In recent decades, the business industry has experienced rapid expansion. In response to this, the global demand for professionals with business degrees has increased. These professionals use their education in business and management to create, implement and lead companies that have become some of the most influential businesses on a global scale. But this is not where things stop. People who have MBAs tend to make significantly more money than those who opt for other degrees yet choose to enter a business due to their higher placement potential. However, despite being the go-to degree for aspiring business owners, MBA is not the only option. Many skills would be invaluable for a business owner, and here are the degrees that will teach them to you.
1. Project Management
It’s hard to run a business without planning it properly. Project management is the degree that will teach you how to organize your time and resources to lead your business towards peak performance. This will help you predict risks, plan strategies, and develop better solutions than what you have right now.
Project management degrees range from bachelor’s degrees to master’s level degrees. One of the most popular degrees in this is a degree in higher education, called a Master of Science in Organizational Management, known as MSOM for short. An MSOM degree is often paired with a bachelor’s degree in business sciences, public administration, communications, and HR. It is known to add managerial steadiness to any setup alongside vital knowledge about the works.
2. Statistics
Businesses must accurately predict their sales, profits, inventory, and many more if they want to compete in today’s market. This is where a degree in statistics comes into play. Graduates with degrees in statistics can help businesses optimize their performance and gain maximum profit from every sale. Statistics will help a business avoid risk and make suitable decisions by examining data and using it as information to predict future trends, forecast developments in the market, and address problems.
A career in statistics has become a very attractive option for many people due to its flexibility. One of the most important benefits of a degree in statistics is that it teaches students how to use statistical software programs and perform calculations using their computers; this means that their graduates will have multiple job opportunities available.
3. Entrepreneurship
The entrepreneurship degree is based on the premise that an entrepreneur can create a new or existing organization and achieve maximum profitability by running that organization. Entrepreneurship includes innovation, creativity, adaptability, and decision-making skills. This degree will teach you the basics of running your own business and provide you with the opportunity to go and apply what you’ve learned in your business startup ventures.
Entrepreneurship degrees tend to differ from country to country. Some universities offer a bachelor’s degree in entrepreneurship; others offer master’s programs in entrepreneurship. Despite this variation, a common program structure for this degree is for students to complete at least a year’s worth of foundational courses until they gain their bachelor’s degree.
4. Accounting
The accounting degree teaches you how to not only handle a business but also prepare tax returns and correctly record and report information. Accounting requires efficiency, as well as solid analytic skills. The degree will help you control your finances and create accurate records that can be used to support your business in a thousand and one ways.
Accounting is one of the most popular degrees in business administration because it also offers entrepreneurs a chance to work with their specialized skills. There are different types of accounting degrees available, including bachelor’s degrees. So if you have an interest in pursuing financial analysis while still working at full-time jobs, consider a major in accounting.
5. Marketing
Marketing is the art of getting your product in front of the right people at the right time and doing it effectively. This degree teaches you how to increase sales by designing marketing strategies, setting up marketing campaigns, evaluating your business’s performance, as well as offering insight into new trends and anything else that can help you make a successful product.
There is some controversy over whether a degree in advertising is necessary to become an entrepreneur or marketing consultant. If you already have a degree in this field and wish to pursue entrepreneurship or consulting careers, business is always an option. It inarguably lends a hand in stabilizing and promoting a business.
6. Economics
Economics is the study of the system of economics, specifically how resources are distributed. It is a field that covers both microeconomics and macroeconomics (more broadly, the study of economies). Such studies aim to understand and control economic behaviors through tools like cash flow, cost analysis, or supply-demand analysis to maximize profits. The degree will teach you how to evaluate markets, make decisions on alternative economic tools, analyze economic data, or anything else that will help you achieve maximum profit in your business.
7. Business Management
This degree teaches you how to manage companies full time, being responsible for all aspects of company operations. You will learn how to organize and run a business, help improve its structure, and lead and promote it in the marketplace. It is typically a four-year program, but some schools are experimenting with new formats that provide students with the necessary skills through shorter courses.
An advantage of this degree is that it allows you to work at almost any company or organization. Its core competencies make you a candidate of choice in today’s job market, as they allow you to be flexible in terms of industry; this flexibility, combined with your managerial skills, can help improve any company’s performance by ensuring maximum profit.
Wanting to have your own business is something many desire. However, the road to success is often uncertain, so you must set goals and understand the steps needed to reach them. A good place to start will be with an understanding of what a degree in business administration can provide you with. This information can help you make the right choices to achieve your goals, whether they be professional or personal.
