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Most of us know people who seem to be “born” to be who they are – a doctor, an animator, a scientist, a teacher, or an entrepreneur. However, when it comes to the latter – an entrepreneur – it is in a way considered acceptable, if not essential, that the best education to enter the profession is Hard School.
The two myths embodied in this idea are both understandable. The first myth is that the only way to be successful in business is to start a company. Certainly, the most well-known business stories are involved at the beginning. But in reality, entrepreneurs work for companies at all levels and at all levels of maturity – from nonprofits to Fortune500 companies. Indeed, many large companies focus on finding leaders who will help disrupt business ideas. In addition, many entrepreneurs who set up their own company do so after spending several years working for a well-established company. In these cases, the business degree prepared them for a company job that helped them prepare for their startup idea and get started.
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The second myth – that entrepreneurs do not need a business degree is normal, because there are many high-profile examples of successful entrepreneurs who have never graduated from college – Steve Jobs, Mark Zuckerberg and Richard Branson, to name a few. And entrepreneurs like PayPal founder Peter Thiel have argued in recent years that the wise choice is to drop out of college and enter the workforce directly.
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For some, of course, this was the best way. What is often lost in the argument is that the unproven path to business success is only one path, not the path, much less the best path.
Many successful entrepreneurs have one or more university degrees. They obtained both a bachelor’s degree and a bachelor’s degree. LinkedIn analyzed the profiles of 12,000 of its members under the title of CEO of more than 50 employees and found that most of them had business degrees – economics, business, banking, accounting, marketing, information science or business administration. One-third of these managers had M.B.A.
Successful entrepreneurs who do not have a university degree are usually supported by partners, advisors or team members who have at least one.
Surrounding yourself with experts in specific areas is a proven and successful formula, of course, but it also invests in the necessary business knowledge. You will always need experts around you with complete skills and knowledge, but basic business education allows you to choose experts wisely, add value when working with them and work quickly on challenges and a position of knowledge, rather than providing a high value for errors. caused by ignorance.
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Some things about being a big business can’t be learned. Some people naturally like to take risks, for example. But you can learn things like how to identify risk factors, how to minimize the risks of those risks, and how to manage and lead your team when the risk is high.
Statistically, there is a clear financial return on a business degree, not to mention positive relationships when it comes to things like health and quality of life. But here’s the biggest question I’d like to help you answer before picking up a knife and starting to break into the original desert: how will a business degree help me succeed in business?
This question says a lot about the true value of a business degree in the life of an entrepreneur. To answer this, we can look at nine core areas of the business that are the backbone of an entrepreneur’s success, whether you start your own business or have a business idea for an existing organization: finance, business planning, business implementation, legal issues. . technology, human resources, networking, sales and marketing and leadership. Obtaining a quality business school diploma can help you strengthen the tools you need in all nine areas.
Entrepreneurs fall into two categories when it comes to money – they either need it a lot, or they don’t need it.
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Starting or acquiring a business requires capital, and running a business requires at least a basic understanding of how financial issues work. This is especially true if you are starting your own business or starting something new in an existing organization. You need to understand how much capital you need to start and grow your business and the potential sources of that capital. It is important to know how to read the income statement. And you need to understand cash flow, margins, costs and prices.
Even if your company has professionals in accounting and finance, it is important to understand these concepts in communication and verification. And as your business matures, it will help you identify opportunities to have new business or debate the value of your business.
Qualified business schools require basic courses in accounting and finance, as well as offering in-depth options. Economics courses provide a clear understanding of issues such as costs, costs, benefits and competition, all of which are essential to business success.
Phil Knight, the founder of Nike and a great innovator, holds a bachelor’s degree in business as well as an MBA and is a C.P.A. His business education gave him a complete understanding of accounting and finance. Sam, in my opinion, the greatest businessman of our time who specializes in economics. And my friend Elise Mitchell, in her book Leading through The Turn, wrote about how she realized she had to go back to college to understand economics when the public relations firm she founded began measuring .
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Successful entrepreneurs are beginning to recognize the problem and come up with attractive solutions for their customers. Knight founded Nike as a result of a creative course he took at business school.
Students in such classes learn how to develop and use business acumen and find key problems to solve. Then he learns how to turn his ideas into a professional, efficient and effective business plan, in which he has to sell his ideas to potential investors and executives when they start. A business plan also helps entrepreneurs innovate and create their own ideas.
Sam Boochever and Max Huc, the founders of 1Degree, set up their own company during business school and took courses that directly addressed the issues they faced. One of their main goals was to write effective business plans.
The elements of an effective business plan may vary, but business schools teach key components, such as how to do the right analysis to determine the level and type of competition. Competitive analysis usually includes information related to marketing, strategic management and economics. Michael Bloomberg made a significant part of his fortune by anticipating the need to produce economic indicators to analyze the competitiveness of investments with the establishment of Bloomberg L.P., a global financial and media company.
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Competitive analysis helps to create a niche understanding of the trader product (where and how it fits in the market) and the value of what it creates for their customers. By understanding return on investment (ROI), entrepreneurs can show customers how their products or services offer them some kind of financial incentive or benefit. Business school courses help students understand value creation and how it translates into return on investment for future clients as well as their company.
Entrepreneurs with a good business plan can use it to join and deliver to their airport by elevator. It is a valuable skill to be able to make an impact with a senior manager or an investor when you only have 30 seconds to present your idea. Tesla’s Elon Musk elevator site is an excellent example of the basic principles of an elevator stadium to attract foreign investors.
Business school helps some planners to start a business while they are in college or shortly after graduation. For others, it is the first step in the process of moving to other jobs before running a business, whether it is an existing organization or starting something new.
Bryce Paden, the founder of i2iLabs.co, is an example of an entrepreneur who graduated from a business school, grew up working at Walmart and then set up a company to solve the problem. Paden realized its ability to restructure and manage the supply chain since its time at Walmart and found a way to create a hub for the introduction of new technologies. His company has built a brand that helps large companies connect emerging innovators and incorporate their innovative and collaborative technologies that they don’t normally work with. As a result, he found a private company on the market.
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The business plan offers the design of the entrepreneur, but not the implementation. You need to understand the principles of pricing, product design, production, purchasing and forecasting to implement and run the business. During business school, students learn the relationship between the courses they take and
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