One of the main perks of running your own business is that just about anybody can start one. If you’ve noticed a gap in the market or there is something that you are just so passionate about that you want to start your own company involving it, you don’t need to worry about going to university, getting a relevant degree, creating your CV, and applying for jobs. The internet has made it easier than ever to get the foundation for your business set up in just a few hours. Whether you have always wanted to enjoy the freedom of being your own boss while creating a business that you love or are looking for a career change and have decided that starting your own business is the right option for you, it is open to everybody.
However, there are many reasons why you may want to consider getting a business degree before or during running your own business. These days, business competition is high so having all that knowledge and an advanced skill-set can put you at an advantage over other businesses run by people who haven’t been to university to study business. If you want to improve your skills and run a better business, here are some of the main reasons to consider getting a business degree.
These days it has become much easier and a lot more feasible for business owners to go to university and get a degree, thanks to online and distance learning courses. This MSc Business Management with Entrepreneurship course is available to study online from Aston University, which can be more feasible for business owners who have a lot of other things to do and wouldn’t have the time to get to lectures on campus. Studying online gives you additional freedom and flexibility when it comes to studying from home and managing your own time. You can often choose when you want to access online learning resources and set your study schedule in accordance with your work and personal schedule so that it works for you personally.
Build New Business Skills
Whether you are already running your own business or this is something that you want to do in the future, getting a degree in business can provide you with an excellent opportunity to develop new business skills that you can put into practice. When you have a business degree, you will have a wealth of knowledge that you can apply to the day-to-day running of your business and any important decisions that you make, which ultimately helps you avoid trial and error and puts your business on track for more success. With a business degree, you can learn new skills that you may not have been aware of in the past such as how to use data to drive your business decisions and get better results overall. Hiring is another skill that you may have the chance to work on with many business degree courses, giving you the chance to make better decisions when it comes to choosing the people that are ultimately going to help your business grow and succeed.
Improve Your Business Knowledge
While starting your own business is something that is open to pretty much anybody, not everybody who starts a business will possess the knowledge that they need to run a successful company. While you might have the basics down, improving your business knowledge as you go along with trial and error can sometimes be a risky situation to be in, especially with nine out of ten start-ups failing within their first year. Unless you have extensive previous business experience that you can use to your advantage, getting a business degree can be one of the best ways to grow your knowledge so that you can start to build and develop your business from a more informed and educated place. This can help you improve your chance of business success, make it easier for you to figure out your strengths and weaknesses, and make important business decisions with more confidence.
Improve Your Chance of Getting Business Funding
Although having a degree in business will not offer a guarantee that you are going to get the business loan or investment that you want, investing in your education may pay off in the future if you hope to secure additional funding for your company. When you apply for a business loan or pitch to an investor, your level of risk is taken into account and your education may be considered as a factor when determining how likely your business is going to succeed. For lenders and investors, a business owner who has proven themselves to be somebody who is invested in improving their business skills and knowledge through achieving a degree in business is more likely to be seen as a lower risk compared to somebody with no previous business education or qualifications.
Make Better Decisions
As a business owner, getting a business degree will make it easier for you to make the right decisions on behalf of your business. Many business management degree courses cover good decision making skills extensively, and you can put these skills to use when setting up or running your company. When you have the knowledge and skillset that you will gain from studying business at university, you will have a better understanding of the process that goes into making the best business decisions whether you are hoping to develop a new product, hire new employees, come up with new marketing strategies, expand your business into another country, or something else.
Build a Professional Network
Getting a degree in business doesn’t just give you the chance to improve your knowledge and skills; it’s also a great way to meet like-minded people and start building a strong network of professionals around you. This is especially true if you are studying for an advanced business degree as these courses often attract successful business professionals. You can find new business partners, clients, employees, mentors and more.
While having a degree is not a prerequisite to running your own business, investing in your education can make a huge difference to your future success.