6 Masters Degrees to Consider Before Launching Your Own Business
It seems like everyone is going into business for themselves these days, mainly because people now realize that it is a realistic option. Number one, you don’t have to wait until you are ready to retire or become independently wealthy to start being your own boss. Number two, business has become global so you aren’t relegated to selling goods locally anymore. And last but not least, you can parlay pretty much any type of professional knowledge into a real business opportunity.
Now, having the opportunity to go into business by yourself and being successful are two separate matters. To improve your odds, it is best that you go to school and obtain a master’s degree well before you take that plunge. Next up are six master’s degree programs that are a perfect for anyone who wants to launch their own business.
Masters in Marketing
Neither products nor services sell themselves. There might be 10 different plumbing companies in a small town but only two or three of them are going to be getting the bulk of business. Sure, they may all employ professional plumbers, have proper insurance, and even get a lot of word-of-mouth referrals, but it is the way that they market themselves that determines the outcome.
What those who go to school for a masters in marketing learn is how to sway consumers’ emotions. Proficient marketers can convince someone to buy a product that they don’t entirely need, or even to give an unknown business a chance. See how much you can help your company to get noticed by enrolling in a masters in marketing degree program.
Masters of Business Administration
The MBA is the old standby for business professionals and owners alike. Business administration sounds complex, because it is. In short, anyone who goes to school for a master’s in business administration can spend a few minutes reviewing a company’s business plan and know whether or not their current plans are going to work. An MBA degree holder is capable of working as a business consultant, observing the innerworkings of a successful company and making helpful suggestions that change things up for the better. If you want to have a very well-rounded knowledgebase about business, this may be the major for you.
Masters in Operations Management
Materials for products are sourced in one location, they are made in another, and then they are shipped out to their final destinations. Everything that goes into supply chain, logistics, freight, and procurement is the area of expertise of masters of operations management students. Those studying for an operations management masters degree online have a big advantage over business owners with other types of masters degrees. Operations managements students know how the supply chain works like the back of their hand. They also have advanced problem-solving abilities, so they don’t panic under pressure and they also regularly have a back-up strategy figured out for every possible scenario. This is a great degree to look into if you are considering running a business that is going to have multiple locations.
A Masters in Entrepreneurship
Entrepreneurs have a tenacity that is utterly enviable. They are as interested in investing as they are travel. Never long to be tied to any particular location or business venture, entrepreneurs generally know a good thing when they see it. Isn’t it great that budding entrepreneurs can actually go to school and learn skills that can ordinarily take decades to master by way of trial and error? A masters in entrepreneurship is all about simulating real-life scenarios so that you can see how one business decision can affect the next.
Masters of Economics
One of the most critical skills that a business owner can learn is how economics work. A masters of economics goes far beyond learning how to balance your books or how to file your own taxes. This degree program offers students the ability to test the viability of every aspect of business.
Graduates are great at keeping their businesses profitable since they know how to price their products and services to sell. A masters of economics graduate will have strong skills when it comes to negotiating salaries, when hiring employees, and etching out the details when it comes time to purchase commercial real estate. Any business owner who wants to understand money, finance, and economics really needs to get a master’s degree that covers it all.
Masters in Communications
In addition to needing to advertise, market, and promote businesses to customers, company owners really should know what to say to their customers on a more direct level. Think of the times that you have needed help finding a product in a store. Now, consider the times when you might have felt like you were overwhelmed with ‘help’ as you browsed the aisles while casually shopping. Sadly, a lot of companies still fail to find the ‘sweet spot’ when it comes to communications. If you are planning to run a company where business communications are going to be critical, consider getting a masters in communications. Businesses need to be able to talk to their customers effectively, and they also need to be able to talk amongst themselves properly. From inner-office communications to press releases, business owners that hold a masters in communications are simply better able to get their message across.
Your favorite Mom and Pop businesses may be run by people who don’t have master’s degrees, but realize that they likely received their start in the business world decades ago. The world is not only different, it is more competitive. It may be easier for small businesses to get loans and get noticed, but there are also more companies fighting for the same customers. What is going to be your draw? Are you going to be able to rely on practical knowledge, a formal education, and confidence, or are you going to base your business on passion and good intentions alone? Give yourself and your business an edge prior to launch by getting your master’s degree in an area that will help your company to flourish.