Everyone wants to start a business. Whether its something realistic like a landscaping business or something more exotic like starting an alligator farm, we all have dreams of starting a business and striking it rich. But without concrete steps and determination, none of these ideas will succeed.
If you are serious about your chosen path, going back to school and majoring in business is one of the best things you can do. If you are looking for a crowbar that will pry open the door of opportunity, a business degree might be just the thing. Here is a short list of how you can benefit:
Funding
Most startups require funding to one degree or another. Business schools can do a lot to help you find that funding. In fact, many business schools will fund a certain number of startups per year in the hope of turning a tidy profit. As an example of this, we might look at the Harvard Business School, which gives every student $5,000 to start a business. This is done because starting a business of some kind is a requirement for the course. They also selectively give out larger sums of money for promising startup ideas.
Connections
It is hard to overstate the value of knowing the right people. While we all like to think of ourselves as rocks in the middle of the ocean, we all need a network of support to survive. In the exceptionally cutthroat world of business, good friends can mean the difference between success and failure. In the course of educating yourself about the world of business, you are likely to encounter useful allies and teachers for the road ahead. This can especially be helpful if your startup idea doesn’t fall within your area of expertise.
Gaining Knowledge
Those who make it to the top often do it through a mixture of hard work, determination and knowing the right moves to make. No matter how intelligent you may be, you cannot expect to win the game if you are not thoroughly familiar with the rules of the game. This is why not everyone can be the boss. For instance, let’s say you run a restaurant. You have to know how to do every job in the place. You don’t necessarily have to be good at every job in the place, but you need to know the standards and guidelines by which to teach and evaluate your employees. Likewise, any business will require you to understand finance, accounting, marketing, and management.
Higher Success Rate
One of the most sobering business realities to consider here is the fact that nine out of ten business startups fail. If you start a business without the proper knowledge, connections, and experience, it will be a very expensive roll of the dice. Unless you can afford to keep trying over and over again, you need to maximize your chances of success on the first try. To do any less would be to waste your time.
JMD Furniture believes in the value of encouraging the next generation of business leaders. This is why JMD Furniture works with local schools to give business students valuable experience and advice to help get them started. They even have a scholarship program. JMD Furniture founder Dev Joshi understand the fundamental importance of a good business startup. He and his family started their business from the ground up.