When choosing a degree to enroll in at university, it’s important to have an idea of what kind of career direction you want to head in, so you don’t waste your time, energy or finances on something that won’t get you to where you want to go. 

If you’ve always been interested in working for yourself and having your own business, even if it’s not something you plan to do in the next 10 years, it pays to consider university degrees relevant for this line of work. Read on for some top options to put on your shortlist. 

MBA

One of the main degrees entrepreneurs tend to enroll in, particularly those who have an undergraduate degree in another area, is an MBA. When you complete an MBA certificate online or on campus, you will be taught about lots of different topics helpful when you want to start or buy a venture. For example, most business programs include work on topics like leadership, management styles, accounting, finance, marketing, sales, human resources, psychology, analytics, technology, international markets, administration and the like. 

MBAs are also helpful educational options because they give you the chance to develop a range of personal skills needed to become a successful entrepreneur. During your course you will become adept at things like time management, problem-solving, communicating effectively, being innovative, etc. Plus, you’ll likely have to do one or more internships during your studies, where you’ll get the chance to see how other business owners and managers run their ventures and lead their teams. 

Psychology

It may not be the first course you think of when it comes to being an entrepreneur, but a psychology degree can be helpful for operating a business. After all, to choose or develop the best products or services for your customers, and to market and sell to people effectively, you need to be able to put yourself in their heads and try to see things from their perspective. Psychological studies will help you with this and make it much easier to get results. 

Becoming a psychologist is also beneficial when it comes to leading a team. For example, you will develop an understanding of how the brain works, how certain personalities mesh or clash, what kinds of things inspire and motivate (or alternatively upset and anger) people and so on. Having this knowledge will make it simpler for you to choose the best staff members for your team and then know how to properly engage them in their roles and get the best from them. 

With a background in psychology you’ll also have a better handle on how to get interest in your business from suppliers, journalists, lenders or investors and other stakeholders. Your skills will no doubt be put to use on yourself, too. By understanding how emotional states work and ways of dealing with difficult situations and feelings, you will be better equipped to cope with the pressures of being your own boss. Other abilities you’ll gain from a degree in psychology include conflict resolution, negotiation, reading and using body language, building connections with people and displaying empathy. 

Economics

As you’d imagine, anyone who wants to become an entrepreneur at some point in their career also needs to have a good understanding of the financial side of business. Even if you end up with a big team of people working for you and are able to outsource many of your finance-related tasks, you still must understand the key numbers if you want to ensure your venture is profitable, growing and able to stick around for the long term. 

Sadly, many businesses, especially those in their early years, end up having to close, or owners have to sell, because of cashflow problems. To avoid this scenario, consider getting educated in the area of economics. This kind of degree covers many areas relevant to the financial and investment sides of business management. For example, study economics and you’ll learn about:

• How and why resources are allocated
• Why certain financial decisions get made
• How businesses, governments and banks and other financial institutions all intersect and affect each other
• How micro and macro decisions are made by governments
• How things happening on one side of the world can affect organizations on the other

In addition, economics degrees usually look at economic history, currencies, inflation, employment, investment, accounting, banking and statistics. These are all important subjects you’ll need to wrap your head around to set up and build businesses over the years and to invest the profits you make. 

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December 11, 2018