Over the last decade, as unemployment rates have soared in many countries around the world, lots of people have decided to consider entrepreneurship as a career path so that they can have more control over their working life, pursue their passion, and enjoy the benefits of working from home or with flexible hours.
However, if you’re considering launching a start-up yourself soon and joining their ranks, you need to be aware that, with the lower barriers of entry to entrepreneurship because of technology, more competition has come about in every market too. As such, in order to give yourself the best chance of business success, it is vital that you educate yourself on relevant topics so that you don’t just survive as an entrepreneur, but really flourish as one and achieve all your goals.
One of the best ways to invest in yourself is to complete further education. While undergraduate degrees are certainly helpful, you can really accelerate your learning and put yourself ahead of your competitors by enrolling in a master’s degree too where you can hone your skills in a particular area. Read on for four of the top topics to consider studying today before you launch your first venture.
FAME studies (that is, the areas of finance, accountancy, management, and economics) have been a popular choice for many years for people interested in running a business due to the many helpful skills learnt by graduates. However, with the rise of Big Data in recent years, economics has become even more relevant to people who want to become successful entrepreneurs.
Studying economics will help you to learn how to analyze and then use big data sets in your venture in a meaningful way, which can in turn have a big impact on your venture’s results. By utilizing large reams of information you will be able to:
- Analyze potential target markets and your current customer base
- Study the results of your marketing, sales, and other strategies to see what can be improved
- Discover which products or services will most likely sell best.
Other benefits to be enjoyed from studies in economics which entrepreneurs should consider are things such as:
- The ability to understand how the banking sector works, in both macro and micro ways
- How international markets and changes in the political landscape affect businesses
- How investment works
2. Computer Science
If you’re interested in how computers work and what can be produced by them in this technologically-driven world, you might want to think about pursuing a degree in computer science. This area is rapidly growing, as technologies change industries all around the world and more economical or timely ways of doing things are discovered thanks to computers.
Take a look at some of the most successful entrepreneurs over recent years who have made millions or even billions from their start-ups and you’ll find that for many of them, it was their tech knowledge which led to success.
A degree in computer science can teach you how to use and create analytics programs for big-data sets, so that you can better run your business; or give you skills which you can use to potentially launch the next Google, Amazon, Angry Birds, or Snapchat.
A degree in this area can also help you to tap into emerging industries ahead of your competitors, build better websites and apps for your ventures, and make it easier to create optimal processes for many different areas of your business.
Of course, for many would-be entrepreneurs, the most obvious choice of study before launching a start-up is business. In particular, one of the most popular options has to be completing an MBA online or in person, often part-time while people work in their regular job or start developing new business ideas.
One of the benefits of studying a degree in business is that it is typically very flexible. You can have the chance to study diverse topics (all of which will help you as an entrepreneur), such as leadership, marketing, sales, finance, administration, organizational management, international markets, and more.
A business degree will give you a good foundation in both the practicalities and mechanics of leading a successful venture, not to mention give you the opportunity to network with like-minded people who could one day become valuable business contacts.
Lastly, you should also keep in mind that the study of psychology is helpful to more people than just those who want to become mental-health practitioners. Learning about how the human brain works and how personalities can differ and be affected is also incredibly useful for entrepreneurs.
Understanding psychology can help business people to target the right potential customers and learn about their target market, as well as to close sales more often. This area of study can also be used when building a brand name, designing products or services, creating a beneficial corporate culture, attracting investors, and generating interest from the press.