For aspiring entrepreneurs, studying business over other degrees can help prepare them for the fast-paced and multi-faceted world of commerce.
With globalisation, the business world is rapidly changing. Sushi-burritos are a thing, smartphones have become powerful portable machines capable of delivering information straight to your fingertips, and cryptocurrency is giving everyone a run for their money.
To understand these changes, it’s little surprise why a business degree is still valuable in the 21st century. Here, you can dive into different aspects of running a business or specialise in a specific area, like human resource management, quantitative analysis, accounting, and many more.
Before you enrol into business school, consider debunking these five misconceptions about pursuing a business studies course:
Degree Myths Debunked: Business Studies
Myth 1: Business is too general.
According to EduAdvisor, most universities will require you to specialise as part of your business degree. From finance to marketing, these specialisations (or majors) will provide you with in-depth knowledge of that particular area.
In fact, many other undergraduate degrees can also be perceived as broad. Think Psychology, where you’ll need to pursue a master’s degree to become a psychologist. Science, technology, engineering and mathematics (STEM) majors require a postgraduate qualification if you want to do research work.
The truth is that no degree will fully equip you with all the necessary skills you need in a particular field. A degree is a stepping stone that provides a solid foundation that prepares you for your career.
Myth 2: Business is easy
The tricky thing about studying business is that there are no straightforward answers.
Think what the economic consequences of the Brexit referendum are. Or the best strategies to market the new iPhone. You may also be asked about the best method to sell an unsellable product like ice to an Eskimo.
Business environments can also change quickly, and you’re expected to keep up with ongoing current affairs and trends like sustainability, remote working, and artificial intelligence for class assignments and projects.
Myth 3: The business job market is competitive
There’s competition in almost every field, not just in business.
To stand out from your peers, you can consider doing an internship or a placement where you’ll apply the theoretical knowledge you gained in the real world.
Most universities will accommodate graduates interested in pursuing a Master in Business Administration. Students can choose to study on campus, online or hybrid (a combination of the first two) and craft their work schedule around their postgraduate studies.
Myth 4: Business students must be good at math
Although part of running a business involves numbers, you’re less likely to deal with advanced calculations like calculus, trigonometry, and algebra in daily operations.
Business math focuses on recording and managing business work, which overlaps with other crucial business skills such as accounting, inventory management, marketing, sales forecasting, and financial analysis.
Alternatively, having a passion for numbers will help you go a long way as the ability to pick on trends from numerical data is not only a great skill to have as a business student, but as an aspiring entrepreneur.
Ray Lee, a business management graduate from RMIT Australia, shares that creativity and leadership skills are equally important. “As part of the executive board, my free time was usually spent planning activities and interacting with other student councillors, which in turn gave me confidence and strengthened my leadership abilities,” she explains.