7 answers
2
Questions
Asked
663 views
What kind of educational background do I need to become a successful business owner?and What can I do now, as a sixteen year old to increase my chances of becoming wealthy?
I really want to be involved in the business field but don’t really know where or how to start.I would really appreciate any advice.
Login to comment
7 answers
Updated
TRAVIS’s Answer
Start small. Do the proper filings to start a business and get the reporting and tax documentation understood. It will require alot of energy and risk taking to build up something fast. A slow growth that attracts dedicated customers over time is another approach. Find a mentor or someone you know who has been successful. That would be the best approach.
Updated
Karin’s Answer
Hi Yamlak,
There is no particular degree that you need to have to become a successful business owner. Starting and running a business requires many different skills. You'll need to know about finances, project management, marketing, taxes etc. You'll also need problem-solving skills, time management, computer literacy and have excellent communication skills, leadership and critical thinking. On the business side, getting an education in business administration or finance would certainly help.
But you also need to think about what kind of business you want to have and acquire the subject matter knowledge. Do you want to produce anything or offer a service? For example, if you want to have a restaurant or a bakery, training as a chef or a baker and getting some experience would give you the foundation in food preparation and how the business operates. If you want to have a construction company, you'll need to learn about construction planning and the different trades that contribute to construction. If you want to go into tech, a degree in e.g. computer science would give you the technical skills.
Many skills can also be turned into a consulting business, e.g. agriculture, environmental science, graphic design, marketing, management, HR, IT, accounting etc. You can go for a degree in a field that interests you and start your own business.
I hope this helps! All the best to you!
KP
There is no particular degree that you need to have to become a successful business owner. Starting and running a business requires many different skills. You'll need to know about finances, project management, marketing, taxes etc. You'll also need problem-solving skills, time management, computer literacy and have excellent communication skills, leadership and critical thinking. On the business side, getting an education in business administration or finance would certainly help.
But you also need to think about what kind of business you want to have and acquire the subject matter knowledge. Do you want to produce anything or offer a service? For example, if you want to have a restaurant or a bakery, training as a chef or a baker and getting some experience would give you the foundation in food preparation and how the business operates. If you want to have a construction company, you'll need to learn about construction planning and the different trades that contribute to construction. If you want to go into tech, a degree in e.g. computer science would give you the technical skills.
Many skills can also be turned into a consulting business, e.g. agriculture, environmental science, graphic design, marketing, management, HR, IT, accounting etc. You can go for a degree in a field that interests you and start your own business.
I hope this helps! All the best to you!
KP
Updated
Jeff’s Answer
You don't need a specific degree to succeed as a business owner, but having a formal education can really boost your chances.
A degree offers more than just a certificate; it provides three main benefits:
1. Basic Knowledge: You learn important business skills like finance, accounting, marketing, and law, which help you avoid costly mistakes.
2. Networking: Your classmates, teachers, and alumni become your first professional connections.
3. Credibility: A degree can make it easier to get funding from investors or loans from banks.
If you decide to go to college, here are some useful fields for entrepreneurs:
- Business/Entrepreneurship: This gives you a complete view of how a company works, covering everything from management to marketing.
- Finance/Accounting: Understanding your finances is crucial. Many businesses fail not because of a bad idea, but because they run out of money.
- Marketing: Even the best product needs visibility. Marketing teaches you how to reach and connect with customers.
- Computer Science/Engineering: In today's tech world, knowing how to build or manage tech products is a big advantage.
- Economics/Psychology: These fields help you understand market and human behavior, essential for pricing and team management.
Becoming wealthy is subjective, but if you solve a real need, money will likely come. Keep your mission clear, and success will follow.
A degree offers more than just a certificate; it provides three main benefits:
1. Basic Knowledge: You learn important business skills like finance, accounting, marketing, and law, which help you avoid costly mistakes.
2. Networking: Your classmates, teachers, and alumni become your first professional connections.
3. Credibility: A degree can make it easier to get funding from investors or loans from banks.
If you decide to go to college, here are some useful fields for entrepreneurs:
- Business/Entrepreneurship: This gives you a complete view of how a company works, covering everything from management to marketing.
