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If I were to major in Business management would I be able to get aid with creating my own business?

I recently started my own sticker business, and I heard from a student that they were majoring in business management and starting their own business.. I wanted a little more background information on this subject, and if this field is for me.. business entrepreneur management business-management college major senior

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Mark’s Answer

The answer to your question is essentially "yes', but it might not be in the form you think. Colleges do offer placement assistance (because it really helps the college/university quantify their ability to say "xx% of graduates in this field find work within xx timeframe of graduation". But what about the entrepreneur? That tends to depend on the school. If you are seeking startup capital, then usually not. If you are looking for a mentor-mentee relationship, that is more likely to occur because schools can also use those stats to draw more highly motivated individuals (as many entrepreneurs will be ) to study. Like Francisco noted, what you study will go a long way in helping you shape your business, so having good fundamentals is very important. A good school with a strong program in the area you want to study will go a long way to help with that.

Outside of academia, there are agencies on the Federal side that specialize in helping folks get their dreams off the ground. One of the most well known is the Small Business Administration (www.sba.gov). The site has resources that can provide guidance into what to consider when establishing your future empire (start small but dream gargantuan!) and link to capital firms specializing in small-business loans, etc. Plus you may qualify for grants (which are always helpful).

Depending on where you want to open up shop (or establish the business base, if online-based services), many states and larger communities will have localized support systems. These can help with strategies that have worked well in the area/region. Your local business administration can also help you find organizations that cater to your type of business/industry and can be a great help with information (such as trade events that come to the area regularly or conventions that are well-attended, etc).

I've had many friends start their own business and these are the places they went to for guidance and help. But they have all said that experience was by far the best teacher, so always pay attention to what went on when something goes wrong to learn from it.
Thank you so much for this thoughtful response! Winona C.
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Junnie’s Answer

HI Winona, you are so smart that you know what you are going to approach and planning for your future. When I was planning for my college, I wanted to be a fashion designer. My dad advised me that choosing to study business management is much beneficial for me. As every field, every business need to have the knowledge of running it. Today, I am very grateful to my father's advice, even though at the time I didn't think so LOL... Learning about business management help me to make smart decisions in my business, even when I was as an employee, it helps me to make sound decisions. It is never just about creating a product, it is about creating a product that can sell (marketing/ consumer study); managing the labor cost; how best to utilize the business funds to maximize the profit (accounting and finance). All these are things that you may learning in business management.

Good luck with your future!
Thank you so much! Winona C.
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Layal’s Answer

A degree in Business Management is good as it will give you the base on what to look for and how to read through things; now that you have decided to open you own business and be your own entrepreneur. I would also recommend for you to take courses in Finance - being an entrepreneur it is key for you to be able to read and understand the financial statements: the profit and loss, the balance sheet... It is important to know the business plan, the forecast of the business, the expenses, the assets , how to analyse the cashflow and the financial ratio etc... In order to run a business, it is essential to understand what it takes to run one and whether this business will essentially be profitable and sustainable.

Few Marketing courses will also help - you may meet other interesting entrepreneurs or investors in your university and this is where your Network of friends, investors etc... will be strengthened. In order for a business to grow, it is important to keep yourself connected with people that have similar interests so that you can challenge each other and share ideas.

Good luck.
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Francisco’s Answer

Hi Winona,

Very good question! So it is important to say that you don't have to major in business or management to have your own business, but it can definitely help as you can learn key skills that may come in handy on your entrepreneurial journey. For example, learning about finance and accounting will help you better document and keep track of your business expenses and profits. Basically majoring in business management or a similar field can expose you to different fields of business which can be important for your business. Another great thing about college, especially if you decide to go into business, is you would be able to network with peers, professors, and other people who might be like-minded or could help you by mentoring you, adding something of value to your business, or simply connecting you to others. Basically, you'll be surrounded by a sea of people who may bring a diverse array of cultures, perspectives, and knowledge that you might not get if you don't focus in that.

Overall, I would recommend business or similar field if you are interested on developing those kind of skills. Depending on what is your business it might be beneficial, but also if your business is more tech oriented then you might be better off on a technical career. Regardless, make sure the path you pick helps your objectives and will teach you the areas you want to develop.

Hope this helps answer your question. Best of luck!
Thank you so much for this advice! Winona C.
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