Advantages of Studying Business Management
Business management is a degree that is offered on most college campuses. As society begins to veer towards entrepreneurship, is it beneficial to study a degree in management? Are there benefits to studying business?
Anyone can start a business, with or without an education. And simply studying business management will not guarantee someone a position as a CEO or other executive. However, there are many things that a degree in business management can do for someone interested in pursing a life in business.
Classes Every Entrepreneur Should Take
Anyone interested in starting their own business should highly consider taking the following classes:
- Accounting (1 full year)
- Introduction to Marketing
- Fundamentals of Business Management
These classes will provide an entrepreneur with an arsenal of useful information that will benefit her/him while launching a business.
Learn the Basics of Business
Whether your goal is to become a CEO or simply start your own small business, the ability to comprehend the basics of accounting, business law, and business lingo is extremely beneficial. Whether you are communicating with your clients, business associates, accountants, or lawyers, being able to have an intelligent conversation will both reveal a respect for their professions and prevent potentially poor decisions from being made without your full knowledge.
Anyone interested in receiving funding for a business will need to have a quality business plan in place. If your business is to succeed in the marketplace, a solid understanding of marketing techniques and a strong marketing plan are essential. To prevent your personal assets from being taken due to a lawsuit, forming a corporation (and the right type of corporation) is very important. These issues, along with many others, will be covered while studying a degree in business management.
Gain Professional Flexibility
Do you know exactly what you want to be doing every day for the rest of your life? Then business management is not for you. Do you like the idea of working with airplanes for a couple of years, then with hospitals, and maybe spending some time as a tour guide or overseas consultant? Then you should seriously consider a degree in business management.
The biggest benefit of studying business can also be the biggest struggle – flexibility. While a nurse or plumber knows exactly what he/she will be doing once they start work, a business manager does not have a preset job description. People who study business management do everything from running huge corporations as executives, to starting their own businesses, teaching, consulting, investing, and a variety of other activities.
In business management you have the opportunity to work in virtually any industry because all businesses need business professionals. Additionally, you have the freedom to start your own business or assist others with starting their own businesses.
Learn From the Successes and Mistakes of Others
After Enron everyone knows it is not a good idea to falsify a company’s books just to increase stock price. Because of the financial struggles of large American auto companies, we can learn the struggles that arise from lack of initiative and creativity. By watching Apple one discovers how people are willing to pay a premium price for the perception of “cool”. Anyone who studies the marketing strategies of Skull Candy will discover the benefit of using your customers to promote your products.
People have been doing business since the dawn of time, and there are countless lessons that one can learn from studying the successes and failures of others. They say that, on average, only 1 out of 5 companies make it past their first year in business. By reading what helped and hindered other businesses in your industry, the odds of your company succeeding increases significantly.
Receive Free Consulting and Networking
One of the most valuable aspects of furthering ones education is the creation of a solid network of likeminded individuals. Whether you are looking for business associates, peer group supporters, or potential clients and vendors, interacting with students of business on a college campus may be one of your greatest assets. Because these students are all interested in similar topics, not only will you already have an area of similarity, but you will have a great opportunity to discuss problems or potential problems with creative, intelligent people.
Besides for students, a college experience provides a great number of professors who are often paid good money to go and consult for large corporations. By building relationships with these professors, a student of business management has professionals whom they can get advice from and sound ideas off of. Additionally, professors often have strong networks they can use in assisting students in finding jobs or business associates.
One of the most powerful keys to success in the business world is learning how to network. A college or university campus is one of the best places to initiate this process.
Although a medical doctor is incredibly intelligent and hardworking, it is more likely that someone who has studied business management will be actually running a hospital. While pilots are great at what they do, the odds are that the executives of an airline will be business management experts.
By receiving a degree in business management, the world will see you as someone with the toolset and expertise needed to be a leader and an innovator. Present society, places a high value on education and the appearance of expertise. Sometimes being great at something isn’t good enough; you also need a degree that says you know what you are doing.
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Learn Teamwork and Motivational Techniques
People are very complex and confusing. Motivating and leading them can be a nightmare for someone who has no idea what is going on. Studying business management provides the student with a basic understanding of what makes people tick.
Did you know that a higher salary is not the most important aspect in keeping great employees? Did you know that the techniques one would use to motivate 50 year old employees are not the same as the ones that would be used to encourage a twenty-something workforce?
By studying business management, it is possible to gain a broader understanding of how to develop strong teams that will work together most of the time – and how to resolve conflicts when they inevitably show up.
Studying Business Management Gives You a Leg Up
Studying business is beneficial for the entrepreneur, CEO, and even those who stay at home. Learning how to interact with others, handle ones finances, and gain a better understanding of how to motivate oneself, can give an average person the opportunity to accomplish greatness.
Consider taking your life to the next level by studying business management as an undergraduate student or be one of those who makes a significantly larger salary with an MBA.