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Questions I have, regarding my future field
What educational background do I need to succeed in the business field? Should I take risks if it means having a business, that may or may not succeed?
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6 answers
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Rebecca’s Answer
Thank you for your question. There is risk indeed to run your own business. You can reduce the risk.
Below are my suggestions:
1. Have you thought about what industry you would like to start your own business?
Think about the industry you have interest or strength
2. Do some analysis on the industry, eg entry criteria, competition status, any alternative or substitute, etc
3. Attend the courses related to the industry and management courses
4. Work in the industry some time to understand the business model and establish people network
5. Start the business online first if possible
Hope this helps! Good luck!
May Almighty God bless you!
Below are my suggestions:
1. Have you thought about what industry you would like to start your own business?
Think about the industry you have interest or strength
2. Do some analysis on the industry, eg entry criteria, competition status, any alternative or substitute, etc
3. Attend the courses related to the industry and management courses
4. Work in the industry some time to understand the business model and establish people network
5. Start the business online first if possible
Hope this helps! Good luck!
May Almighty God bless you!
I appreciate this, thank you for the advice.
Yamlak
Updated
Allie’s Answer
When choosing a college major, think about what truly excites you instead of just going for what's practical like accounting or engineering. Ask yourself what you enjoy learning about and what sparks your curiosity. People often do better when they study what they love.
If you're aiming for a career in business, courses in areas like finance, marketing, or economics can be helpful. But if you're interested in subjects like history or liberal arts, consider including them in your studies too. While your major is important for your first job, its significance decreases over time. Every major has its value, even if it doesn't directly relate to business. For example, studying English can teach you how to write well and tell engaging stories, which are valuable skills in business.
It's great that you're interested in running your own business! Before diving in, consider working for someone you respect first. This will help you learn the ins and outs of a business, allow you to make mistakes and learn from a mentor, and give you a chance to ask questions and try different tasks. This experience will be a big help when you start your own venture.
If you're aiming for a career in business, courses in areas like finance, marketing, or economics can be helpful. But if you're interested in subjects like history or liberal arts, consider including them in your studies too. While your major is important for your first job, its significance decreases over time. Every major has its value, even if it doesn't directly relate to business. For example, studying English can teach you how to write well and tell engaging stories, which are valuable skills in business.
It's great that you're interested in running your own business! Before diving in, consider working for someone you respect first. This will help you learn the ins and outs of a business, allow you to make mistakes and learn from a mentor, and give you a chance to ask questions and try different tasks. This experience will be a big help when you start your own venture.
Updated
Rick’s Answer
Rick Kneisley
Retired Investment Broker & Investment Sales Manager
Business and Financial Operations – Sales and Related Occupations
Question 1: What college courses do I need to succeed in business?
Great question, Yamlak.
I earned my degree in Industrial Economics from Purdue University. Here are a few of the courses that helped me the most in my 50-year career:
Microeconomics and Macroeconomics – how markets and economies work.
Financial Accounting and Cost Accounting – how to understand and manage money.
Logic, Statistics, and Econometrics – how to think clearly and make data-driven decisions.
These subjects build the foundation for any successful business career.
Question 2: Should I take risks if it means starting a business that may or may not succeed?
Our free enterprise system rewards risk-takers, if, and it’s a big “if”:
You have enough capital to cover all startup expenses.
You have the tenacity, as Shakespeare wrote, “to withstand the slings and arrows of outrageous fortune.”
Every successful entrepreneur faced constant setbacks. Examples: Steve Jobs, Bill Gates, Jeff Bezos. But they kept going, and the world changed because of it by giving us Apple, Microsoft and Amazon.
Yamlak, if you feel a burning passion to bring your best idea to life, and can handle the risks, I say go for it.
If not, then find work you love, go to work for a great company that gives you the chance to do what inspires you every day.
Best regards,
Rick
Retired Investment Broker & Investment Sales Manager
Business and Financial Operations – Sales and Related Occupations
Question 1: What college courses do I need to succeed in business?
Great question, Yamlak.
I earned my degree in Industrial Economics from Purdue University. Here are a few of the courses that helped me the most in my 50-year career:
Microeconomics and Macroeconomics – how markets and economies work.
Financial Accounting and Cost Accounting – how to understand and manage money.
Logic, Statistics, and Econometrics – how to think clearly and make data-driven decisions.
These subjects build the foundation for any successful business career.
Question 2: Should I take risks if it means starting a business that may or may not succeed?
Our free enterprise system rewards risk-takers, if, and it’s a big “if”:
You have enough capital to cover all startup expenses.
You have the tenacity, as Shakespeare wrote, “to withstand the slings and arrows of outrageous fortune.”
Every successful entrepreneur faced constant setbacks. Examples: Steve Jobs, Bill Gates, Jeff Bezos. But they kept going, and the world changed because of it by giving us Apple, Microsoft and Amazon.
Yamlak, if you feel a burning passion to bring your best idea to life, and can handle the risks, I say go for it.
If not, then find work you love, go to work for a great company that gives you the chance to do what inspires you every day.
Best regards,
Rick
Updated
Wong’s Answer
As you think about your future in the business field, there are a few important things to consider. You should understand what kind of education will help you succeed. You may also wonder if taking risks is worth it when starting a business that may or may not work out.
