If you’re interested in working for yourself during your career, it’s important to do everything you can to prepare yourself for the harsh realities of life as an entrepreneur. While many people think only of the benefits of self-employment, such as having more flexible work hours, being able to work from home and possibly earning a substantial salary over the years, there are many challenges to consider, too. For example, it can take time for you to be able to pay yourself, let alone to become financially free; plus, there is always competition and plenty of risks to counter.
As such, it pays to educate yourself on relevant areas, so you have as much knowledge, experience and skill as possible. This is where having a degree in a helpful field can make all the difference. Read on for some good options to consider if you want to become an entrepreneur – and a successful one at that.
Business
Business should be the degree at top of your mind. These programs are handy because they enable you to learn about a wide variety of topics at one time, all relevant to running a business. Subjects covered include marketing, sales, finance, accounting, computing, leadership, psychology, international markets, administration, human resources and more.
Helpfully, most business degrees also include access to practical placements and internships at other companies, so you can learn from experienced business owners and managers on the job. You’ll also no doubt learn from your peers and make friendships that could lead to partnerships in the future.
Psychology
Psychology is another degree that is a helpful background for entrepreneurs, even though it’s not the what people initially consider when they have business dreams. Understanding different personalities and how the brain works is of great benefit when running a venture. For instance, you can use the knowledge you gain to generate interest from potential partners, investors, lenders and employees in your business as well as journalists, customers and more.
You will graduate equipped with skills to better connect with people from all walks of life, which will help you to sell your wares and your brand to others. Learning about psychology will make it easier for you to hire the best employees, lead a team and motivate and inspire people. It will also help you know how to get across information in the best way possible, how to negotiate effectively and how to read and use body language well in your interactions with others.
Plus, studying psychology will give you tools to make informed decisions about products or services and which customers to target. Providing top-notch customer service is also much easier once you understand what people want.
If you’ve been reading about business and successful CEOs around the world, you’ve no doubt learned how important Big Data is in this day and age. However, you might still be wondering, “Is a Master’s in Business Analytics worth it?” or can you pick up all you need to know from reading a few books or blog posts?
Take a look at how many millions of dollars are created each year by entrepreneurs who know how to read and utilize big data, and you’ll realize that enrolling in a course on this topic could make a huge difference to your business results. This knowledge and skill is imperative for any kind of tech business and is used in all industries to learn about customers, evaluate products and services, cut costs, streamline processes, boost productivity, improve conversions, better customer service and a whole lot more.
Engineering
Engineering is another area of study that’s a useful to entrepreneurs. Complete this degree, and you will become proficient at analyzing reams of information and pulling the most important details from everything you read and learn. You’ll be better able to search for and identify potential problems before they arise, and you’ll be equipped to decipher the root cause of problems and actions in the products you sell.
Engineers are adept at creating and testing prototypes, too, which is handy when you’re looking to launch a business and build new products, and they’re practiced at testing and measuring to look for ways to improve processes and results.
Economics
Considering that many businesses fail because of cashflow and other financial issues, it’s no surprise that economics make this list of degrees for entrepreneurs. Pursuing study in this area will educate you on the banking sector works, at both a big-picture and smaller-detail level. It will enable you to understand how to better invest and how changes in political and economic policies, as well as changes in international markets, can have an impact on you and your business locally.