Finance and business administration remain two of the top choices for many people thinking of a career as an entrepreneur. But other fields could give you important skills that would help you succeed. And, in many cases, these could give you a strategic advantage over the competition.
There’s a reason why so many successful entrepreneurs today come from fields like computer science and engineering. That’s because administrators of the future will need to have more than administrative skills to keep up. Let’s take a look at some degrees entrepreneurs of tomorrow should consider.
Psychology and Public Relations
Psychology and PR are sister fields and more closely related than many people think. As a matter of fact, Edward Bernays, who is said to be the father of public relations, happens to be Sigmund Freud’s nephew.
Entrepreneurs who have deep knowledge of psychology have a trump card very few will be able to pull. They will have an edge in all sorts of situations, whether it’s when creating persuasive ad campaigns, building an edifying and productive business culture, or even when negotiating. Understanding psychology could also give you an advantage when seeking financing or presenting your business to a group of investors.
You’ll be more persuasive in everything you do. You’ll be better at boosting your employees’ morale. You’ll also be able to reduce conflict in your company and have better retention rates.
Public relations is another very powerful tool for business owners. This is the art of brand building and building an identity. Some companies have a brand identity that is so strong that they hardly have to do any selling. Having a public relations formation will also allow you to avoid faux pas and see PR disasters before they materialize.
Data Science
Business today is all about data, and those who understand how to mine it and use it will always have an edge. With a data science degree, you won’t have to rely on outside help all the time to tighten up your processes, identify leaks, and spot bottlenecks. You’ll be better at forecasting. Data will become central to your operation, something too many still either neglect or simply can’t grasp.
Understanding data science will allow you to run a more efficient operation at every level. You’ll be able to quickly identify waste. You’ll be able to reduce overheads and improve the efficiency of your supply chain. You’ll also be able to use data to improve monitoring and accountability in your company.
Those with a data science background are also better equipped to assess the efficiency of marketing efforts or material. They can see how well online or physical stores perform. They can then start implementing changes based on the data they gathered. They never rely on guesswork.
If you want to know more about the type of skills you can expect to learn in data science, and why they are so in-demand, we suggest you check out this article. It also outlines how businesses use data analysis and how a degree in data science could benefit you.
Marketing
Concentrating on marketing could also be a good idea for an entrepreneur. Today’s marketers are asked to do more with less, and this is something that could come in handy to you. You’ll learn about online marketing techniques that could allow you to save money while boosting measurability and efficiency. But marketing majors learn about more than just building campaigns.
Their job will be to identify a target market and tailor their whole strategy for them. They will need to know which platforms they should concentrate on and which ones to ignore. These are all things many entrepreneurs don’t truly understand, unfortunately, and this is why so many of them fail. Marketers can often see beforehand when there isn’t a true need in the market for a product.
Also, you won’t have to spend on hiring an outside agency or even a team for your marketing. You’ll be able to do everything in-house, which will save you a lot of money.
Accounting
A lot of people like to delegate this part but having accounting skills can be very valuable to any entrepreneur. Accountants are often the first to spot irregularities in a company’s finances. They can run a much tighter ship and reduce waste. They find ways to save wherever they can without affecting quality, efficiency, or customer experience.
Not only that, but they are aware of all the recent changes in tax law and regulation. This allows them to be compliant and stay away from the IRS. And in the case that they face scrutiny, they will have all the skills needed to make sure that the process goes as smoothly as possible. Accountants also know about tax benefits and schemes that might be able to benefit a company.
There’s another side benefit to being an accountant and a business owner. People will automatically respect you more if you ask for financing. That goes for banks and potential investors.
People trust accountants with money, and you’ll be able to be taken more seriously. Not only that, but a venture capital firm is more likely to give you the reins if you’re an accountant or have an accounting background. Being able to retain control is very important, and only relevant expertise will help you. Accounting is a great choice if you want to be able to stay in control at all times.
Communications
Communications is another great choice for anyone thinking of becoming an entrepreneur. Great companies are often born from great communicators. They’re inspiring and know how to convey their vision. They also are great with presentations and the media. These are all skills that could give you an edge in business and help you build a positive brand image as well.
If you wanted to start a business at some point in time, we suggest you consider all of these options. These all have something different to offer and might be a greater fit in certain industries, so make sure to give them all a close look.