For entrepreneurs, having a business administration degree can be the key to running a successful organization. The programs at Fairfax University of America’s campus in Virginia cover a range of topics all business owners need to supervise operations at their company, from business analytics to human resources management. Discover how completing our BS in Business Administration (BSBA) or Master of Business Administration (MBA) program can help you be a more effective business owner.
Managing your own business is no easy feat, but the right set of skills will enable you to make the wisest decisions and potentially avoid some of the common pitfalls of entrepreneurs when launching organizations. The following list highlights some of the most essential competencies business owners need to thrive in the modern world:
No matter how innovative or relevant their products and services are, any business without strong leadership will falter. Effective leaders know how to encourage their employees and provide constructive criticism when required to maintain a consistent level of productivity.
Regardless of the industry, marketing skills are vital to ensuring your organization reaches target audiences and acquires new customers. Marketing also involves writing compelling content for your websites and using social media to connect with existing and prospective clients. Individuals who understand the people who need or want their products and services and how to interact with these people will experience the most growth.
Knowing how to speak in a workplace setting is crucial for any professional, but especially entrepreneurs since they talk with various people, from employees to customers. Business owners need to know how to use different communication methods, such as phone, email, and video.
In the same vein, entrepreneurs also need customer service knowledge. These skills allow you to respond to complaints without compounding a client’s frustration or severing their relationship with your business. It involves listening to understand customers’ concerns and creating solutions to keep people coming back for your products and services.
Technology is always changing, and it can be challenging to keep up with the countless developments in fields such as artificial intelligence (AI) and machine learning. However, neglecting to follow new trends in technology and ground-breaking processes can put your enterprise at a disadvantage. Adapting to these changes helps your company scale up operations more rapidly.
While most organizations designate a role for a financial manager, it is still important for the owner to have a basic understanding of accounting, sales, and related topics. For example, entrepreneurs should know how to draft a budget and monitor fiscal performance.
Even the most successful business owners can attest to experiencing hardships with entrepreneurship. Since adversity can lower morale, you must be dedicated to achieving your goals and figuring out solutions to the numerous obstacles along the way.
The skills taught in our bachelor’s and master’s business administration degree programs enable students to balance economic goals with an emphasis on social and environmental responsibility, ultimately preparing them to become effective entrepreneurs. Specific concepts these programs cover that will help you run a business include:
The courses also discuss practical topics associated with owning an organization, such as managing start-up costs and paying taxes. Additionally, both programs go over ethical practices to show students how to navigate uncertain situations while operating within legal boundaries.
Begin your career in entrepreneurship by enrolling in the BSBA or MBA program at Fairfax University of America. We deliver flexible and affordable business-focused instruction in Virginia to a diverse set of students, including students from faith-based households and multilingual families. Furthermore, our non-profit academic institution rests in the Washington, D.C., metropolitan area, placing students close to immediate employment opportunities after graduation.