8 Ways a Business Administration Degree Can Help Aspiring Entrepreneursby GDN Shared Post January 3, 2020
Anyone who wants to become a successful entrepreneur will need to start thinking about the educational efforts that will be encountered during the process of developing the business acumen needed to succeed. Of course, every profitable business is based on a foundation of solid leadership and guidance provided by the owners and directors of the company.
While a formal degree isn’t a mandatory prerequisite for doing business, and some entrepreneurs are able to succeed as autodidacts, the skills and credentials that come with earning a business-related degree can certainly provide significant benefits to any entrepreneur. More specifically, here are 8 ways a business administration degree can help aspiring entrepreneurs.
1. Providing a Powerful Skill Set without Interrupting Current Obligations
Since business administration degree programs can be completed online, this means you can enjoy the following benefits:
* No Need to Make Major Life Adjustments – Aspiring entrepreneurs won’t have to quit their jobs, relocate, or start adhering to a new schedule that will cause interruptions in other areas of life.
* Self-Paced Study and Scheduling – You can study business administration during your free time and graduate at your own pace, so it gives you the flexibility needed to get started without committing to any major changes to your lifestyle.
* Ability to Earn a Masters or Doctors Degree from Home – You can even earn high-level degrees without leaving your house. For example, you could complete a Doctor of Business Administration UK degree programme through an institution like Aston University, a school that’s part of the top 1% of business schools in the UK.
To recap, fully online degree programs are great for entrepreneurs because of the flexibility and freedom they offer students.
2. Improving the Chances of Success in Business
Of course, anyone who is equipped with the skill set of a master business administrator will have a much higher chance of succeeding in any business. That’s a benefit that shouldn’t be overlooked or taken lightly because launching and maintaining profitable businesses will usually be the primary goal of any aspiring entrepreneur.
Managing a company might seem like it’s a process that you don’t need a degree to understand, but there are many intricacies, techniques, and strategies that can be implemented on a managerial level to make a business more lucrative.
3. Facilitating Proper Setup and Incorporation
Coming up with a business plan and doing the marketing are tasks that most entrepreneurially minded people can figure out quickly, but knowing the logistical and legal details related to company incorporation can be a bit trickier.
Many entrepreneurs simply pay a third-party service to facilitate the incorporation process. With a degree in business administration, you won’t need to pay anyone to fill out and submit forms, contracts, or filings because you’ll know exactly how to handle those process independently with a great deal of accuracy and proficiency.
4. The Ability to Use Advanced Business Software
Since most modern businesses are based on the use of software, knowing how to navigate these digital interfaces can definitely come in handy as an entrepreneur.
While you won’t learn how to use every software, you’ll learn how to use word processors, accounting software, and other computer-based tools or apps that can be used to streamline and simplify company management.
However, by learning how to use those tools, you’ll get the gist of what it takes to master every feature in a software, so you’ll be able to do the same with other business software by taking introductory short courses online.
5. A General Knowledge of Accounting
A degree in business administration won’t technically make you an accountant, but it will give a strong enough understanding of accounting to manage the finances of a business in a competent and effective manner.
This doesn’t necessarily mean that you shouldn’t hire a CPA to help with and double-check your tax filing and other high-level accounting duties, but it does mean that you have the luxury of doing it yourself and not having to pay anyone to handle that aspect of your business if you wish to do so.
6. An Understanding of How to Analyze Business Metrics
In business lingo, metrics are the stats that prove your company is worthwhile (or not). These statistics include things like:
• Conversion rates
• Monthly revenue
• Gross annual profit, etc.
There are many essential metrics that large corporations and marketers keep track of, and new metrics are invented and coined every other year it seems.
As such, there’s no guarantee that any degree will teach you about every metric there is to know about, but if there’s one degree that will get you close to that, it’s a degree in business administration.
A business administration degree program also teaches you about metrics from multiple standpoints; while an accountant would learn about financial metrics, and a marketer would learn about marketing metrics, a business administrator would have a general overarching understanding of both categories.
7. Better Planning and Decision-Making Skills
If you were to launch a startup tomorrow with an unlimited budget, wouldn’t you insist that the manager of your company have the right credentials and experience for the job? The reason why that concept applies to any business is because people with credentials have proof that they’re educated and well-informed.
Thus, the value of a business administration degree lies not only in the prestige of the credential itself, but also in the underlying knowledge that gives you the ability to create professional business plans and follow through with prowess.
8. A More Impressive CV
Finally, it would be neglectful to fail to mention the boost that a degree in business administration can add to your resume/CV. This might not be your primary concern if you’re planning on owning your own company, but it’s a good extra to have because it gives you access to a lucrative career that will generate startup capital and financial stability during the early years of your first company’s establishment.
Business Administration & Marketing Are the Best Fields for Entrepreneurs to Study
In closing, it’s important to recap by emphasising the fact that business administration and marketing are by far the most important topics for any entrepreneur to become familiar with. With that in mind, eventually you may want to elevate your educational efforts from occasional online research into the realm of pursuing a degree from an accredited university.