Having a Business Management Degree Can Open Doors Wide
Where do I start when it comes to the advantages of obtaining a business management degree! Your world will open up to so many different possibilities that it is hard to list them all; however, we will take a stab at it in this article.
Let’s start with the obvious. There isn’t a business or industry out there, whether for profit or not, that doesn’t require the skills of a person who has a degree in business management. Being able to understand the basic principles of managing any type of resource from equipment and supplies to people will drive up a person’s value exponentially. However, in most cases having experience will take you to a whole new level. There are very few CEO’s that have degrees in Philosophy or even Engineering, although they are respected degrees.
The reason a business management degree is so valuable is that it provides for exposure to every area of business, such as, the finances, marketing, business planning, human resources, labor law, business law, and much more. Of course the quality of education you receive depends heavily on what school you decide to attend. Elite schools like the Harvard Business School puts you way ahead of the competition. The problem is that many of us do not have the opportunity to receive a degree in business management from the Harvard Business School. We are more likely to have local opportunities in our geographical locations. Don’t discount the value of your local schools or even online schools.
So what will you learn?
Let’s start with the three basic elements of any business which are the owner, the employee, and the customer. If you don’t balance the needs of all three of those elements your business will die! Based on how far out of line they are it will either be a quick or slow death, but make no mistake it will die!
For instances if the owner puts out a cheap product but charges more than a fair price in order to make more money the customer will soon be gone. If that same owner puts out a good product at a fair price but fails to pay their employees a fair wage the employee turnover will skyrocket and the quality of the product will suffer which will in turn drive the customer away. And finally if the owner doesn’t make a reasonable profit they will end up putting their money into another investment that pays better, or worse they will go bankrupt. They all must be balanced!
For most individuals that have not received a business management degree they forget about an extremely important aspect of any business and that is how do I get my customer to purchase my service or product? You can have the very best product or service known to mankind ever, yet if you do not have a marketing plan to inform them of your product or service it will also die a quick or slow death.
A degree in business management will open your eyes to many aspects of a business that most have no clue about. Examples of this are depreciation, future value of money, present value of money, product liability, insurance, debits and credits, and much more.
Let’s take a quick look at the future value and present value of money. Why is this so important and why would I need to learn this to get a business management degree? Simple! If I have a dollar in my hand today and want to invest it in my business would it be worth more if I placed it directly into a bank and didn’t touch it for several years or would I get more on my investment if I invest it in my business. Most new business owners operate under emotion instead of using good business sense. Be the latter of the two. This becomes extremely important when it comes to finding private investors or even knocking on the door of your local bank for a business loan. They want to know if their money is going to be repaid.
Another element of a business management degree is learning how to create a business plan. Don’t think that a business plan is just for that start up business idea. Anytime you want to expand/grow your business you better being putting together a business plan to make sure it is a wise decision. Again, don’t operate under emotion. A solid business plan should not be used to obtain a loan but should be a road map for your business. Learn how to develop one and then use it!
Thank you and May God bless you!
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