To succeed in business, you usually need a strong educational background. Many people choose to study business in college and earn a degree in areas like marketing, finance, management, or entrepreneurship. These programs teach you the basics of how businesses work and how to make smart decisions. It's also helpful to take classes that build your communication, leadership, and problem-solving skills. You don't always need a master's degree, like an MBA, but it can be helpful later in your career if you want to move into higher positions.
Taking risks is also a big part of business, especially if you want to be an entrepreneur. Starting your own business is exciting, but it's not always easy. There is always a chance that your business might fail. However, taking smart risks is often necessary to grow and succeed. You should learn how to plan carefully, do research, and understand the market before starting a business. That way, your risk will be more calculated and less likely to lead to failure.
With the right mindset, skills, and support, you can build a successful future in business. All the best.
To succeed in business, you usually need a strong educational background. Many people choose to study business in college and earn a degree in areas like marketing, finance, management, or entrepreneurship. These programs teach you the basics of how businesses work and how to make smart decisions. It's also helpful to take classes that build your communication, leadership, and problem-solving skills. You don't always need a master's degree, like an MBA, but it can be helpful later in your career if you want to move into higher positions.
Taking risks is also a big part of business, especially if you want to be an entrepreneur. Starting your own business is exciting, but it's not always easy. There is always a chance that your business might fail. However, taking smart risks is often necessary to grow and succeed. You should learn how to plan carefully, do research, and understand the market before starting a business. That way, your risk will be more calculated and less likely to lead to failure.
With the right mindset, skills, and support, you can build a successful future in business. All the best.
Updated
Niclas’s Answer
Hi,
I can recommend an MBA summary book like for example https://personalmba.com/. https://en.wikipedia.org/wiki/Zero_to_One is also a great book for getting into the mindset of "competing" in the market from a business perspective. I also highly recommend internalising the principles of project management and using them in practice for any objectives you have, the following introduction course is great: https://www.linkedin.com/learning/project-management-simplified-2019/project-management-a-priceless-skill-24309081. Projects are always about balancing the trade-offs between time, quality, and cost in any endeavour. Finally, a super valuable trait to have is the ability to just get stuff done. Additionally, I can also highly recommend this book about the transformational power that mathematics always has on the progress of society and our quality of life in a society: https://www.simonyi.ox.ac.uk/books/thinking-better-the-art-of-the-shortcut/.
I can recommend an MBA summary book like for example https://personalmba.com/. https://en.wikipedia.org/wiki/Zero_to_One is also a great book for getting into the mindset of "competing" in the market from a business perspective. I also highly recommend internalising the principles of project management and using them in practice for any objectives you have, the following introduction course is great: https://www.linkedin.com/learning/project-management-simplified-2019/project-management-a-priceless-skill-24309081. Projects are always about balancing the trade-offs between time, quality, and cost in any endeavour. Finally, a super valuable trait to have is the ability to just get stuff done. Additionally, I can also highly recommend this book about the transformational power that mathematics always has on the progress of society and our quality of life in a society: https://www.simonyi.ox.ac.uk/books/thinking-better-the-art-of-the-shortcut/.
Thank you, this is really helpful.
Yamlak
Updated
Marcos Alejandro’s Answer
I’m a firm believer of learning by doing, but risk it’s always there, especially if you have no real-world experience.
What I’d do: work for someone within the field you want to work in when you start your own business first . This is the best way to learn the ins and outs of what you want to learn while you risk little or nothing (and most likely getting paid while you do it).
After some time you’ll start gaining all the confidence you need to finally take that leap on your own, but now with all the knowledge learned. It’ll never feel like you are ready, it’ll never feel like you know everything you need to know, so don’t wait too long expecting for that magical time when you think your brain will say… “ Ok, let’s do this”… because most likely, you’ll never feel that, and if you do feel that way, be careful, feeling over confident about what you think you know might be signs that you are overlooking something.
I know it sounds a little contradictory, but, Dunning-Kruger effect it’s a real thing : People with low ability at a task overestimate their own competence, while highly competent people tend to underestimate their ability.
If after gaining some knowledge an opportunity presents itself, study it make sure you have an exit strategy if everything goes wrong, and if everything feel mostly right and the numbers add up… GO FOR IT!
What I’d do: work for someone within the field you want to work in when you start your own business first . This is the best way to learn the ins and outs of what you want to learn while you risk little or nothing (and most likely getting paid while you do it).
After some time you’ll start gaining all the confidence you need to finally take that leap on your own, but now with all the knowledge learned. It’ll never feel like you are ready, it’ll never feel like you know everything you need to know, so don’t wait too long expecting for that magical time when you think your brain will say… “ Ok, let’s do this”… because most likely, you’ll never feel that, and if you do feel that way, be careful, feeling over confident about what you think you know might be signs that you are overlooking something.
I know it sounds a little contradictory, but, Dunning-Kruger effect it’s a real thing : People with low ability at a task overestimate their own competence, while highly competent people tend to underestimate their ability.
If after gaining some knowledge an opportunity presents itself, study it make sure you have an exit strategy if everything goes wrong, and if everything feel mostly right and the numbers add up… GO FOR IT!