Many of us have a talent or an idea that we’re passionate about pursuing as a business. And why not? Starting your own business allows you to serve your community while earning a living doing what you love. Bonus: You get to be your own boss! Of course, there are going to be challenges along the way, but going to college can help to prepare you for those challenges — enabling you to overcome them, achieve your goals, and run your business efficiently. Here are some of the business-related skills you can develop while earning your college education:
Getting Started
There are many steps involved in getting a business off the ground, and the ability to understand and plan for all those steps is essential to business success. Learning how to develop a proper business plan with sales projections can help you to propose your business to potential lenders and investors. Showcasing not only your passion but also your organizational, analytical, and risk assessment skills will make them more likely to jump on board and help you get started.
Financial Knowledge
Understanding the financial aspects of your business is crucial. This includes how to handle your accounts payable and accounts receivable, knowing when and where to acquire debt, and understanding how to pay that debt back at the lowest possible cost and in a timely manner. Making informed financial decisions and wisely managing your money will enable you to continue to grow your business over time.
Building Confidence
It’s important to build a highly motivated team for your business, and that starts with confidence. Building confidence will make you a better communicator, which will help you to build relationships with existing employees, vendors, and customers and to recruit top talent for open positions. Having a solid team will help to keep your supply chain and other important aspects of your business operating smoothly.
Networking
At college, you’ll have access to resources designed to help you build connections and relationships with community members. While there, you might locate a mentor or other valuable support for your cause. You’ll also frequently work in a team environment, which will enable you to develop leadership skills, the ability to delegate, and a sense of empowerment.
Good Timing
It doesn’t matter if you’ve already been in business or if you’re just starting out; the idea of college reinforces that the perfect time to work towards your goals is often the present. Whether you’re looking to supplement existing knowledge or completely starting from scratch, at the end of the day, it’s never too late to begin, and there’s no such thing as enough education!
Analytical Thinking
While you might feel a little overwhelmed by the prospect of taking a math or other finance-related course, doing so is important to fostering your analytical abilities — and you won’t have to go it alone. The support resources available through EFSC can help to mollify any feelings of unease, enabling you to achieve academic success. In turn, the knowledge you develop will help you to build discipline, allowing you to face having to make difficult decisions during real-world business challenges.
Embracing Change
Becoming an entrepreneur requires you to take a giant leap. It’s often a life-changing event, as you and a lot of other families will depend on your business to provide for them. In other words, owning a business comes with huge responsibilities! Throughout the process, it’s important to learn how to deal with change — as well as how to help your various stakeholders embrace change. Doing so will enable you to manage your organization effectively.
Earning a degree at EFSC is an invaluable experience for all entrepreneurs, as it can help to prepare you for the everyday encounters inherent to running a business, and it can teach you useful skills for overcoming challenges. Here at Eastern Florida, the faculty, staff, and administration are all in your corner, and we’re excited to support your life journey however we can. Apply today, and you’ll be well on your way to accomplishing your next goal. Whether intentionally or not, we promise you’ll pick up some useful business skills in the process!
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