5 Courses That are a Good Foundation for Entrepreneurship
Author: Valerie Morgan
The foundations of a successful career as an entrepreneur have changed over the years. A degree in entrepreneurship is no longer defined by the usual fields such as economics, marketing, advertising, and financial management. In order for budding entrepreneurs to succeed, they need to consider obtaining qualifications in many other new courses that have sprung up to meet the demands of the changing times not to mention keeping up with the latest innovations. If you would like to be able to establish your own business and compete on the same level as other successful organizations, here are just some fields and courses of study to consider for to cultivate development.
1. Financial Technology
Financial Technology (Fintech) has become an essential course for those looking to establish startups because it can be key to getting a business off the ground. Fintech covers innovation in the financial services industry by leveraging technology and focusing on innovative financial platforms that can help entrepreneurs jumpstart their businesses in today’s technological landscape. This field is so crucial that Digitalist Magazine argues that finance leaders who ignore digital tools place their business’ growth at risk because they restrict its competitive agility. Examples of Fintech platforms include crowdfunding, online transactions, and robo-advisors.
2. Business Analytics
Every sector has been transformed by the power of data, and entrepreneurship is definitely no exception. Traditionally, aspiring business owners would rely on their instincts regarding the market landscape. However, IT and Management professor Tom Davenport explains that many entrepreneurs now seek the help of analytics, considering successful companies like Netflix and Apple base their strategies on data science. Since we now live in an era of data and information, many analytics programs have emerged in business schools. Business analytics, in particular, deals with data-driven decisions based on statistical and quantitative methods, computational tools, predictive models, and finance. A degree in business analytics may give fledgling entrepreneurs a competitive edge over their competitors.
3. Digital Marketing
The rise of digital marketing has been a key factor in leveling the playing field for businesses across many industries. This is because it offers startups a chance of gaining a competitive edge over established companies, as long as they utilize digital marketing tools to their full advantage. The field mostly deals with awareness via the Internet. It encompasses marketing on mobile, social media, websites, and any other digital mediums, essentially allowing today’s startups to reach larger audiences as compared to fledgling companies in the past. What’s more interesting is that digital marketing costs much less than traditional marketing, which is extremely advantageous for small businesses.
Data-driven processes do not come without risks, hence the importance of cybersecurity. Last year, the world’s companies faced the worst cases of cyber attacks, as Software Development Times reports that the number of recorded breaches nearly doubled in 2017. What is alarming is that some of these breaches involved multinational corporations. As a new entrepreneur, one should take responsibility for the safety of your business, especially if it is an online venture. Fortunately, people now have access to online resources regarding cybersecurity. Maryville University details how modern business degrees include cybersecurity as a key part of the course. This is because being knowledgeable about cybersecurity can help distinguish aspiring entrepreneurs from other hopefuls and offer a good foundation in building their own business.
5. Human Resources Management
Employees are what define a business, so if an employer isn’t equipped to handle them effectively, it could crumble faster than expected. A background in Human Resources Management will likely have a long-term impact on entrepreneurs’ ventures, since it can allow them to create a loyal and productive workforce. Thanks to modern technologies specifically tailored to HR services, business owners can manage their employees more efficiently than before.
Like many things in life, full preparation is key to a successful entrepreneurial venture. This is why it is also important to understand that entrepreneurship is not for everyone. For more on this topic, BeFast.TV listed some reasons why people must think long and hard before deciding to become an entrepreneur.