Are you a budding entrepreneur with a great idea? Do you have what it takes to turn that concept into a fully grown business? It’s not easy. Some 1 million new businesses open each year in the United States, and 898,000 close. If you want to improve your odds, you’ll need more than just a great idea. You will need to have knowledge, insight, business acumen, and professional polish, and you can hone all those skills with a Business Administration degree.
Do You Need a College Degree to Start a Business?
There are some very famous college dropouts who went on to great success. Think of Bill Gates and Steve Jobs. But more than half of the self-employed hold four-year degrees and depending on the field, the numbers are even higher. For example, the HVAC technician working out of his own van may have taken a few business courses to run his own shop. But if you intend to work in healthcare or the legal field, a degree may not only be important to your success; it may be required by law.
Why Get a Business Administration Degree?
Starting and running a successful company takes a lot more than a great idea, motivation, and hard work. There are several hard and soft skills that you need to understand the ins and outs of business. A Bachelor’s in Business Administration gives you a solid foundation, along with real-life examples and experience that you can use to nurture your own business idea. Business Administration degree programs teach you the fundamentals of how big and small companies run and where they fit into the global marketplace. Among the courses that will be important to any budding entrepreneur are:
- Business Foundations to pick up the basics of business, so you have a solid foundation to build your own.
- Economics to understand the trends that shape supply, demand, and commerce, so that your own business operates well under the strains of global economics.
- Accounting to ensure you can properly manage your business finances, ensure you have enough cash on hand to pay the bills, and earn a profit that allows you to continuously operate in the black.
- Management to organize and run your business and its staff.
- Marketing to drum up interest in your products or services and build your brand, so that your business can thrive.
- Business Law & Ethics to learn the rules and regulations of running a business and to make sound decisions that will keep yours operating legally and ethically.
- Business Communication to strengthen your communication skills for multiple audiences, including customers, investors, suppliers, buyers, employees, and other stakeholders.
- Human Resources Management to understand how to attract, motivate, supervise, evaluate, and support individual employees and teams.
- Project Management to stay organized and ensure projects run smoothly and on time.
Another important component of any business degree program is the business internship. This real-world hands-on experience can be invaluable to your future business. Through an internship, you have the opportunity to work onsite at an organization and apply what you learned in the classroom. You can observe professionals with vast experience while you refine your skills and get a taste of what it takes to succeed before any real-life added pressure comes into play.
What Soft Skills Will a Business Administration Program Teach?
Through case studies, classroom assignments, group projects, and presentations, business programs also teach you to hone the soft skills that differentiate successful business leaders from those who fail. Among the most important business skills are:
- Problem Solving
- Time Management
- People Management
- Analytical Analysis
What’s Next After You Complete Your Bachelor’s Degree?
Small businesses are an important driver of the economy, with almost twice the number of new jobs coming from small businesses compared to their larger counterparts. As you build your own career as an entrepreneur, you may want to improve your skills even further. An MBA degree maximizes your potential as a business leader and can be a valuable investment for your future.
The Caudill School of Business at Bluefield University provides budding entrepreneurs like you with the training, practical experience, and one-on-one attention needed to hit the entrepreneurial ground running. With both online and in-person degree programs, we work to infuse strong business training with our mission to create servant leaders for the world. Our faith-based foundation helps you become a business leader equipped with the morals and integrity to do business the right way. Request more info now to learn more.