Starting and managing a successful business requires a unique blend of vision, strategic thinking, and a solid foundation of knowledge. Choosing the right educational path in the dynamic landscape of entrepreneurship can significantly impact your journey as a business owner. The correlation between academic qualifications and business success is undeniable. This makes pursuing specific degrees a strategic move for those aspiring to thrive in the competitive world of commerce.
Knowing what degrees to choose to set you off on your business management journey can be challenging, and a simple mistake could render your years of study useless. Here are the top four most valuable degrees for business owners you should consider.
4 of the Most Valuable Degrees for Business Owners:
1. Business Administration Degree
A business administration degree comes in all levels and standards. If you’re just starting, an associate’s degree is perfect for preparing you for basic management roles. However, a bachelor’s degree would suffice if you’re looking for a sustainable management solution for your growing business. It equips you with practical knowledge for developing, running, and maintaining a business.
If you aspire to grow your ranks to a business executive level, you should consider a Master of Business Administration. This degree is considered the threshold for top executives who want to scale their way into excellent business management. However, if you want to taste the higher ranks of executive management for world-class enterprises, a Doctor of Business Administration degree will help you scale these heights. The good thing is you can take a doctorate in business online without ever stepping into a physical class.
2. Finance and Accounting Degree
About 45% of startups failed globally in 2022 because they ran out of cash, reflecting the gap in cash flow literacy among startup owners. If you’re starting, a degree in accounting can be useful when making important financial decisions like cost projections, budgeting, and forecasting. While hiring an accountant can do the magic, it’s never guaranteed you’ll get a genuine one, especially in the first few years in business. You need to understand the processes so you can tell when things aren’t working.
Degrees for business owners in finance and accounting include classes in statistics, economics, business law, auditing, financial accounting, and more. With these classes, you can acquire the right knowledge to launch and maintain a business effectively.
3. Marketing Degree
Understanding the intricacies of marketing is integral to running a successful business, especially in this digital era. A degree in marketing will set you apart as a leader in business management and give you leverage over the competition. These degrees for business owners equip you with the necessary skills to identify customer needs and target markets, research trends, and build robust strategies.
A marketing bachelor’s degree will give you all the skills you need to manage your modern digital marketing demands. Whether you need social media, email, or content marketing skills, a marketing degree offers it all.
4. Business Technology Degree
Since many business aspects are run online, fully or partially, a degree in business technology will help you keep up with the trends and competition. This program includes useful classes that prepare you for a robust business management experience. Some common classes you’ll study under this course include business law, computer technology, economics, accounting, and business planning. With the skills you gain in this degree, you can manage your employees remotely, keep track of finances, and manage your marketing department seamlessly.
While you can take different academic routes to become an entrepreneur, these four are major options you shouldn’t miss out on. A business administration degree is one of the most important for running any professional business to advanced levels. However, along your business management journey, you can pick any specialized degrees to boost your skills.