There are a lot of attractive aspects to being an entrepreneur. For one thing, entrepreneurs are often their own bosses. They like to take charge of their professional lives and they are rewarded with a level of freedom that most of us can only dream of. Another aspect of being an entrepreneur that many people find appealing is that it is something that anyone can do. There are no prerequisites to embarking upon the journey of entrepreneurship, but that doesn’t mean that there is no value in obtaining some kind of degree before you begin.
In this article, we take a look at some of the best degree options for entrepreneurs, both those who are looking to break into the game for the first time, and for those who have been doing it for a while and want to take things to the next level.
Master’s in Business Administration
The master’s degree in business administration (MBA) has for a long time represented the gold standard of competence and knowledge for managers within businesses. The MBA prepares students to run and manage a business and it is equally as valuable for those who are looking to apply for a management role in an existing business as it is for those entrepreneurs who are starting their own venture. In terms of the lessons you will learn about business and entrepreneurship in general, there is arguably no degree better than the MBA.
Master of Science in Taxation
The tax industry is one that is in a constant state of flux, especially in the United States, where the labyrinthine tax laws only ever seem to become more complicated and impenetrable. The US tax code comes in at an impressive four million words, so clearly there is a lot to learn! The better your understanding of tax codes, the more of an advantage you will have as an entrepreneur. The United States tax code makes numerous allowances for small businesses, so knowing these when you are just starting out can save you a lot of stress and money. As your business grows, you will want to know what steps you need to take both pre-emptively and reactively, to stay on the right side of tax laws.
Studying a master of science in taxation will give you an excellent grounding in this rather complicated area of business. You can even study online, allowing you to continue to pursue your entrepreneurial desires while studying. Many leading universities such as Northeastern University have an online department; in this case, the Northeastern University Online college is known simply as Northeastern Online.
Accounting is a skill that every business needs at some point. For entrepreneurs who are self-employed or at the helm of a small business, it is not always practical to hire the services of a professional accountant, yet poor bookkeeping can ultimately end up costing businesses a significant amount of money. By studying for an accounting degree yourself, you can learn the skills you need to fulfill this role to the same standard as a professional.
Anyone can try their hand at business and entrepreneurship, but only a select few will ever be successful. In order to maximize your chances of success, you might want to consider studying for a degree that you feel will best compliment your professional pursuits.