With unemployment rates quite high in many nations across the world these days, more and more workers are choosing to try entrepreneurship as a career in order to have more control over their life.
However, although the barriers to entry when it comes to working for yourself are probably lower than ever, the influx of people deciding to launch a startup is leading to more competition too. As a result, it pays to invest in education if you want to ensure you have enough skills to not just survive in the business arena but thrive.
With so many people completing undergraduate degrees these days, you can help put yourself ahead of the pack by enrolling in a master’s degree. Read on for some of the best options for entrepreneurs to consider today.
MBA (Master’s in Business Administration)
One of the most popular choices of higher degrees online and in-person for people interested in business would have to be the MBA (a Master’s in Business Administration). Kevin Quinn, president of the University of Scranton says, “Due to being incredibly flexible, with study options in diverse areas such as business management, administration, marketing, finance, accounting, and more, an MBA can give entrepreneurs a well-rounded look into the practicalities and mechanics of running a venture, and acquired knowledge across many helpful fields.”
Another benefit of completing an MBA is that it will provide you with beneficial job opportunities if you’re keen to get some experience in the area of business before you go out on your own. The skills, knowledge, and even contacts that can come from a quality MBA will set you on the right path for entrepreneurship, as well as provide you with the chance to work in diverse geographical locations and in a variety of fields.
A master’s degree in economics is another solid choice for anyone wanting to go down the path of working for themselves. While the topic has always been a popular option in FAME studies (finance, accountancy, management, and economics) due to its high rates of pay and good career stability, studying economics is even more relevant now with the rise of Big Data.
As digital information and technology functionality continues to grow, it’s more and more important for businesses to be able to analyze and utilize big data sets. Using large amounts of information, entrepreneurs can learn about current and potential customers, analyze what strategies work best, plan the right type of marketing campaigns, and much more. A master’s in the area of economics can be a good training ground for understanding how to use data in a meaningful way.
A higher degree in economics can also teach students the ins and outs of politics and how it affects the banking industry and other sectors, in both macro and micro ways. Economics also looks at how investment works — something that is vital when it comes time to deal with venture capitalists and other potential investors. That can help students to see the markets more clearly, and to think about better ways to market their venture.
When you consider the fact that we live in such a technology-driven world, and that there is a continual rise in digital disruption across most industries, it’s easy to see how a master’s degree in computer science can be a good choice for wannabe business owners.
Indeed, according to data released by the Bureau of Labor Statistics, the information technology industry is booming and employment opportunities are likely to grow by about 12 percent in the lead up to 2020. This makes it a fertile ground for upcoming entrepreneurs to learn and develop their skills and then use that knowledge to potentially create the next Google, Snapchat, or Angry Birds.
The skills you develop from a higher degree in computer science could help you to break into lots of different emerging industries, as well as give you in-depth knowledge of writing apps, building websites, and creating analytics programs.
If you want to look at business success from a completely different, but just as valuable angle, then consider completing a master’s degree in psychology. When it comes to building a venture through marketing and sales, psychology is always going to come in very handy. Knowing the best ways to target potential customers and to close sales will help you to get ahead of your competitors and build a solid brand name more quickly.
Having a thorough understanding of psychology will also assist when it comes to designing products, services, processes, advertising, branding, focus groups, websites, and more. And it will certainly be of good use in leading a team, increasing motivation, and developing a positive corporate culture.