6 Ways a Business Administration Degree Equips You for Entrepreneurship

Daydreaming about starting your own business or even inventing your own product? If so, then you’ll need the entrepreneurial skills and spirit to get out there and make it happen.

Where can you develop those skills and hone your understanding of business and entrepreneurship? A business administration program is a solid starting point. There are numerous ways in which completing this business degree program can help you grow your entrepreneurship skills while preparing for the unique challenges that come along with running your own business.

Key Takeaways

A business administration degree is designed to provide students with the foundational skills and knowledge needed to understand how businesses operate from the inside out. Business administration degrees are available at both the undergraduate and graduate levels and may even be available with additional specializations or concentrations.

Regardless of whether you’re looking at a bachelor’s degree or master’s degree in business administration, there are several takeaways you can expect to gain from your experience in a comprehensive program, including:

• Comprehensive business knowledge – Entrepreneurs should have strong business acumen and a thorough understanding of how successful businesses operate.
• Strategic planning and management skills – Meanwhile, entrepreneurs must be able to identify new opportunities to remain ahead of the competition while responsibly managing all aspects of the business at any given time.
• Financial acumen and resource management – Staying on top of business finances can be challenging, but entrepreneurs need to understand the nuances of business finances, budgeting, accounting, and resource management in order to protect their bottom lines.
• Leadership and team management – The most successful entrepreneurs are those who are able to inspire, motivate, and lead their teams to excellence—which requires the extensive team management and leadership skills that can be gained from a business administration degree program.
• Networking opportunities – Great entrepreneurs know how to build strong professional networks and leverage their business connections to form new partnerships, secure funding, and make other important business moves.
• Adaptability and problem-solving skills – In today’s dynamic and unpredictable business world, entrepreneurs also need to be quick on their feet and able to react to change at a moment’s notice with keen analytical thinking and problem-solving skills.

1. Comprehensive Business Knowledge

As an aspiring entrepreneur, having business acumen and a firm grasp of how a successful business operates is a must. This includes knowing the key aspects of a business, ranging from its marketing and finance to its day-to-day operations.

Knowing the Different Aspects of Business

In a business administration program, students will learn about the most central aspects of running a business and entrepreneurship, including:

• Marketing – This entails the various strategies and methods used to advertise and market a brand. Examples of common marketing strategies that entrepreneurs may use include social media marketing, search engine optimization, paid advertising, and local marketing.
• Finance – Startup businesses require substantial funding to get off the ground, so entrepreneurs need to be familiar with the ins and outs of business finance. This includes being able to determine the amount of funding the business will need to launch as well as projections for ongoing operational costs. Entrepreneurs should also be prepared to seek funding by meeting with investors, applying for grants, and exploring business loans that may suit their needs.
• Operations – The day-to-day operations of a business can make or break its success in the long term. With this in mind, entrepreneurs should have a solid understanding of the different techniques, tools, resources, and plans that go into daily operations in order to keep things running smoothly and efficiently.

2. Strategic Planning and Management Skills

In addition, successful entrepreneurs need to be experts in strategic planning, leveraging their own planning and management skills to launch and grow their respective businesses over time.

Knowing the Plan to Start and Grow Your Business

One of the most crucial aspects of strategic planning for aspiring entrepreneurs is simply being able to create a comprehensive plan that sets their business apart from the competition. This means taking the time to research the competition and identifying opportunities to differentiate and offer something that competitors aren’t currently offering.

From there, the ability to apply strong management skills to develop a long-term business strategy can make all the difference when it comes to growing and scaling a business.

3. Financial Acumen and Resource Management

Another critical aspect of entrepreneurship development that can be learned as part of a business administration degree program is financial acumen, which involves an in-depth understanding of business accounting, funding and financing, budgeting, and resource management.

Being Successful With Financials for Your Business

Entrepreneurs running startup businesses often don’t have the funds to hire large accounting teams, financial advisors, and other professionals to guide them through every step of the way. This is why it’s so essential for entrepreneurs to have their own solid understanding of what it takes to run the financial side of a business while maximizing profits as much as possible.

In a business administration program, students can learn about the different financial components behind a company’s success. From finding ways to secure the initial funding needed to start a company to confidently handling the day-to-day accounting and finances, a business administration program can help aspiring entrepreneurs optimize their budgeting and resource management to protect the company’s bottom line from the beginning.

4. Leadership and Team Management

Entrepreneurs can’t expect to achieve the highest levels of success if they cannot effectively lead, inspire, and motivate others. Thus, those aiming to launch and grow their own successful businesses need to focus on entrepreneurship development through honing leadership and team management skills in order to achieve their full potential.

How These Skills Apply to Entrepreneurship

Fortunately, leadership and team management are both heavy focuses throughout a business administration degree program. Students in this type of program can learn about different leadership styles and choose the one that best suits their needs and goals. From there, you can continue to develop your leadership skills as you strive to motivate and inspire your teams to give their best in everything they do.

Additionally, improving team management skills will help you learn how to more effectively delegate tasks, group team members together, and communicate expectations with your teams. All of this can contribute to better outcomes, projects that stay on task and on schedule, and a greater sense of team member satisfaction within your company.

5. Networking Opportunities

A great entrepreneur also knows how to take advantage of personal and professional connections to grow their businesses and explore new opportunities. In a business administration program, students can learn how to build robust professional networks within their respective industries and use them to their advantage.

Understanding the Importance of Connections

No matter what industry your business will operate in, having connections matters. With a solid professional network, you may have an easier time finding business partners to help you explore new opportunities or take on new ventures. Not to mention, connections can also help you procure resources and funding that you may need to turn your business ideas into a reality.

In a business administration program, students can learn the ins and outs of establishing strong professional relationships and building their own networks through mentorship opportunities, networking platforms (like LinkedIn), industry events, and more.

6. Adaptability and Problem-Solving Skills

If there’s one skill that every entrepreneur should possess, it’s adaptability. The business world is highly dynamic, and things can change at a moment’s notice. When a problem arises, successful entrepreneurs must be able to think quickly on their feet to come up with viable solutions.

How College Courses Encourage Critical Thinking and Innovation to Solutions

Enrolling in a business administration degree program gives students the opportunity to explore college courses that encourage critical thinking, creative problem-solving, and other strategies that can help them overcome obstacles when they launch their own businesses down the road. Leveraging these skills, they can handle even the most daunting challenges with grace.

Explore a Business Administration Degree From Carson-Newman

If you’re ready to make your business and entrepreneurship dreams come true, having the right skills and knowledge to enter the fast-paced world of entrepreneurship is a must. The best way to pursue entrepreneurship development is to complete a dedicated business administration program—where you can elevate your business acumen, communication, networking, and leadership skills through hands-on learning.

Carson-Newman is proud to offer a Bachelor of Business Administration (BBA) through our College of Professional Studies that covers these essential entrepreneurship skills and more. Plus, this bachelor’s degree program is offered entirely online with a minimum of 48 transfer credits, making it an ideal option for those who want to pursue a degree without putting other aspects of life on hold.

Because we’re invested in your success, every student in Carson-Newman University’s business administration program is also assigned an academic advisor, who will help you draft a dedicated course plan tailored to your specific needs and goals. Learn more about what we have to offer by reaching out today—or feel free to get started with your online application.  As a Christian University, Carson-Newman is committed to helping student reach their full potential as educated citizens and worldwide servant leaders.