Business remains the most popular major on American college campuses, with about 25% of all bachelor’s degrees awarded in this area. Business studies can be divided into specific fields such as accounting, finance, marketing, and management. Many business majors, however, are interdisciplinary, drawing upon each of these subjects.
Entrepreneurial studies is one of the most practical of the business majors; it focuses on the skills needed to set up and run your own small business. Learning to write a business plan, discovering ways of funding a business, understanding sales and marketing, getting a handle on business accounting, and developing strategies to provide leadership for a team are all vital skills. The entrepreneurial studies major must also learn to do strategic planning, become grounded in business law and ethics, develop management skills, and understand business communications and networking. Entrepreneurial studies is a great choice if you wish to use your energy and creativity to enhance and grow a family-owned business as well as for those who want to start their own businesses. Successful entrepreneurs need to communicate well, and be both organized and persuasive. You’ll need to convince others that your ideas have merit and that you have a concrete plan to reach your goal.
Although courses required for this major vary from college to college, nearly all schools require students to first take a core of general business courses. Classes in accounting, finance, economics, management, and marketing provide a financial and managerial knowledge base. The additional courses in the major generally focus on developing and writing business plans, financing a business, sales and marketing, taxation, and new product development. Elective classes look to the individual interests of emerging entrepreneurs, with classes in family business, mergers and acquisitions, franchising, managerial law, organizational effectiveness, solving business problems, and launching a company. A major difference between entrepreneurial studies at different colleges is the variety of courses available. While the coursework can provide the theoretical and practical information about starting, operating, and managing a small business, the best programs have a strong experiential component, providing students with opportunities to practice what they’ve learned. Some offer courses in which students choose a hypothetical business that they are interested in starting, complete a business plan involving market research and marketing strategy, and look at business locations and staffing issues.
When considering programs, look for faculty who have strong academic credentials coupled with real-world experience as entrepreneurs or as consultants to small businesses. Classes should be project-oriented and provide opportunities to interact with local companies. The availability of internships that allow students to work with real-world issues is invaluable. Look for other program enhancements such as incubator space (to launch your own company), business plan competitions, access to experts in the industry, and access to venture capital and seed financing.
There are also other career options open to entrepreneurship majors. Some graduates go into sales and marketing, while others manage business operations. Careers in investment banking and venture capital funding are additional options for those with degrees in this area. The skills gained through entrepreneurial studies programs are both practical and marketable. It is the entrepreneur who brings new products to market. Understanding how to do this successfully is an excellent way to improve the lives of others.
