Business management is a growing field, especially with more of the job market turning into freelancing. More people today than ever want to create their own businesses and thrive off of themselves, rather than working for someone else the rest of their lives. If you are thinking about working for yourself in the long run, then studying business management may be a smart choice. Being an entrepreneur is extremely rewarding, but requires a lot of hard work, knowledge, and patience. You will not be responsible for just one single role like any other job you may get working for a company. As a business owner and manager, you pretty much oversee everything from top to bottom. This is why education in a related field is so important, because it provides a good foundation of knowledge needed to succeed as an entrepreneur.

Think about it: Every business needs a manager. Managers work hard to supervise a team, delegate tasks, complete their own agenda, oversee daily operations to make sure they run smoothly, make smart decisions on a whim, and solve problems when they arise. The list goes on, but you get the picture. Pursuing a business management degree will provide you with the necessary skills to get your dream job. Business management students study topics ranging from finance, human resources, marketing, economics, and so much more. They will also have the opportunity to take part in projects involving teamwork, which will give them a glimpse of real world management. While a business management degree is not required to start your own business, it definitely comes in handy and will make you stand out from the crowd. Without a strong understanding of business principles, your business may crumble or not grow as quickly, especially since it is so competitive these days.

Are you an entrepreneur-to-be? If you possess the following traits, then it may be worthwhile to pursue a business management degree and discover your endless career path options.

Source: Kelsey

There are a number of advantages to studying business management before becoming an entrepreneur. Let’s take a look at some things you’ll gain from earning the degree first.

OBTAINING SKILLS

Becoming self-employed isn’t as easy as it sounds. In fact, it can be quite stressful and overwhelming if you don’t know where to begin. Getting your business management degree will put you in the right path to operating a successful business. Of course, there are skills that you learn on the job and from experience, and not in the classroom. Also, to become a successful entrepreneur, you must have a strong passion for what you do. Without this passion, work can be dreadful and you will be less likely to stick to your business plan and invest the money and time to make your company grow. These are skills that are not obtained from school; rather, they must be in the business owner to create a lucrative business that they love and are dedicated to.

In addition to passion and the drive to succeed, entrepreneurs need a solid understanding of at least the basic business practices, business markets, and business organization. Getting your degree in business management will teach you how to plan your finances strategically to help your business succeed. More technical skills like this are harder to learn on your own, and are best taught in the classroom. In addition to financing, you will also become familiar with business administration, advertising, sales, and more. Knowing how to properly brand your company and manage it will go a long way, because new businesses are constantly competing in highly saturated markets.

FINDING YOURSELF

Feeling lost? Don’t worry, we all go through it. Going to school and learning new things will help you find yourself, especially if you’re in your late teens or early twenties. While you might be set on starting your own business, you may not know the exact details of how it will happen or even what field you want to be in. Getting a business management degree will not only equip you with useful knowledge, it will also give you time and a better idea of what you might want to do in the future. By meeting new people, talking to professors, and learning new things about business, you can also find out more about yourself and your career goals.

MAKING CONNECTIONS

Attending college before starting your own business is a great idea if you want to build connections and network with people in the industry you plan on entering. School is an easy way to interact with other students sharing similar career goals. If you enroll in a business management program, you may be able to meet your future business partner who may share the same interest and goals as you! In the business world, it is true that it’s not all about what you know, but also who you know. Staying well-connected with others in the industry will give you a one-up when it’s time to go freelance. The more people you know, the better — if you set a good impression to others, they are likely to spread the word about you and your business later.

SECURING CREDIBILITY

In addition to building a valuable network, a business management degree will give you the credibility you need to advance your career. For example, when you go to ask investors for money, form partnerships, or hire employees, you will be taken more seriously with a degree. People are a lot less likely to invest in a company created by a high school dropout, compared to company founded by someone with a Master’s in Business. Of course, this is not always the case, but having the degree will give you the safety net and advantage so that you don’t have to be fighting an uphill battle to secure funding or partners.

GROWING YOUR WEALTH OF KNOWLEDGE

As a business owner, you will constantly be learning new things. There will be challenges to face everyday, and these will help hone your skills at work, and help you grow as an entrepreneur. Having the education is one thing, but there will still be a lot of trial and error involved in developing a business. Since business models, techniques, and markets are constantly changing, those serious about their business are highly encouraged to take refresher courses throughout their career to stay up to date.

WHAT’S IN IT FOR ME?

In conclusion, while a business management degree is not mandatory to become a successful entrepreneur, it will certainly help make your life easier. When you have to be making plenty of decisions in a time crunch, hire competent employees for your company, manage customers, make sales, lead teams, and manage company finances all at once, it can get overwhelming very quickly. Having the educational knowledge and foundation will help you get these things done in a more efficient manner because you will already have been taught certain things and how to handle situations.

If you are already an entrepreneur looking to grow your business and stay up-to-date on the best business practices and techniques, you are in luck. You can still pursue an education in business management! Nowadays, most colleges offer online degree programs that are great for those with busy schedules. If you are working during the day, you can “attend” your classes via a virtual classroom at home with working Internet connection. Studying online will still allow you to interact with other students in the class and also get to know your professors. Online learning is the perfect alternative to traditional classroom learning if you are looking to save money while gaining new knowledge. Without having to commute to class, you will be saving money on transportation related costs. Most online classes will also provide online reading material. For these classes, you may be able to avoid outrageous textbook costs.

Source: NetLodge

Becoming an entrepreneur comes with many challenges, but also plenty of perks that regular employees don’t necessarily get. For example, working for yourself you will often be a lot more motivated and happy doing what you do. Not only do you get the job satisfaction, the freedom and salary potential is unbeatable!