6 Degree Options If You Want to Run a Business
Whether aspiring or experienced, entrepreneurs and business owners can greatly benefit from earning a degree that promotes individual and professional growth while potentially increasing earning potential. While there may not be a specific educational path for entrepreneurs, there are various undergraduate and master’s programs that can be relevant and beneficial.
When considering which degree program to pursue, it is important to focus on acquiring skills directly applicable to your industry or job responsibilities. Here are some of the most useful degrees for business owners and how they can set you up for success in your education and career.
Bachelor of Business Administration (BBA)
A Bachelor of Business Administration (BBA) degree is among the most common and popular options for aspiring entrepreneurs. This undergraduate degree typically covers a wide range of business-related subjects, such as marketing, finance, management, accounting, and entrepreneurship. It provides a broad-based education that can help you develop a solid understanding of the fundamental principles of business and how various functional areas of a business interact with each other.
A BBA degree also often includes practical components, such as internships, case studies, and group projects, which can provide real-world experience and help you develop essential skills, such as problem-solving, critical thinking, and leadership. Some BBA programs also offer concentrations or specializations in entrepreneurship, which can further tailor your education toward starting and managing your own business.
You can also pursue an online business and management degree, which has become increasingly popular in recent years due to its flexibility and convenience. These programs offer similar curriculum and coursework as traditional BBA programs but are delivered entirely online, allowing you to study at your own pace and from anywhere in the world.
Master of Business Administration (MBA)
If you’re looking for a more advanced degree option, a Master of Business Administration (MBA) might be the right choice. An MBA is a graduate-level degree that delves deeper into business concepts and strategies and is designed to prepare students for leadership roles in various business settings, including entrepreneurship.
An MBA program typically covers various subjects, including marketing, finance, operations, strategy, leadership, and entrepreneurship. It provides a more comprehensive and specialized education than a BBA and is often sought by those looking to launch their own business or take their existing business to the next level.
One of the key benefits of an MBA is the opportunity to network with fellow students, alumni, and industry professionals, which can help you build valuable connections and gain insights from experienced business leaders. Many MBA programs offer experiential learning opportunities, such as consulting projects or business simulations, which can provide practical experience and help you apply what you’ve learned in a real-world context.
Bachelor of Science in Entrepreneurship
If you’re specifically interested in entrepreneurship and want to focus your education solely on this area, a Bachelor of Science (BS) in Entrepreneurship might be the right fit for you. This degree option typically provides a specialized curriculum focusing on the unique challenges and opportunities of starting and managing a business. Business planning, innovation, opportunity recognition, risk management, and venture financing are some of the common aspects of this degree program.
One of the advantages of a BS in Entrepreneurship is that it often emphasizes hands-on learning and practical experience, such as creating a business plan, developing a marketing strategy, or launching a real business.
Bachelor of Arts in Economics
While not typically considered a traditional degree option for aspiring entrepreneurs, a Bachelor of Arts (BA) in Economics can also provide you with a solid foundation for starting and managing a business. Economics is the study of how individuals, businesses, and governments make resource allocation decisions; understanding economic principles can be invaluable in running a successful business.
A wide array of subjects, such as microeconomics, macroeconomics, econometrics, and economic theory, are part of an economics degree. This knowledge provides you with a solid analytical and quantitative skillset, which can be extremely beneficial in the business world. Economics can help you understand how markets work, how to analyze data and make informed decisions, and how to evaluate risks and opportunities.
Moreover, studying economics can give you a deep understanding of the economic environment businesses operate in. You can learn about factors that impact supply and demand, market trends, consumer behavior, and global economic forces that affect your business decisions.
Bachelor of Science in Marketing
Marketing is a critical component of running a successful business. A Bachelor of Science (BS) in Marketing might be a suitable degree option if you are interested in entrepreneurship and have a flair for creativity and communication. A marketing degree focuses on understanding customer behavior, creating and implementing marketing strategies, and promoting products or services effectively.
A marketing program often delves into a diverse range of subjects, encompassing consumer behavior, market research, digital marketing, branding, advertising, and sales management. It equips you with skills in market analysis, strategic planning, market segmentation, and communication strategies, which are crucial for running a business.
In addition, a marketing degree often emphasizes practical learning through case studies, internships, or projects, which can provide you with hands-on experience in developing marketing campaigns, conducting market research, and analyzing marketing data.
Bachelor of Science in Finance
Financial management is a crucial aspect of running a business. A Bachelor of Science (BS) in Finance can provide you with a strong foundation in financial concepts and strategies, which can help you make informed financial decisions for your business. This degree option focuses on financial management, investment analysis, risk management, and financial planning. It equips you with skills in financial analysis, financial modeling, valuation, and risk management, which are essential for managing the financial aspects of a business.
Furthermore, a finance degree often includes practical components, such as simulations or projects, which allow you to apply financial concepts in real-world scenarios. It can provide you with valuable experience in financial decision-making, budgeting, and financial planning, which are critical skills for running a successful business.
Running a business requires diverse skills and knowledge in various aspects of business management. While there is no one-size-fits-all approach, obtaining a relevant degree can provide you with a solid foundation and equip you with the skills needed to navigate the challenges and opportunities of entrepreneurship. In addition to formal education, gaining practical experience through internships, apprenticeships, or working in the industry is vital to complement your education.