Do you want to start your own business but aren鈥檛 sure where to begin? Getting a degree is a great first step. While there isn't only one path to helping you pursue your dreams, a degree will teach you the hard and soft skills necessary to set yourself up to be a successful entrepreneur.
How Will an Undergraduate Degree Help You?
According to the , over 50% of business owners have a bachelor鈥檚 degree. Attending university will help you network with educators and students, practice critical-thinking skills, and become familiar with how businesses operate. You鈥檒l also acquire the following skills:
- Time management
- Public speaking
- Research
- Strategic Thinking
- Organization
A bachelor鈥檚 degree can also help you earn higher wages. According to the 2021 (BLS), bachelor鈥檚 degree holders earned a median weekly income of $1,334. Associate degree holders earned $963, and high school diploma holders earned $809. The unemployment rate also decreases significantly with higher levels of education.
How Will an Undergraduate Degree Help Your Business?
Per the , approximately 20% of new businesses fail during their first year, and about 50% fail in their fifth year. However, the skills and knowledge obtained in an undergraduate degree can help ensure more stability in your business. While pursuing an undergraduate degree, you鈥檒l learn how to plan strategically, make financially wise decisions, and evaluate internal and external factors, all of which are highly applicable in day-to-day life and the business world.
While various degrees provide business insight, a bachelor鈥檚 degree in business administration best equips future entrepreneurs to start a business.
What Do You Get From A Bachelor鈥檚 Degree in Business Administration?
According to the , business was the most common bachelor鈥檚 degree in the U.S. in 2019-20. Many students choose to major in business because its content can be applied to almost every field. Most importantly, entrepreneurs can benefit from this bachelor鈥檚 program鈥檚 informative courses and networking opportunities.
Business-Oriented Courses
Students participate in courses ranging from finance and accounting to management, economics, marketing, and everything in between. These courses teach how to hire, manage, and lead employees efficiently. Students also learn how to manage a company鈥檚 properties and finances and business ethics, as well as the importance of information technology.
Networking Opportunities
From law and human resources to graphic design, students are able to network with experts across various fields. These connections are provided by the university鈥檚 business school, which bridges communication between students and faculty, alumni, and local companies. Students will have a supportive and driven network by the time they graduate, preparing them for their first entrepreneurial steps.
But what if you already have a bachelor鈥檚 degree? A Master of Business Administration (MBA) is your next step.
__________
Who are you called to be?
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What Do You Get From A Master of Business Administration?
A bachelor鈥檚 degree in business administration is not a prerequisite for an MBA, as anyone with any bachelor鈥檚 degree can enter an MBA program. This graduate degree provides students with advanced knowledge of business operations including accounting, economics, supply chain management, and leadership skills. Students also engage in application exercises, field experience, and projects.
An MBA offers graduates more job opportunities, stronger professional networks, and higher salaries. Master鈥檚 degree holders earned a median weekly income of (compared to bachelor鈥檚 degree holders who earned a median weekly income of $1,334). Additionally, a survey conducted by reported that 11,000 MBA graduates saw a salary jump of $36,742 from 2009 to 2018.
In 2021, the nonprofit surveyed 4,658 graduate business school alumni. 国产剧麻豆剧 90% said that their graduate degree improved their personal, professional, and financial situations. Around 63% of survey respondents also reported their graduate degree increased their job security.
California is home to 41 schools with accredited MBA programs. Learn how an MBA will aid your entrepreneurial goals here.
What Types of MBA Programs are Available?
Whether you鈥檝e recently graduated from college or are an experienced business professional, there鈥檚 an MBA program for you. Universities offer different MBA programs tailored to the various schedules and goals of students. Below are four popular MBA program options.
Two-Year, Full-Time MBA
The most common MBA program is a two-year, full-time MBA. In this program, students complete general core requirements their first year, followed by a summer internship; students typically connect with this employer through their university鈥檚 business school. In their second year, students focus on elective courses and business-oriented disciplines.
According to MBA.com, 鈥淸60%] of global applicants to two-year programs have three or more years [of] work experience.鈥� However, when students enter this full-time program, they鈥檙e advised to focus solely on their MBA. This can be challenging to balance if they鈥檙e already in the workforce and don鈥檛 want to pause their career.
This program is for entrepreneurs who:
- Want hands-on experience in other businesses before starting their own.
- Yearn for a full MBA curriculum.
- Thrive in the classroom setting.
- Can be financially supported while pursuing this two-year degree.
One-Year, Full-Time MBA
Students with more professional experience enter one-year, full-time MBA programs more often than two-year programs. According to , the average one-year MBA student at the University of Pittsburgh entered the program with six to eight years of work experience. Students who enter this program are usually looking to strengthen their present leadership skills and learn more about a certain concentration.
Notably, a one-year, full-time MBA requires fewer semesters鈥� worth of tuition. Instead of taking a full two-year curriculum, students can skip some core courses and the internship to dive into business-oriented disciplines for a year. After graduating from this program, it鈥檚 common for students to return to their own businesses, rather than enter somewhere new.
This program is for entrepreneurs who:
- Have already started a business, want to further its success, and can temporarily step away from it.
- Are familiar with the workforce but want to learn more about certain business-oriented disciplines.
- Thrive in the classroom setting.
- Can be financially supported during this one-year degree.
Part-Time MBA
If you want to learn more about business but don鈥檛 want to put your career on hold, consider applying for a part-time program. This year-round program schedules classes outside of business hours and lets students choose how many classes they take each semester. Similar to full-time MBA programs, part-time MBA program classrooms provide ample networking opportunities where students collaborate with other business professionals: their classmates.
While this program offers more flexibility, it may take more time to complete. The average part-time MBA student finishes their program in about . A part-time program can also be more expensive than a full-time program because students tend to pay per credit.
This program is for entrepreneurs who:
- Want to learn while simultaneously growing their business.
- Want flexibility with their curriculum and academic timeline.
- Are self-disciplined.
Online MBA
An online MBA program is a part-time program that can be taken from nearly any location. No matter where you may want to start a business, you鈥檒l have access to recorded lectures, assignments, and exams. Many online MBA programs can take three to four years to complete, while some institutions offer accelerated one- and two-year online programs. Core courses, electives, and concentrations that are offered in person can be found in online MBA programs.
This program is for entrepreneurs who:
- Want to learn while simultaneously growing their business.
- Want flexibility with their curriculum and academic timeline.
- Want to attend a program other than where they live.
- Are self-disciplined.
- Have access to reliable technology.
Get Your Degree at 国产剧麻豆剧
If you plan to start your own business, take a look at 国产剧麻豆剧鈥檚 Bachelor of Arts in Business Administration program or our Bachelor of Business Administration program.
Students pursuing a bachelor鈥檚 degree in business administration can also select a concentration in entrepreneurship. Tailored for future business starters, this San Diego business school equips students with the necessary tools and connections to make their first entrepreneurial steps.
Already have a bachelor鈥檚 degree? This San Diego-based university also offers Daytime MBA and Evening MBA programs!