The benefits of furthering your education as an entrepreneur and how to go about it
Marketing, recruitment, funding, and strategy planning are just a few of the plethora of major responsibilities you as an entrepreneur need to handle in the business. While experience is the best teacher, furthering your education can help develop valuable skills and expertise, allowing you to manage the business better and drive it to success.
To save you time and effort, this article explores the best degrees to consider and how to manage your studies and run your business simultaneously.
Best degrees for entrepreneurs
Here are 3 top degrees that’ll help build business acumen and manage core responsibilities better:
A stronghold over business finances is crucial for the success of any small business owner. A degree in finance will provide you the knowledge of how to read and create key financial documents such as – the balance sheet, profit and loss statement, cash flow statement, and more.
If you have financial experts working for the business, the knowledge acquired through the degree will result in improved supervision and a better understanding of how to maintain good financial standing.
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According to research, small businesses should allocate up to 8% of their gross revenue towards promotional activities. In addition to promoting products, marketing helps to educate customers about your brand, develop a market share, and outperform the competition.
A marketing degree will teach you how to identify a target market, choose the best promotional channels and develop a strategy that’ll provide the best results, whether it be in terms of impressions, registrations, or purchases.
● Computer Science
New technological trends emerge each day and understanding the ins and outs of these trends can result in a competitive advantage for the business. A degree in computer science will develop expertise in popular programming languages used to create websites, mobile applications, and more. This knowledge can directly be used to better your business in every aspect, by integrating the best technologies for day-to-day functioning.
Affording a degree
As any entrepreneur knows, running a business is a costly affair. While a remote business will reduce costs substantially, you’ll still need to afford various recurring and non-recurring costs amounting to thousands of dollars a year.
Adding the cost of a degree in the mix can send your finances into a fix, but don’t fret as there are two ways you can afford a degree without any adverse impact on the business:
● Study online
- As reported by Goodwin University, in addition to the benefit of affordability, an online degree allows entrepreneurs the flexibility of creating a schedule and maintaining a good work-life balance. Moreover, online learning provides you with the option to study in top universities across the world and earn reputable credentials.
● Apply for scholarships
- A strong application is key to securing a good scholarship and being an entrepreneur can help you stand apart and receive funding covering part or full tuition cost. In addition to the university scholarships, apply to private ones as well which are commonly provided by NGOs, student organizations, and more.
Balancing your time
Pursuing a degree is bound to demand a good chunk of your valuable time each day. Here are a few ways to balance business and personal responsibilities:
● Create a daily schedule
- Depending on your class timings, divide the day into parts dedicated to either studying or business. Having fixed timings will result in higher productivity and better time management.
● Hire professionals
- Hiring competent professionals for delegating responsibilities will take a lot of weight off your shoulders. Whether it be for marketing campaigns, creating pitch decks, or designing websites, working with a staffing agency can help accelerate the hiring process and find the best people for your business.
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● Don’t work 24/7
- Constantly switching between college classes and business meetings will lead to burnout sooner than later. Each day, allocate 1-2 hours towards rest and activities that provide you with a sense of fulfilment, such as exercise, hobbies, watching movies, etc.
While pursuing further education will involve an investment of time and money, it will prove to be fruitful in the long run as you will develop a deeper understanding of the business, make better decisions and become a well-rounded entrepreneur.
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