A whopping 266,000 startups registered in the United States in the fourth quarter of 2019 alone, fueling the economy and bringing the dreams of many entrepreneurs to life. These startups also made other people’s dreams come true, as new businesses in the U.S. created 3 million jobs in 2019, and approximately the same number in the previous year. Like any venture, however, a number of startups don’t succeed, and some eventually close down. This is something that many entrepreneurs fear, but experts say that having the right education and learning more about the industry you have chosen to start a business in can help you avoid failure. The good news is that building business skills can now be done online, allowing you the flexibility to fit it in around your business responsibilities.
Education Is The Key
While there are several factors that contribute to a startup’s success, getting an education in business management is among the most important. According to a study done by Troy State University in 2003, nine out of ten businesses that failed in the U.S. were due to the owners’ lack of general business management and planning skills. The good news is, lack of business skills can be remedied. An online associates degree is the fastest way for would-be entrepreneurs to learn more about business administration and management without sacrificing their time or the business itself.
Studying business management equips new business owners with the skills and knowledge needed to run a successful operation. This will help you in handling tasks such as creating a business plan, being on top of your business’ accounting, and analyzing data. It will also give you the tools to make better financial decisions, as well as get better in forecasting what is to come. It basically gives you the sense of what to watch out and be prepared for.
While business management is very important, it is also a good idea to take a look at other additional programs that will benefit you. Accelerated associate’s degree programs can range from accounting to fashion merchandising to psychology, and all you need to do is to pick one to enhance your newly acquired business management skills. If you will be marketing your product like most business owners, an associate’s degree in marketing would be beneficial. If you want to learn more about business psychology, you can get a degree in this online too.
Successful business owners never stop learning. Start your associate degree journey today and get business skills to help you better manage your business.