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What Degree Do You Need To Own A Business
People always tend to ask young children what they want to be when they grow up. And the answers are quite generic – a doctor, a lawyer, a firefighter. But rarely do people ever consider the prospect of being their own boss or opening up their own business. At least, this is not something people hope to do until much later in life.
This is always something that is looked at with fear and to be honest, it is quite understandable. When you consider how shaky an economy can be, and when you consider how difficult it can be to start your own business and make sure your business is successful, many people avoid their own start-ups like the plague.
However, starting your own business can be truly phenomenal. It does take a lot of work and a lot of effort. You are required to put in a substantial amount of effort in the beginning stages, when it does reach a stage of success, you could reap the rewards of expansion and financial growth for years to come.
But this leaves many people to wonder what type of degree you should have to open your own business.
While you could successfully establish and run a business with no degree or qualification whatsoever, a degree that will greatly assist you in establishing your business and that will teach you a broad range of business skills is a business administration degree.
Beyond just providing you with expert-level skills required to run your own organization, having a business administration degree does provide you with a great safety net if you do decide that you would rather not run your own business and that you would rather find a role in an organization. But this is not the mindset you should approach your own business with.
Let us take a closer look at what qualifications would be beneficial to you If you're considering running your own business.
Is A Degree Useful For Business Owners?
Whether you are new to business or you are well seasoned having an established organization for many years, adding a degree, such as a bachelor's degree in business administration would help elevate your current business and provide you and your organization with greater growth potentials. If you are new to the business, it will equip you with the appropriate business processes and strategies that you should implement from the onset to make your business a success.
If you consider that businesses are ever-adapting and living organisms that are constantly changing, you would need to have the knowledge and expertise to keep up with market trends and make sure that your business can adapt and stay consistently relevant.
Having a business administration degree makes this easy because you will know how to adapt your business processes to stay abreast of all economic and business changes that occur in the local and global economy.
Why Do You Need A Degree To Own A Business?
While it is neither a requirement nor a necessity to have a degree when you own your own business since you are the one dictating the terms on which your business will be run, there are a few benefits that come with having an official qualification as a business owner.
For the most part, while you don't need to hold any qualification as a business owner, your business does need to be registered as an official entity for legal and tax purposes. However, this is not dependent on you holding a degree.
Owning a business is not an isolated endeavor. This means that you are not going to be running your business without anyone or anything else. The reality is that you are going to need to interact with other businesses and organizations on some level. You are going to need to buy stock items, goods, and services from other organizations.
Having a degree in hand will not only help you in these entrepreneurial endeavors, but it will also make engagement with other businesses more seamless as you will understand negotiation and other professional interactions much better.
Additionally, when you have a degree or an official qualification as a business owner, it gives you a form of credibility. This way, you will attract engagement and involvement from stakeholders, clients, investors, and other individuals who are needed for the success of your business, and you would be able to show them that you are an experienced and accredited professional, no matter what the size of your business is. Your competency and training will speak for themselves.
On the note of competency, you will have all the knowledge and skills to manage and run your organization as well as all facets and divisions within your organization. Having the knowledge means that success follows suit.
Lastly, you will have a certain confidence that only comes from being entirely qualified in your endeavors. You will have the confidence of knowing that you are running your business in the best possible way, and you know that you are skilled and equipped to run your business.
Why Should You Get A Business Administration Degree To Run Your Own Business?
A business administration degree covers a lot of content that teaches you not only how to manage, run, and operate your business, but it teaches you how to manage the many divisions of which your business is comprised. You will not only be able to set goals for your business and plan ahead, but you will be able to develop and implement strategies to meet your business goals.
A business administration degree will teach you basic business foundations, so you know how to manage or organize your business. It will teach you the foundations of economics so that you will always know where your organization fits in the greater scheme of things.
You will learn concepts and principles pertaining to accounting and finances so that you can consistently keep a finger on the pulse of your business, especially considering how important finances are within an organization.
You will learn how to manage your organization as a whole as well as human resource management which will provide you with the skills needed to manage and motivate the teams and individuals that operate within your organization.
Your business can't be entirely successful without marketing. Luckily, business administration degrees also cover content pertaining to marketing and advertising so that end users and consumers always see your brand presence.
Lastly, you will learn concepts pertaining to business communication, business law, and ethics to make sure your business always operates within the confines of the law, and you will learn concepts pertaining to project management.
What Skills Does A Business Administration Degree Teach You?
You will acquire some soft skills such as effective communication and negotiation, persuasion, time management, and people management which goes hand in hand with human resources management, and analytical skills.
What Other Degrees Can You Pursue To Run Your Own Business?
If business administration weren't a degree you were hoping to pursue, you could consider business management, finance or accounting, marketing, business technology, or economics as viable degrees that will help you and contribute to you owning your own business.
Which Famous Business Owners Didn't Have A Degree?
While this shouldn't be used as an excuse not to pursue a degree, especially considering the success rates of individuals such as these are extremely rare, many people such as Richard Branson, Mark Zuckerburg, Steve Jobs, and Michael Dell didn't graduate from college.
Perhaps you already have your business idea in mind, perhaps you already have everything you need to start, and you are wondering if a degree would add to or take away from your business prospects. The truth is that having a degree will only benefit your business and it will allow you to run and manage your organization with great success.
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