Is Entrepreneurship a Good Major for Aspiring Business Owners?
Determining the right educational path to achieve your career dreams can be tough—especially when you don’t know exactly what it is you want to do with your life. You’re good at a lot of things, and you’re full of innovative ideas, but maybe that company you’ve always dreamed of working for has been nearly impossible to find.
Well, it’s possible that company doesn’t even exist yet. So why not put your ideas and hard-working nature to use in starting your own business?
It might sound like an intimidating and complicated process, but it could also hold the key to your personal career success and the cash flow that comes with it. A degree in entrepreneurship could teach you everything you need to know to not only get the process rolling, but to sustain it in a way that assures a long, healthy life for your business.
Many successful entrepreneurs never completed a college degree, and although you might have what it takes to hang with that crowd, imagine how much more success you could encounter with all the necessary knowledge and skills under your belt from the get-go.
Why a degree in entrepreneurship?
A degree in entrepreneurship will provide you with a unique spread of business skills that will help you with everything from planning, funding and launching your own business. So why not just go for a degree in business administration? Business administration grads often go on to secure good jobs within large companies, but starting your own business requires a lot more than that.
Entrepreneurial minds see the bigger picture rather than determining and chasing after one goal. They’ve learned to deduce an entire spread of possible goals based on both their capability and means, remaining adaptable enough to welcome new pursuits as the opportunities arise for their businesses. It’s all about knowing and capitalizing on your options.
It’s hard to deem anything as “all-encompassing,” but a degree in entrepreneurship gets pretty darn close. Students are given the opportunity to learn many of the most valued business concepts without the stress of a double (or even triple) major. These important sectors of learning include accounting, marketing, management and strategic planning. Take a look at how each plays an influential role in the success of a small business.
Knowledge of accounting provides entrepreneurs with the sharpest image of their business’ current and potential success. The recordkeeping and sifting through never-ending piles of financial documents might sound tedious and painstaking, but it’s a crucial part to keeping a business afloat.
This base knowledge of accounting procedures will greatly simplify the financial comings and goings of your business, allowing you to cast a wider net and spread your focus elsewhere when needed. You can use these skills in many different avenues of your company, from forecasting your business’ financial success to determining your profitability and expertly budgeting your startup’s various expenses.
Both finance and marketing are among two of the most important elements of launching a successful startup. Many think the newly-relevant presence of digital platforms like social media and web-based advertisements make marketing a cinch, but there is still a host of complicated statistics that can come with it.
Consulting a marketing expert can be helpful, but learning the ins and outs of the trade yourself can be more cost effective while also allowing you to take even more ownership over the success of your business. This knowledge will help shed light on consumer behavior and current industry trends, setting you on the right path to bring in more traffic to your business from the start.
Some say that the success of a business is very much a reflection of the effectiveness of its management. Good business managers succeed through administering well-thought-out decisions behind the scenes as well as determining and seizing any opportunities open to the business.
There is a blend of important skills acquired upon mastering business management, including coordinating and prioritizing with employees, predicting future happenings in both the business and in the market itself, implementing new business strategies and organizing the resources necessary to make all these things happen smoothly.
4. Strategic planning
Strategic planning takes general business planning to the next level. The former explores where you want your business to go, whereas the latter tackles how to get there. The two must clearly coexist, but without the forecast of a strategic plan, it becomes increasingly difficult to pin point the specific direction of a business plan.
Strategic planning requires both realistic and innovative vision, knowledge enough to assess potential threats to your business and creative improvisation if something unexpected gets in the way. Your deep understanding of your startup’s pulse and internal framework will make you an ideal strategic planner for your business, assuring that new goals will consistently be both born and achieved.
The next step to business success
Small businesses in America make up 54 percent of the country’s sales, as well as 66 percent of all net new jobs since the 1970s, according to the U.S. Small Business Administration. And the number of new business startups continues to grow rapidly to this day.
If you’re still wondering if entrepreneurship is a good major to help you launch your own business, just think of the gamut of skills you can learn along the way that will surely help you sustain a long life for your startup.
You’ll also encounter a number of internship opportunities in a degree program like this, which will help you foster the connections in the business world that could prove invaluable to your business’ success. And who knows, maybe the guy sitting next to you in class or the woman you intern alongside could become your future business partner!
Rasmussen College’s entrepreneurship courses are taught by successful entrepreneurs—people who have ample experience with new business ventures and are ready to pass all their hard-learned knowledge onto students like you. And the best part? In as little as 18 months, you could have a diploma in hand and possess all the skills you need to launch your own business.
Check out Rasmussen College’s degree program page to learn more about the specific requirements for an entrepreneurship degree and get started on the path toward business ownership.