A solid foundation in business is important especially for small business owners, yet just over half – 52% – have at least a bachelor’s degree. If you’re a small business owner or have considered starting a business and want to cultivate your project management or strategic planning expertise, now is a great time to invest in your education.
Many business owners are tasked with taking on multiple roles within their organization, especially in the beginning stages when budgets are tight and don’t allow them to hire a full staff. While a business degree in itself can’t guarantee a small business’s success, it can help a business owner by giving them critical skills to navigate the many challenges of running a business. Statistics also show that workers with bachelor’s degrees tend to earn more than those without. Weekly median earnings for those with a bachelor’s degree are $322 higher compared with workers overall, and 40% of individuals with some college but no degree report that their lack of education has been an employment barrier.
Fundamental Skills Small Business Owners Need
Here are just some of the many skills small business owners need to compete in today’s challenging business environment:
- Financial literacy and money management. You’ll need to understand where your cash is going, how much profit you’re making, budgeting, forecasting and much more. To build your financial literacy skills, consider courses in financial accounting, managerial accounting, business algebra, statistics and sales.
- Leadership. When you hire staff, you’ll need solid communication skills to motivate your employees and resolve conflict. Courses in organizational behavior and leadership, business communication, and human resource management can help you better understand the needs of your employees and how to address them.
- Project management. A business owner usually wears many hats, so you must know how to prioritize your time while delegating tasks and keeping your business running. You’ll also need to understand how to keep projects on track, within budget, and on time.
- Strategic planning. You need to understand where your business is going – not just next year but five years from now. Writing a business plan and developing a roadmap is a great first step when building your business, but you’ll need to continue thinking strategically as you get your business off the ground and plan for the future. Business and consumer landscapes change quickly, so you’ll also need to be adaptable.
- Marketing. Because everyone sees ads, shops online, and spends time on social media where there are tons of product promotions, a lot of people assume marketing is something they can do even if they’ve never received formal training. However, thinking like a marketer and actually executing successful marketing campaigns are two different things. As a business owner, you’ll need to understand your target audience, develop a brand strategy, and analyze and interpret results.
How the UW Flexible Option BSBA Can Help
The comprehensive Bachelor of Science in Business Administration (BSBA) curriculum through UW Flexible Option gives you a chance to learn skills while applying them in a business setting. You’ll complete courses in accounting, project management, marketing, sales, supply chain, and much more. And because the BSBA is competency-based, you’ll progress based on what you already know instead of how many hours you spend in the classroom.
If you already own a small business or are in the process of getting it off the ground, you can apply all of the skills you have already learned to your program and take control of your own education. Work full-time while completing courses as time allows like other business students have done in the past.
Are you ready to find out if a competency-based business administration degree is the right choice for you? Check out the AACSB accredited UW-Parkside Bachelor of Business Administration curriculum or contact a helpful enrollment adviser at 608-800-6762 or flex@uwex.wisconsin.edu.