- Finance/Accounting: Understanding your finances is crucial. Many businesses fail not because of a bad idea, but because they run out of money.
- Marketing: Even the best product needs visibility. Marketing teaches you how to reach and connect with customers.
- Computer Science/Engineering: In today's tech world, knowing how to build or manage tech products is a big advantage.
- Economics/Psychology: These fields help you understand market and human behavior, essential for pricing and team management.
Becoming wealthy is subjective, but if you solve a real need, money will likely come. Keep your mission clear, and success will follow.
Updated
Wong’s Answer
Hello! Becoming a successful business owner does not require one single type of education, but having a strong foundation in certain areas can help a lot. Studying subjects like business, economics, finance, marketing, and management can give you useful knowledge about how companies work, how money flows, and how to make smart decisions.
Mathematics and communication skills are also very important because running a business often involves analyzing numbers and explaining ideas clearly to others.
Many successful business owners also learn from experience rather than just school. This means practical skills like problem-solving, leadership, and decision-making are just as important as what you study in a classroom.
At sixteen, there are many things you can do now to increase your chances of becoming successful and wealthy in business. First, you can start learning about money and business through books, online courses, or videos. Focus on understanding how businesses make money, how to manage finances, and how to sell products or services. Second, try small projects like selling handmade items, tutoring, or starting an online store. Third, practice building skills like communication, leadership, and problem-solving. You can do this by joining school clubs, volunteering, or working part-time jobs.
Mathematics and communication skills are also very important because running a business often involves analyzing numbers and explaining ideas clearly to others.
Many successful business owners also learn from experience rather than just school. This means practical skills like problem-solving, leadership, and decision-making are just as important as what you study in a classroom.
At sixteen, there are many things you can do now to increase your chances of becoming successful and wealthy in business. First, you can start learning about money and business through books, online courses, or videos. Focus on understanding how businesses make money, how to manage finances, and how to sell products or services. Second, try small projects like selling handmade items, tutoring, or starting an online store. Third, practice building skills like communication, leadership, and problem-solving. You can do this by joining school clubs, volunteering, or working part-time jobs.
Updated
Ying’s Answer
Hi Yamlak,
That's a great question, and it's fantastic that you're planning your career early on. To succeed as a business owner, you'll need a mix of skills like business management, finance, and technology relevant to your field. It's also crucial to work well with people, so practice interacting with classmates, teachers, friends, and family etc to maintain an excellent relationship.
Focus on doing well in your classes and read autobiographies of successful people to gain inspiration and insights. Remember, staying physically active is important too, as it will help you handle challenges in future since be a succesul in business will consume a lot of energy on physical strength.
Hope this helps,
Janice
That's a great question, and it's fantastic that you're planning your career early on. To succeed as a business owner, you'll need a mix of skills like business management, finance, and technology relevant to your field. It's also crucial to work well with people, so practice interacting with classmates, teachers, friends, and family etc to maintain an excellent relationship.
Focus on doing well in your classes and read autobiographies of successful people to gain inspiration and insights. Remember, staying physically active is important too, as it will help you handle challenges in future since be a succesul in business will consume a lot of energy on physical strength.
Hope this helps,
Janice
Updated
Hetal’s Answer
You don’t need a fancy degree to start a business just learn the basics like money, marketing, and people skills. At 16, try small things like selling online, reading about business, or watching real entrepreneurs. Start learning how money and ideas work that’s how wealth begins.
Updated
Don’s Answer
Hello Yamlak,
It is good that you are considering a career in business and there is not a set degree that you need to become successful in business. Getting a business degree in things like Business Administration, Finance can help you better understand how the industry works and grow your skills that you have. In terms of what you can do right now, I would say that you should focus on doing well in school, improve your skills, look for different jobs/internships and do research for best ways to advance your career. Hope this advice helps!
It is good that you are considering a career in business and there is not a set degree that you need to become successful in business. Getting a business degree in things like Business Administration, Finance can help you better understand how the industry works and grow your skills that you have. In terms of what you can do right now, I would say that you should focus on doing well in school, improve your skills, look for different jobs/internships and do research for best ways to advance your career. Hope this advice helps!