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Expert Answers to Biz Questions
Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.
Eight Study Topics That Can Help You Improve Your Entrepreneurship Skills
One of the biggest benefits of choosing entrepreneurship as your career is that you won’t need to have gained any qualifications or undergone any specific training beforehand. Unlike other similar career roles which typically require you to have earned at least a bachelor’s degree, entrepreneurship can be pursued without you having even finished high school or ever gained any official qualifications.
However, that isn’t to say that business owners don’t benefit from learning and improving their knowledge. If you want your business to grow and expand, you may want to consider investing in yourself, so that you can lead it to where you want it to be. We’ve put together some of the best training program and course options that can help both new and experienced business owners take their career and company to the next level.
#1. Human Resources:
Studying human resources will help you better contribute to your company in terms of recruiting new employees, improving employee retention, and maintaining strong working relationships with your staff members. Whilst many entrepreneurs go on to delegate HR tasks to trained professionals or in-house and outside teams after a while, having a strong working knowledge of HR processes can be highly useful for you during the initial stages of business where delegation may not be an option just yet. HR training courses come with a wide range of options; choose from a university degree in HR or opt for vocation-based corporate courses. Discover a range of HR training courses here.
#2. Communication:
As a business owner, improving your communication can only help to make processes run more smoothly and improve relations between yourself and your workforce. You can study for university degrees in communication or choose from other programs and courses designed to help business owners improve this extremely vital skill. You can find courses which are specifically designed to help entrepreneurs and other business professionals convey messages to others more effectively. Depending on the type of course that you enroll in, you may be covering topics such as business communication, presentation skills, and individual vs. group communication.
#3. Marketing:
If your ultimate goal is to get your business off the ground by improving exposure and reputation, marketing could be the ideal course for you to take. There are hundreds of different marketing courses to choose from, whether you’re after a short, self-led online option or want to earn a bachelor’s or master’s degree in marketing. Typically, the courses will provide broad knowledge in a wide range of business aspects including management, accounting and IT, and how they relate to the marketing department. You’ll also learn more about analysing consumer behaviour, conducting market research, and core principles pertaining to the development, distribution, promotion and pricing of your products. Taking a course in marketing can help you get a better idea of which products and services will meet your customers’ needs, gain better exposure for your brand, and better evaluate the success rates of your marketing campaigns.
#4. Psychology:
You may be wondering, ‘what does psychology have to do with running your own business?’. The answer is quite a lot, actually! As a business owner, you’ll be working with people every day – whether it’s your team of employees or your client and customer base. Whether you’re running a sole proprietorship or have a team of people working for you, a better understanding of psychology can give you an advantageous position over your competition. Studying psychology can not only help you better understand yourself as an entrepreneur, but also with understanding others. The greater understanding of human behaviour that you’ll gain as a result can help you create a better experience for your customers and employees, leading to increased satisfaction levels for both groups. As a result, your business may enjoy higher productivity and profitability levels, in addition to improved staff retention and a glowing reputation for being a company that really ‘gets’ the customer.
#5. Entrepreneurship:
If you are currently considering the option of starting your own business but don’t know which move to make first, studying entrepreneurship could be just what you need. Whether you decide to study for a university degree or a shorter course, learning the basics of business ownership can help you to avoid making costly mistakes during the early stages. Although many business owners have managed to be successful through trial and error alone, it’s important to bear in mind that nine out of ten start-ups today will fail during their first year, often due to mistakes that could have been avoided with a stronger knowledge and skill base. Studying entrepreneurship will give you the solid knowledge base that you need to ensure your company is successful amid fierce competition and a fast-paced, constantly evolving industry.
#6. Accounting:
If you’re good with numbers, you might want to consider enrolling on a course in accounting. There are several different course types available, from shorter certificate courses to university degrees and master’s programs. The type of course that you’ll need will depend on your prior knowledge and experience, and what you expect to gain from your qualification. By the end of it, you’ll be equipped with a better knowledge of business money management, different accounting systems and software programs, tax and other legal obligations, and payroll management and tracking. Even if you plan to have an accountant work for you, having some knowledge of accounting yourself will provide you with a stronger understanding of your business’ finances and avoid any potentially costly problems.
#7. Business Law:
As an entrepreneur, you’ll likely find yourself responsible for making a wide range of business decisions over the years. Studying for a course in business law will ensure that you are fully equipped to take all the legal precautions necessary when making important decisions for your company. Since you’ll be prepared to recognise and swiftly deal with any legal problems that may arise in the business environment, you’ll be less likely to run into significant issues with the law that could negatively impact your brand. For example, some typical topics covered include taxation, property law, copyright, and contract law. You’ll also improve your knowledge of legal requirements surrounding recruiting and hiring employees.
#8. MBA:
If you’ve already earned a business-related bachelor’s degree or have gained several years’ experience as an entrepreneur, you may want to think about investing in a master’s of business administration (MBA) degree. This advanced post-graduate course is available at most reputable universities in the UK and abroad, with several online and distance-learning options available for those who wish to fit their degree around running their business and other commitments. The core areas of an MBA degree include accounting, administration, business ethics, human resources, and operations management. Once the core areas are covered, you can choose from a range of elective topics, such as marketing, risk management and strategy, or international entrepreneurship. This makes it one of the best courses to choose from if you want to improve your overall business skills whilst focusing on other specific goals.
Although it’s not necessary to gain any qualifications before starting your own business, doing so can significantly improve your chance of success. Are you considering taking any of the above courses to help with your business venture? We’d love to hear from you in the comments.
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