Entrepreneurship is growing in America with new startup businesses opening virtually every day. New business owners need the knowledge and skills to be successful. An ideal way to manage a business is by earning an associate degree in Business Administration. You will learn what resources you need and how to handle management, marketing, finance, and employees.
Essentials For Managing A Business
There are a few questionnaires available to give you a good idea if you have what it takes to open and operate a business venture. Start by locating and completing one or two of them. If you get a positive response, ask yourself if you are passionate about your business ideas. You must be very passionate about your business concept to be successful.
Take the next step of studying the three essential skills you will need that include:
Entrepreneur – Entrepreneurs marshal the resources for owning and operating a business. They find out how to raise money when it is needed. They take some risks and are not afraid to try new ideas. They know how to plan ahead and research their markets.
Skilled Worker – New business owners must know how to work in their employees’ jobs to properly train them. For example, if you are opening a home remodeling business, you must know how to frame walls, install drywall, paint, and lay flooring among other things.
Manager – Business owners must know how to manage the day-to-day activities to be successful. This includes managing the employees, handling the marketing, and dealing with finances and accounting. They must have strong computer and communication skills. These skills are developed in a Business Administration Degree.
How To Get Started
Locate a college with a strong reputation for training business administration students. Enroll and secure the money for tuition, books, supplies, and other expenses. Set a firm study schedule, listen attentively in class and lab sessions, and practice what you are learning. After graduation, temporarily work for a company similar to what you want to own and operate. You will see how to apply business training principles in the real world.
Once you complete the degree, seek advice from the U.S. Small Business Administration. A representative will assist you with developing a working business plan. This plan is essential for obtaining financing and creating a ‘road map’ for current and future success.
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“An ideal way to manage a business is by earning an associate degree in Business Administration.” |
Why A Degree For Starting A Business Is Essential
An associate degree in Business Administration provides essential knowledge and skills for owning and operating a successful business. You will learn the following in business training:
- Introduction to and overview of a business office setting
- General business practices and computer training
- Human resource and records management practices
- Workplace communications and marketing skills
- Participate in an externship if desired
- Goal setting, planning, and success strategies
Students also learn accounting principles, such as budgeting and purchasing, business law, ethics, and analytical skills. Students learn from classroom theory, lab sessions coupled with an environment solidly based on business concepts. Studies are individualized and progress is monitored with assignments, quizzes, and laboratory evaluation.
Today’s Small Business Challenges
According to the latest US Chamber of Commerce Small Business report, many business owners are optimistic although there are real concerns and challenges that face them, including:
Access to Credit is a problem because 75% of business owners find it harder to raise new capital. Owners need capital to buy inventory, hire workers, and expand their operations. Many small banks have closed which makes it more difficult to acquire more needed capital.
Hiring and Employee Retention is also a challenge because economic pressures make it difficult for owners to keep their best talent and continue to hire new talent. It is hard to keep up with employees’ salary and benefits expectations and demands. There is also a labor shortage in some industries.
Inflation is an issue for small business owners as well as consumers. Inflation disproportionaly impacts small businesses which have less buying and borrowing power compared to large corporations and competitors. Inflation reduces business profits because they must pay more for goods and services.
Interest Rates are rising which discourages owners from borrowing money to grow their businesses. A recent study reveals that 50% of small business owners have delayed their plans to expand their businesses.
Supply Chain Disruptions became an issue during the pandemic and continue to act as challenges. Many businesses have moved away from global suppliers to domestic suppliers to improve logistics and get the products they need.
An associate degree in Business Management will help you plan your new business and work toward success. Consider attending a technical college that provides more hands-on training and less classroom theory. Happy entrepreneuring!
For more information about graduation rates, the median debt of students who completed the program, and other important information, please visit our website: https://iticollege.edu/disclosures/
