In this article, we discuss, how 1) choosing the right education depends on the business model, 2) theoretical useful things to study to become an entrepreneur.

CHOOSING THE RIGHT EDUCATION DEPENDS ON BUSINESS MODEL

It is advisable for a prospective entrepreneur to go for a degree in, or major in that subject which would align well with the intended business model or key product/service to be offered. For example, if the intended business is associated with the information technology industry, it would stand the person in good stead if he went for a degree in technology. Similarly, if the planned business is in the accounting industry, an accounting degree would be beneficial.


In addition to choosing a degree that matches the planned area of business, a budding entrepreneur may take one or more additional but beneficial courses. This includes ones that would help him increase sales (such as marketing) or help him understand what’s legal or allowed and what’s not (business law).


USEFUL THINGS TO STUDY TO BECOME AN ENTREPRENEUR

Theoretical Education

MBA 

A brief look at what it covers: The MBA or Master of Business Administration degree is a post-graduate course of study that assists students with acquiring or gaining more knowledge about business and management so as to make progress career-wise. These core areas are typically covered in an MBA degree – operations management, accounting, administration, marketing, human resources, and business ethics. Common electives include entrepreneurship, international business, risk management, and strategy.

Benefits of the degree: The degree helps prepare students to handle all facets of a competitive and complicated business world. While the core education provides the student knowledge in a wide area of subjects from a single course, the electives provide the specific knowledge the student requires to succeed in his specific business model.


Communication

A brief look at what it covers: A degree in communication is meant to make its students good communicators by encouraging the effective and ethical conveying of a message to other people. Depending on the nature of the course, some of the things that may be taught are business communication, the basics of media and presentation skills and interpersonal and group communication.


Benefits of the degree: A communications degree will be of great help to entrepreneurs when they have to make a presentation to a group of investors, draft proposals or even do something as basic as delivering a speech in front of an audience among other things. It also helps them develop the skills of successfully influencing people or negotiating with them.


Accounting

A brief look at what it covers: Accounting courses are again of different kinds – Bachelor’s degrees, Associate degrees, Master’s degrees, and even certificate courses and the subjects they cover depend on the course. However, whichever the course, by the end of it, the student would be familiar with money management, accounting systems, tax, legal and other obligations; tracking payroll, auditing, financial reporting, and so on.


Benefits of the degree: Even if an entrepreneur has one or more accountants working for him, acquiring some knowledge of accounting himself would help him comprehend where his money is going and, to steer clear of tax problems. The knowledge gained from the course will also help safeguard his business from bankruptcy. The awareness about various kinds of financial reports, gained through the course, will help entrepreneurs prevent problems with the IRS.


Business law

A brief look at what it covers: A business law degree offers education in legal principles that apply when it comes to making business decisions. It prepares students to identify and examine legal problems that may occur in the business environment. Topics that are typically tackled in this degree course include contract law, intellectual property law, real estate law, and taxation.


Benefits of the degree: One benefit from the degree is that by understanding the regulations, taxes, and licenses that have a bearing on business profitability and of their rights, entrepreneurs can protect their business. Secondly, the degree may be of benefit when businesses have to work on tenders, proposals, and contracts.


Marketing

A brief look at what it covers: A degree in marketing provides broad knowledge pertaining to a variety of business aspects including business management, supply chain management, accounting, and information technology. Other topics covered include consumer behavior, marketing research, and marketing principles relating to the development, distribution, pricing, and promotion of products.
Benefits of the degree: Education in marketing can help entrepreneurs:

– Decide on what product or service to develop to fulfill consumer desires
– Identify their target customer
– Accurately evaluate the success of a marketing campaign
– Comprehend customer acquisition costs and ROI (Return on Investment)
– Learn how to get the word out about the good or service

– Realize a key concentration of marketing which is, to make the right product available at the right time, at the right place and for a competitive price.




Computer Science and/or IT

A brief look at what it covers: Subjects covered in a computer science degree include foundations of computer science, computer programming, data structures, algorithms, computer organization. Students of a Bachelor of Science in Information Technology (B.Sc IT or BSIT) can expect to study things such as – software development, software engineering, software testing, web design, programming, computer systems, databases, and computer networking.


Benefits of the degree: A little technical knowledge can help entrepreneurs set up their own online store, market their products online, set up company intranet and so on. In addition, the common sense and critical thinking that they learn to develop by way of the course can help entrepreneurs succeed in their business.


Economics

A brief look at what it covers: A degree in economics covers the two major elements of economics namely: microeconomics and macroeconomics. The former has to do with the interactions and behavior of individual agents such as companies, households, buyers and sellers. The latter examines whole economies on a global or national scale and observing issues such as inflation, monetary and fiscal policy, unemployment and economic growth. Other items of study may include demand theory and estimation, market structure analysis, international economics, inflation theory, and capital budgeting.


Benefits of the degree: Knowledge of economics is useful to entrepreneurs to better their performance with respect to managerial decision making. They develop a skill of being able to recognize what could occur or what opportunities would possibly be opened if their assumptions turned out to be correct.




Psychology

A brief look at what it covers: A psychology degree helps students understand themselves and their emotions as well as those of other people. Subjects of study in such a degree may include introduction to psychology, personal/individual psychology, abnormal psychology, social psychology, organizational psychology, and learning psychology.


Benefits of the degree: A psychology degree assists an entrepreneur with understanding his employees and business prospects better. The understanding of human behavior can help him create an ideal user experience for consumers. “User experience” may be defined as the overall experience, generally or specifically which a user, audience member or customer has with a good/product, event or service. The Usability field typically defines this experience with reference to ease-of-use.


Entrepreneurship

A brief look at what it covers: Education in entrepreneurship is frequently offered in the form of an elective/area of concentration in business administration degrees (B.B.A or M.B.A). However, there are business schools that offer separate degrees or certificate courses in entrepreneurship. The majority of entrepreneurial degrees incorporate the fundamentals covered in a typical business degree such as accounting, management, and basic marketing. In addition, they specifically address aspects like creating business plans, building up startup capital and developing clients. Entrepreneurial students are also typically given a chance to apply their knowledge through competitions, projects or other avenues as discussed under “Practical Education.”


Benefits of the degree: Getting educated in entrepreneurship before one actually jumps into the venture can help to reduce the chances of failure. It can also help a budding entrepreneur generate comparatively more average revenue than an entrepreneur without a college education.