Is a Degree in Small Business Management Worth It? (2023)
2023 is shaping up to be a fantastic year to launch a business and earn passive income online. This article discusses the specific instances where earning a degree in small business management can help.
You should know that HALF of the U.S. workforce, nearly 60 Million Americans, are employed by a Small Business. And in 2020 nearly 1 Million new establishments opened their doors to customers for the first time. This is largely thanks to the ever-expanding cache of information and professional resources available to the average person online.
Truly, in 2023 starting a Small Business will be easier and more profitable than ever before. But as with most things in life, not everything easy to start is easy to maintain. A business savvy person will realize that as the number of Small Businesses grows, so too does the competition for customers.
With this in mind, it’s no wonder that so many aspiring entrepreneurs are considering a Degree in Small Business Management to get an edge on the competition and ensure long-term success.
So is a Degree in Small Business Management worth it? Yes, a Degree in Small Business Management is worth it if you have a great business idea that you’re passionate about and you’re willing to work hard to compete for customers. This degree will give you the competitive advantage you need to grow and maintain a profitable company. And with new opportunities to make money online emerging every day, a degree in Small Business Management will equip you with the business and tech skills you need to generate multiple streams of income on- and offline.
But before you jump head first into that Degree in Small Business Management, you’ll want to read the rest of this article to learn more about the skills required to succeed in business. As well as all the common pitfalls new entrepreneurs should avoid. Continue reading to get detailed answers to the following frequently asked questions:
What Will You Learn in an Online Small Business Management Degree Program?
A typical program in Small Business Management will include all of the core concepts taught in traditional business programs (e.g. Marketing, Finance, Accounting) plus additional courses tailored specifically to address Small Business and Startup needs.
The viability of most small businesses depends on satisfied, repeat customers. So you can expect to learn a lot about customer relations and local marketing strategies. There will also be an emphasis on day-to-day small business maintenance, like budgeting, forecasting, and e-commerce. Additionally, you’ll learn how to hire employees, keep your books balanced, and navigate the special tax codes and regulations that apply to small businesses.
Some of the course offerings you’ll find in a Small Business Management Degree program include:
- Business Plan Writing for Small Businesses and Entrepreneurs
- Creativity, Innovation and New Product Development
- Operational Issues in Small Business Management
- E-Commerce for Small Business
If you decide to embark on a Degree in Small Business Management you will surely gain the knowledge to be a successful entrepreneur. But you’ll also learn skills useful for other types of jobs in Small Business Management, such as a Small Business Financial Services Manager or a Small Business Sales Manager.
After earning your degree in small business management, you career options will be bountiful. Continue reading this post to learn what types of small businesses have been the most profitable in 2021.
What Types of Small Businesses Make the Most Money?
It’s no secret that diligent and innovative entrepreneurs have the potential to make tons of cash. For instance, Jeff Bezos – the founder of Amazon and richest man in the world – started Amazon as a small book selling company in his garage! But don’t worry if your business idea isn’t quite on par with the likes of Amazon. In 2021 Small Businesses in the U.S generated more than $6 Trillion in total sales, which means there’s room in the industry for even the most modest of small businesses to do exceptionally well.
According to a survey published by NerdWallet the Top 10 most profitable small businesses in 2021 were:
- Auto Repair
- Food Trucks
- Car Wash Services
- Electronics Repair
- IT Support
- Personal Trainers
- Newborn & Post-Pregnancy Services
- Enrichment Activities for Children
- Mobile Apps
- Clothing & Accessories Shares (e.g. Rent The Runway)
This list may help you decide what type of business you want to start. But keep in mind that the success of your business will ultimately depend on your own personal grit and determination (and perhaps a smidgen of luck!).
Continue reading to learn about the must-have small business skills that separate the entrepreneurial heroes from the zeroes.
What Skills Does a Small Business Owner Need to Be Successful?
It goes without saying that ‘nothing in life is guaranteed’. But if you want the best chance of building a profitable business, you should make sure you have the bare minimum skills required to do well.
This is especially important in the cut-throat world of entrepreneurship.
At the beginning of this article, we noted that roughly 1 Million new small businesses were established in 2020. And that’s a lot. But it is equally notable that almost the same amount of already existing businesses – 993,809 – closed that year as well.
So while starting a small business can be fun and profitable, it can also be a huge financial risk.
Here’s a list of the skills you need to have a fair chance in the game of entrepreneurship:
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Passion, Commitment, Drive!
The prospect of starting a new business can be uber exciting. But once your company is up and running, the day-to-day task of building and operating your business can become mundane or overwhelming. That’s why it is crucial for any prospective business owner to have a true passion for the product and/or service they offer. There’s nothing worse than leaving a 9 to 5 job you hate just to start a business that you also hate. Make sure you are seriously committed to and passionate about your business plan before you place everything on the line.
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Networking & Sociability
The initial phase of starting a small business can be a lonely, isolated affair. But as you develop your business further you’ll need to maintain customer relationships and build vendor partnerships in order to expand and turn a profit. If you struggle to connect with people or hate networking, entrepreneurship might not be for you.
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Common Sense, Creativity and Adaptability
While there are certainly many technical aspects to managing a small business, starting and growing a company is mostly an art, not a science. At many points in your journey, your original recipes for success may start to falter, and you’ll need to rely on instinct and intuition to navigate those muddy waters. The most successful entrepreneurs are able to quickly adjust their business plans to the will of the market and adapt their business model to handle sudden changes in consumer behavior.
Take The Next Step!
So do you have what it takes to be your own boss? If so, a degree in Small Business Management is an excellent next step in your entrepreneurial journey.