If it is your dream to start and manage your own business, the chances are high that you will be investigating the various options available to you in relation to tertiary education. There are a few different paths open if you are keen to study business. Here are all of the important facts that you need to be aware of before taking the plunge.
Choosing the right degree
Many prospective entrepreneurs will look into studying marketing, finance, or something similar. However, the most common degree selected is that of business administration – and for good reason. This degree covers a broad variety of focus areas that apply to individuals with the goal of starting their own business. For example, you will likely have the opportunity to hone your leadership skills, learn about market research, general business management, how to conduct thorough financial analyses, and so much more.
Once you have obtained your undergraduate degree in business administration, many students decide to take the next steps and study towards a doctor of business administration. If this is the route that you wish to take, it is worthwhile investigating online learning opportunities and studying through a business college in the UK. The UK is well-recognized for its superior business administration courses, including a DBA UK via Aston University. The online college is ranked as one of the world’s top DBA program providers by CEO Magazine.
When studying a DBA, there will be a strong emphasis on improving your research skills. You will need to decide what kind of research project you would like to embark upon before you even apply for the course. Most leading colleges will require a research proposal to be sent through alongside your application.
How to put a business degree to good use
There are countless employment opportunities for business graduates out there. You don’t need to go on to start a business of your own right after obtaining your degree (or ever, if that isn’t what you see in your future!). Aside from choosing the entrepreneurial route, you could also take up a career in finance or accounting, especially if your mathematical ability is above average. If you do decide to pursue this vocation, you will often need to enroll in a post-graduate program that takes around one or two years to complete.
Another possible career option is to go in search of a job as a business manager. Your business administration studies will have taught you all of the intricacies involved in successfully running an establishment, so you should feel comfortable in a position such as this after gaining a few years of work experience.
Other alternatives include becoming a business consultant and advising other business owners and managers where and how to make improvements regarding their operations. Finally, you could also decide to venture into retail or sales. Following your studies, you will likely have developed your leadership, communication, and negotiation skills, making you a great fit for a customer-facing position in sales.
Starting your business
The majority of business administration graduates will go on to start businesses of their own. If that is the next step in your plan too, it is vital to familiarize yourself with the correct process. First and foremost, you will need to learn how to formulate a comprehensive business plan. This is especially important if you need to obtain funding from a third party, such as a bank or an investor.
In order to put together a well-rounded business plan, you should focus your attention on doing as much research as possible. You will then need to decide whether you want to write a traditional business plan or a lean startup plan, which is essentially a high-level plan that contains the key elements, such as your value proposition and your key resources. A traditional business plan is the way to go in most situations unless, of course, you already have all of the start-up capital that you need.
Be sure to meet up with a business and financial advisor to ensure that you have everything necessary in place before taking action and setting your business idea in motion. Often, an objective pair of eyes can provide you with a host of insights into how best to go about the next steps.
Ultimately, a business degree is a wonderful idea for all aspiring entrepreneurs and business professionals. Take the time to select a college and program that promises a fruitful start on your journey to success. Good luck!