5 Best Business Majors for Entrepreneurs

What are the best business majors for entrepreneurs? Are these business majors even that relevant for entrepreneurship?

Many people dream about starting a business of their own. While some people become sick of the grind of their daily 9-5 jobs, others simply want to improve their wealth. However, starting a business isn’t as easy as it seems. With many risks and complexities surrounding fundamental business processes, it is always better to approach entrepreneurship with an informed mindset.

These days entrepreneurship is considered an easy way out to success, with various influencers suggesting ‘simple’ and ‘smart’ ways to make it big. While some of those tricks do work out, they do not guarantee success. Toeing on an easy notion wouldn’t get you far; you need to understand things to do them properly.

Similarly, there is a critique of conventional education. Citing the examples of certain successful entrepreneurs, people are keen on the dropout approach. They advocate that college degrees don’t offer good returns on investment, so investing time and money in a startup is better.

Now, we are not saying that people who adopted this approach didn’t succeed – some of them surely did. However, this doesn’t guarantee anything. You would be better off with a college degree than without one.

There is no substitute for education. Some people learn from experience, while others learn through formal education. The goal is learning. Some people approach traditional forms of education, while others take slightly different routes.

For example, there are various online MBA courses in finance that can teach you the same stuff you are likely to learn in an in-person program. There will certainly be some differences, but the learning outcomes can match.

5 Best Business Majors for Entrepreneurs

So, if you are convinced about the need for education, here is a list of the best business majors for entrepreneurs to make you more business savvy:

1. Accounting

Financial management stems from having a good understanding of money. The balance between inflows and outflows and tracking every aspect of accounting is a skill that must be learned to run a successful business.

With the required accounting knowledge, you can easily manage your business’s accounting processes and finances. Even if you have a qualified team working under you, it’s always better to be ahead of the curve to be a good business manager.

As an accounting graduate, you can also work with a variety of businesses. Every region has its own requirements, and if you are in the United States, you would be better off getting formal education to become a certified public accountant (CPA) to make good money. The pay scale is reasonable as well. 

2. Management

Management is an art. You can’t run a business if you are not a good manager or if you lack an understanding of good management practices.

While some people are naturally good at this and have the skills to make things work smoothly, others must learn these traits. Considering how essential this trait is for business success, you can’t risk honing it after launching a business.

Therefore, a degree in management can teach you a lot about business operations, with specialities ranging from sales management to operations management. During your education, you will learn about good management practices that you can employ to make the most out of your resources.

The goal is to boost efficiency. Similarly, as a management graduate, you can work for other companies to earn good money.

3. Economics

Many people lack an understanding of how the global or domestic economy works. While they follow patterns and observe the changes in the economic system alongside their effects, they fail to understand the matter in depth. This is where education comes in.

While you can teach yourself economics – there are many books available online, and some YouTube tutorials are good resources for learning – it doesn’t substitute the college experience of learning.

A college degree in economics can not only introduce you to the topics in detail, but the follow-up discussions on those topics help you learn about a lot of surrounding variables. This allows you to think outside the box instead of confining your knowledge to textbooks.

This skill is highly useful in the world of business as you use your knowledge of the economy and related variables for the benefit of your company.

4. Entrepreneurship

While people boast about being self-taught and frown over the notion of studying this formally, obtaining a degree in entrepreneurship can boost your prospects if you do things the right way.

A degree in entrepreneurship cuts the time you would need to learn about various processes through experience. Rather, you are taught things that you would find helpful as you go on to launch your own business.

An entrepreneurship degree can prepare you for launching your business. It can teach you to create a business plan – one that is grounded in technical realities – and it can also help you create proposals to get funding for your business.

So, if you learn things and do them correctly, your entrepreneurship degree can offer you good returns on investment.

5. Human resources

A business can only grow when things are functioning smoothly. Sometimes employees’ grievances or disputes need to be addressed and resolved. This is where HR comes in.

An HR manager needs to be trained in managing a company’s human resources, and this can only be done through proper education and training. So, a degree in HR can be significantly useful.

If you launch your own business after completing a course in HR management, you would be better skilled in managing your employees and motivating them to give their best to the company. Similarly, you would know how to incentivize them to keep them from becoming demotivated and leaving.

Retaining skilled employees is essential for a business to grow and succeed. Therefore, a degree in HR can offer good returns on investment. Moreover, good HR professionals are always in demand with decent chances of growth.

Conclusion

This list of the best business majors for entrepreneurs is far from complete. There are various other business majors you can consider for becoming business savvy and they have their own benefits.

Marketing is one such major, for it can introduce you to ways of branding and promoting the business. Eventually, you need to decide what you are interested in and which business skills you would like to acquire as an entrepreneur.