The Importance of a College Education when Starting
Many have the capability to do great things, but have not had the opportunity or the business knowledge to take such a drastic step. A new business owner does not plan to fail, however that person may fail to plan. “At any given time approximately 10 million Americans are attempting to start their own businesses” (Ewing Maroon Kauffman Foundation). According to the Small Business Administration, only 66% of new companies will survive the first two years. How can an entrepreneur Improve those odds? The best way may be very simple; get the relevant education, preferably Business degree. Studies have found that factors like having a college degree… Can increase the chance that a new venture will survive” (Ranchmen’s, 2004, p. 62). What doors can a college education open to enable success in a new venture? One may only have a vague idea of what to do. When attending a variety of classes and actively participating in the learning process, it is possible to be exposed to a wide variety of businesses and to be given the opportunity to learn about different fields, never before considered.
An investment banker may find a new interest in catering, a allege professor may want to
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Decisions based on careful preparation will prevent costly stakes and be the guide in examining unsound business opportunities and practices. A business degree can open up a world of new Ideas to explore and new ways of thinking. A class titled “Open Thinking” Is even offered as a business credit course. “Through this course students will: create openness through curiosity, taking calculated risks, active listening and observing as well as employing whole brain perception of the work; expand the function of their brain using a variety of tools and move towards whole body thinking by recognizing the need to use both mind and odd together”. British Columbia Open University, September, 2004) When evaluating how important education is to success in business, this type of training explores new skills in creating innovative ideas and enhancing problem solving. There are many areas where research and evaluation of facts and statistical data play a major role. Thorough investigation and analysis are needed to evaluate if a start-up business is going to be successful. A statistical analysis of the potential profitability of any new venture will be able to ascertain the expected success and redirect if there is a market for a new product or service.
The Small Business Association emphasizes the importance of a business plan. It should define short- and long-term goals, include a pro-formal balance sheet, an income statement and a cash flow analysis. With a college background in financial analysis, accounting and business writing, it is easier to create a well written business plan which can help obtain business loans. “Because it provides specific and organized information about your company and how you will repay borrowed money, a good business plan is a racial part of any loan application” (SABA, Business Plan Basics).
A Business Management major provides a broad selection of classes that pertain directly to running a business. Marketing knowledge is an important aspect of any business, large or small. A marketing plan is as important as a business plan. For a business to be successful, these questions need to be answered: “Who are now or who will become your customers? Which customer is the best prospect? Do you sell to other businesses or organizations instead of directly to the public? (Provide evidence that the end-user needs your solution).
What are] consumer demands and [your] response to their emotional and logical needs” (SC’). It is of great value to know how to assess customer behavior, how different factors affect the market and how to avoid miscalculations. The profitability of a business is very dependent on thorough knowledge and understanding of the targeted market where a product or service is distributed. Traditional business as well as e-business is relying heavily on the internet for sales. There are new ethical rules to adhere to, and increasing legal restrictions and regulations.
There are contractual issues to be aware of, including: “Contract terms, contract acceptance, enforceability, payment method and security” (David Adler, 2004). In the fast-paced world of e-commerce, it is crucial to stay on top of new information and laws, and a solid educational background will provide the know-how to keep up with the changing internet based business environment. It is a well established fact that networking and connections are a basis for success in any business venture. When the college instructors are actively involved in the connections in different businesses.
The University of Phoenix student counselors emphasize how useful this asset can be. This university, along with many others, also provides access to an Alumni Network, an online source of networking. It is crucial to take advantage of opportunities provided by college professors and fellow students, and connections made during the college years. These skills can later be utilized in many other forums. To succeed in business, which is more important: A college education or experience? “Both education and experience can play a large part in business success.
The more important question is: Can you succeed in business without one or the other, or even without both? And the answer to that one is yes… Many successful businesses were started by first-time entrepreneurs who never went to college. Natural talent, ambition, drive, determination and good old dumb luck have fueled many successful entrepreneurs” (Tim W. Knox). It is possible to start and run a successful business without a college education. There are people who have succeeded and will continue to do so. An interesting example is one of the largest companies in the world, Microsoft, started by a man thou a college degree.
However, the continued successful running of that company takes advantage of the knowledge and skills of a large number of people who have gained their expertise in the academic world. To avoid making costly and drastic mistakes, the best plan is to gain as much education, knowledge and experience as is available. Only then is it feasible to run a business utilizing all possible skills while having the confidence that the methods followed are the best practices available in the academic and business world. References British Columbia Open University. Open thinking.