful entrepreneurs emerging from a wide variety of fields these days. The truth is that there is more than one degree that could benefit you as an entrepreneur, and if you already have some experience managing a business, these could be great options if you want to diversify your skill set. Here are some of the most valuable degrees for entrepreneurs and why you should consider them.
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Accounting
Accountants often have a completely different view of a business than the owner, and while some business owners might think they are smooth sailing, accountants can foresee disaster from a mile away. A thorough understanding of accounting will allow you to set budgets better, manage things like customer acquisition, marketing, overhead, and margin, and make better decisions overall. Not only that but you’ll have a better understanding of the tax code, will help you get benefits and deductions others may not be aware of, and be able to stay away from tax trouble.
What’s great about this degree is that you can take it completely online and not miss a thing. Colleges like Walsh University have some of the best online accounting programs you can find and you’ll be able to take it on your off time while still managing your business.
Business
A business degree can still be very valuable to certain entrepreneurs. If you come from the tech world, for instance, and only have an IT, programming or engineering background, then there are parts of managing a business you may not have grasped yet. A business degree will teach you everything from leadership and communication, how to identify market opportunities and deliver, and satisfy the needs of a market. You’ll also touch on things like consumer psychology, finance, and other fields relevant to business.
Marketing
Marketing plays a central role in any business and any owner with a deep understanding of it will have a significant leg up over the rest. So many companies throw away thousands or even millions of their budget in useless marketing campaigns that fall flat. Others do worse and create campaigns that completely alienate their core audience. When you’ll understand marketing, you’ll be able to build brand recognition faster. You’ll also be able to do more with less and manage to create impactful campaigns without having to overspend.
Psychology
A psychology degree may not be the first degree that pops into your mind when thinking of entrepreneurship, but when you think about it, psychology plays a major role in almost every aspect of running a business. For one, entrepreneurs have to be in contact with clients, investors, possible partners, employees, etc., on a daily basis. Having a deep understanding of the human mind will allow you to manage employees better, attract possible partners and investors, and become a better negotiator. All skills that could give you a serious advantage in your field of business.
Finance
Finance goes much more in-depth than a business degree and can teach more about the markets at large and how they function. Finance will allow you to interpret forecasts better and how they could influence your business and how it operates. It will allow you to predict the cost of certain commodities better and understand how new tariffs or legislation could have an effect on your bottom line. Finance majors are also better when it comes to organizing budgets and analyzing numbers and patterns.
IT
The world of business and the world at large are becoming increasingly dependent on technology. And as such, those with a thorough understanding of computer science will always have an advantage over those who don’t. They’ll be able to spot innovations that could help or disrupt their businesses better, install new systems that could increase productivity and efficiency, and have a direct hand in product development. Furthermore, you won’t need to have an IT expert on your payroll since you’ll be the expert. You’ll also be able to see vulnerabilities in your system before a disaster happens and constantly tweak your business to stay on the cutting edge in your field.
Conclusion
All of these degrees have something to offer to current or aspiring entrepreneurs. Make sure that you check how each of them could benefit you and which one would be the best option for you.
About Carson Derrow
