More than a half a million new small businesses open their doors each year in the United States. This massive number of attempts at starting new endeavors hides the fact that a majority of businesses ultimately fail within a short period of time. Because of this, lining up every possible advantage at the onset is crucial to achieving long-term success.
While a large percentage of entrepreneurs do have formal business training or education, many have not personally invested time or money into acquiring such skills. Even with an excellent business idea, plenty of capital, and a great work ethic, the lack of business education can lead to disaster.
Whether you already have an educational background in business or are considering hiring somebody with such a background, let’s examine the vital benefits that business administration degrees provide companies.
Improved Marketing Skills
In many respects, marketing and business are inherently intertwined. The ability for businesses to adequately raise awareness, generate buzz, and persuade audiences is crucial to the success of any company: marketing is the cornerstone of such efforts.
Those who study and pursue business administration degrees ultimately will learn about core marketing principles. The core principles of marketing include:
- The message, benefits, and features of a product or service
- The pricing of the product or service
- The ideal places where products and services can be sold
- The promotion of products and services through optimal means
Business administration graduates will inevitably learn much about the effects of marketing and how to use it wisely. Whether you’re pursuing your own entrepreneurial dreams or hiring people to assist with yours, business administration degrees provide a foundation of marketing knowledge that is crucial.
Access to Business-Industry Specializations
Another major benefit of business administration degree programs is the sheer flexibility they provide for specific industries. While there are many standard business administration programs that focus on all-around business practices, increasingly there is a push for specialty degree programs that combine the tenets of business administration with industry-specific needs.
Some examples of specialty business administration degree programs include those focused on mathematics, economics, industrial applications, and engineering. For instance, Kettering University Online offers a business administration master’s program aimed at those pursuing careers in engineering – click here to learn more.
For entrepreneurs and students alike who know what career fields they wish to do business in, pursuing one of these degrees is a great idea. For the business owner seeking to hire the most adapt and business-savvy employees, choosing to enlist those with industry-relevant business degrees is a huge plus.
Better Communication with Employees and Customers
Being able to accurately communicate with employees and the public-at-large is critical for any business. Miscommunications can ultimately lead to mishaps and mistakes, and damage to your brand’s perception is not desirable. Fortunately, one of the key benefits of a business administration degree is the level of improvement it can provide to communication skills.
What are some of the ways that a business administration degree program helps improve communication skills?
To name a few:
- Speech and language, in general, can be improved, through verbal communication and public speaking classes
- Insight into networking, which is a valuable tool for building both B2B and B2C relationships
- Leadership and motivational skills are developed, providing entrepreneurs and employees the ability to inspire others in the workplace
All of these skills translate into better performance. Both entrepreneurs and new hires can improve business performance by being better communicators.
An Understanding of Economics and Trends
The world continues to change faster than ever, thanks to technology and an increased reliance on global connectivity. The impact this has on economics and consumer trends at-large is palpable: knowing what to expect and how to respond to such challenges is necessary now more than ever.
Business administration graduates develop a wide variety of skillsets that help them understand economic shifts and industry trends. Additionally, a core understanding of economics is obtained through such a degree program, meaning that even mid-level employees with business administration degrees can be better informed when making important day-to-day decisions.
Businesses that are able to adapt to rapidly changing industry landscapes will survive waves of technological disruption and cultural shifts. As such, entrepreneurs and employees who obtain this degree are generally better suited to navigate the complex and constantly changing landscape of business.
Proof of Dedication
Many people wonder whether or not they or someone they may be considering as a hire has the necessary dedication to open their own business or perform the tasks a job requires.
While a healthy amount of skepticism is to be expected, looking at one’s past is important. Generally speaking, those who have pursued a degree in business have demonstrated a propensity to follow through with a complex task more so than those who have not.
While it’s not indicative of success, it is an indicator that you or someone you may hire is willing to work diligently toward a goal. However, do keep in mind that according to CNBC, more than 55 percent of business owners do not have a college degree.
Better Project Management and Problem Solving Skills
Last but not least, a major benefit of a business administration degree is the ability it provides graduates in navigating tough or complex situations. For entrepreneurs and employees alike, project management and problem-solving are crucial aspects of daily work.
Business administration degree programs encourage students to adapt to challenging tasks, whether it be related to marketing, research, and development, or production.
Likewise, project management is practically mandatory for any boss or entrepreneur who wishes to be successful. In fact, there are even specialty business administration degree programs in project management to further encourage this ability in leaders. Given many businesses face periodic challenges that require big projects to successfully navigate the situation, a business administration degree can prove quite valuable in day-to-day management.
There are many degree programs that can prove valuable to employees and many that can be valuable to employers, but a business administration degree provides benefits to both. Whether it improves communication skills, helping with project management, mastering the understanding of market trends or powering a marketing campaign, such a degree comes with many benefits that few professionals can ignore.