As an entrepreneur and business owner, you might think you already have all the qualifications you need to make your business succeed. After all, not many people have the ambition you have already proven. But a business degree might be just the thing you need to help you elevate your company to the top tiers of success.
What Can You Get From a Business Degree? Credentials
Eventually, if your company is growing the way you expect it to, you’re going to need more funds. Whether you sell widgets or are service-based, you will most likely find yourself in a place where you want to apply for a bank loan. Loan managers love verifiable credentials like a business degree because it gives them a sound reason, which they can explain to their superiors, to place that approval stamp on your loan application.
If you intend to hire quality staff, you’ll need to hang a certificate of competency on your wall, even if it’s a virtual wall. Qualified employees like to work for bosses who have a proven skill set and proof of formal education. This validates their own self worth and allows them to possibly choose you as a mentor.
Employees are more likely to respect what you say if you have a business degree.How Can a Business Degree Help My Business Profit?
In his book, Seeing What Others Don’t, author Gary Klein talks about the remarkable ways we gain insight. One of the ways he discusses is through the culmination of specialized knowledge, circumstance, recognition of contradiction, and making connections.
In business terms, being in a business college would result in specialized knowledge. Working in the business world, being a business owner, results in the circumstance. But the recognition of contradiction and making connections that will create opportunity for your company can only originate from the knowledge gained from a business degree.
Here’s a simplified real world scenario:
Specialized Knowledge: You were an art student in college and are an art aficionado.
Circumstance: Your online company sells art supplies manufactured and shipped from China.
Recognition of Contradiction: Your sales are down, but the enrollment rates of college art majors are up.
Making Connections: You realize your business strategy is not working because you’re marketing to the wrong demographic.
This results in an insight that can help you shift your business model paradigm, which in turn will generate more sales.
A business degree is helpful in all of these steps. First, it isn’t easy to develop a solid business relationship with a Chinese manufacturer unless you happen to speak Chinese and are willing to go there and knock on doors. Business colleges teach international business relationships in detail.
Second, researching the marketplace and finding real answers specific to your needs isn’t as easy as typing in a Google search box. Learning how to procure relevant data and analyze statistics is a core part of a business degree curriculum.
Changing a marketing strategy or even creating one requires an understanding of the buying psychology of your chosen demographic. Again, this is covered in detail in a business degree program.
Successful business people recognize the benefits of formal education.Schools like Wharton and Harvard Business School churn out leaders and successful business owners for a reason. Because there is a lot of inside information only available to those who are willing to dedicate their time to discovering it. Get in on the action. Get your business degree and help your company reach its full potential.
Kate Supino is a freelance writer and small business owner who writes extensively about business degree careers and best business practices.