An article by Ohio based contributor Lizzie Weakley.
If you want to run a successful startup business, you may first want to go to business school. While there, you will learn a variety of skills that may help increase your odds of creating a successful company that you can eventually sell or pass on to future generations. How can business school help you run your business more effectively?
Learn to Write a Business Plan
Writing a business plan is the first thing that you should do when attempting to create a new company. Creating this plan enables you to pin down exactly what your company does and how it will do it. It also forces you to plan ahead for anything that could disrupt operations such as a spike in prices for raw goods or a slower than anticipated customer acquisition rate.
Learn How to Manage Others
Getting a business degree can help you learn how to manage others. This is important because your employees may not be as inherently motivated to see your idea succeed as you are. It is your job to motivate and increase production from those who may be working just for a paycheck or because your company was the only one hiring at the moment.
Learn the Importance of Good Marketing
When you sell a product, you want to sell benefits over features. It is also important to appeal to a customer’s emotions as emotions drive most decisions whether we admit it or not. In some cases, a good marketing plan can overcome flaws in a product or other objections customers may have if your product is new or not well understood.
Learn How to Use Data to Your Advantage
Your customers will provide you with a wealth of data if you are paying attention. For instance, customers who pay with a credit card also provide you with their name, address and gender. Getting a master’s degree in data analytics can teach you how to harness the power of big data to run your company in a more efficient manner.
Learn How to Fund Your Company
Going to business school can help you learn more about how to find and apply for loans and grants. The more persuasive your write and public speaking skills are, the more likely it is that your company will obtain the capital it needs to stay liquid at all times.
Going to business school can increase the odds that you found a successful company. Your classes will teach you how to manage people, how to analyze data and how good planning can help you overcome obstacles that may emerge during the startup phase.
My name is Lizzie Weakley and I am a freelance writer from Columbus, Ohio. I went to college at The Ohio State University where I studied communications. I enjoy the outdoors and long walks in the park with my 3-year-old husky Snowball.