Business Owners: What Should You Study? - Baltimore Post-ExaminerBaltimore Post-Examiner

Business Owners: What Should You Study?

If you’re looking to become a business owner, giving yourself the right education will be important. It’s not a simple pursuit, and often people make the mistake of thinking they can jump into it with little to no experience.

Running a business requires a lot of hard work. Managing finances, staff, and marketing are only three of the many things that you will need to pay close attention to. Of course, you might not be doing all of this on your own, but having a good understanding of how it all works will be essential.

Although a college education isn’t essential in running a business, it can help you to learn about certain disciplines that will help you. Here are a few subjects that you might want to consider studying if you want to become a successful business owner.

Business Management

This is probably the most effective course to take. As suggested in the name, business management covers all areas of what goes into running a business. You will cover important topics, such as how to develop your brand. A company’s branding is what makes it stand out on the market, therefore getting it right is important. This course will help you to understand what makes a strong brand, and the best ways in which to promote it.

Successful marketing strategies are also highly significant to the success of a business. It’s the way in which a company can advertise its products, as well as itself. During a business management course, there will be in-depth modules surrounding this.

There are plenty of other relevant topics that will be covered in a business management degree, all of which you can apply to your own venture.

Statistics

Businesses all over the world are becoming more and more reliant on data collection and analysis. Statisticians are some of the most sought-after professionals, therefore studying the subject could a good idea.

Not only would it be useful to understand how to analyze data as a business owner, but this could also result in a great ‘fall-back’ career if things don’t quite go as planned. Statisticians earn high salaries and have job security, making it one of the most desirable roles.

You can study statistics at a bachelor degree level, although if you already have an undergraduate degree, consider getting a Masters. If you’re worried about not having the time to go back to university, you can always take an online statistics course.

Accounting

This will be incredibly useful for aspiring business owners to study. Whether you’re looking to become a sole trader or to establish a limited company, you will have to keep a sharp eye on your business’s financial activity. If you don’t, this could lead to a lot of problems.

Firstly, you need to keep track of your taxes and other expenses, all of which need to be reported to the IRS. If there are any discrepancies in your accounts, you could get into a lot of trouble with the authorities. Therefore, it’s important to understand how it all works.

Studying an accounting course will teach you the ins and outs of book-keeping, the laws surrounding personal and business taxes, and other useful modules. Much like statistics, having an accounting degree could also provide a good alternative career choice if, for whatever reason, your business venture doesn’t take off.

Communications

Taking a course that covers this subject (although less technical than those listed above) still serves a purpose. A big part of managing or owning a business will be working with other people. This will require you to be able to communicate effectively and diplomatically in order to forge positive working relationships.

There is the option to do a course that is specifically designed to cover all areas of communication skills. However, other courses such as journalism, publishing, and public relations are also good places to learn these skills.

Good communication skills include the ability to speak in public, produce written correspondence, understanding different situations, and being able to research effectively. All of these will be imperative to you as a business owner. If you think you need to improve in any of these areas, then consider taking a course to help you.

Philosophy

This subject might seem a little off-base when it comes to matters of business, but in fact, it is a relevant discipline. The study of philosophy is a study of the human condition and asks questions about the world and how people live in it. You can apply these ideas in terms of how you manage a workplace, and using the right kind of philosophy for your business could lead to positive results.

There is no doubt that experience is important in running a business, but studying a subject such as those described above can also be beneficial.


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