Entrepreneurship and Business Management
Business management is a growing field, especially with more of the job market turning into freelancing. More people today than ever want to create their own businesses and thrive off of themselves, rather than working for someone else the rest of their lives. If you are thinking about working for yourself in the long run, then studying business management may be a smart choice. Being an entrepreneur is extremely rewarding, but requires a lot of hard work, knowledge, and patience. You will not be responsible for just one single role like any other job you may get working for a company. As a business owner and manager, you pretty much oversee everything from top to bottom. This is why education in a related field is so important, because it provides a good foundation of knowledge needed to succeed as an entrepreneur.
Think about it: Every business needs a manager. Managers work hard to supervise a team, delegate tasks, complete their own agenda, oversee daily operations to make sure they run smoothly, make smart decisions on a whim, and solve problems when they arise. The list goes on, but you get the picture. Pursuing a business management degree will provide you with the necessary skills to get your dream job. Business management students study topics ranging from finance, human resources, marketing, economics, and so much more. They will also have the opportunity to take part in projects involving teamwork, which will give them a glimpse of real world management. While a business management degree is not required to start your own business, it definitely comes in handy and will make you stand out from the crowd. Without a strong understanding of business principles, your business may crumble or not grow as quickly, especially since it is so competitive these days.
Are you an entrepreneur-to-be? If you possess the following traits, then it may be worthwhile to pursue a business management degree and discover your endless career path options.
There are a number of advantages to studying business management before becoming an entrepreneur. Let’s take a look at some things you’ll gain from earning the degree first.
Becoming self-employed isn’t as easy as it sounds. In fact, it can be quite stressful and overwhelming if you don’t know where to begin. Getting your business management degree will put you in the right path to operating a successful business. Of course, there are skills that you learn on the job and from experience, and not in the classroom. Also, to become a successful entrepreneur, you must have a strong passion for what you do. Without this passion, work can be dreadful and you will be less likely to stick to your business plan and invest the money and time to make your company grow. These are skills that are not obtained from school; rather, they must be in the business owner to create a lucrative business that they love and are dedicated to.
In addition to passion and the drive to succeed, entrepreneurs need a solid understanding of at least the basic business practices, business markets, and business organization. Getting your degree in business management will teach you how to plan your finances strategically to help your business succeed. More technical skills like this are harder to learn on your own, and are best taught in the classroom. In addition to financing, you will also become familiar with business administration, advertising, sales, and more. Knowing how to properly brand your company and manage it will go a long way, because new businesses are constantly competing in highly saturated markets.
Feeling lost? Don’t worry, we all go through it. Going to school and learning new things will help you find yourself, especially if you’re in your late teens or early twenties. While you might be set on starting your own business, you may not know the exact details of how it will happen or even what field you want to be in. Getting a business management degree will not only equip you with useful knowledge, it will also give you time and a better idea of what you might want to do in the future. By meeting new people, talking to professors, and learning new things about business, you can also find out more about yourself and your career goals.
Attending college before starting your own business is a great idea if you want to build connections and network with people in the industry you plan on entering. School is an easy way to interact with other students sharing similar career goals. If you enroll in a business management program, you may be able to meet your future business partner who may share the same interest and goals as you! In the business world, it is true that it’s not all about what you know, but also who you know. Staying well-connected with others in the industry will give you a one-up when it’s time to go freelance. The more people you know, the better — if you set a good impression to others, they are likely to spread the word about you and your business later.
In addition to building a valuable network, a business management degree will give you the credibility you need to advance your career. For example, when you go to ask investors for money, form partnerships, or hire employees, you will be taken more seriously with a degree. People are a lot less likely to invest in a company created by a high school dropout, compared to company founded by someone with a Master’s in Business. Of course, this is not always the case, but having the degree will give you the safety net and advantage so that you don’t have to be fighting an uphill battle to secure funding or partners.
GROWING YOUR WEALTH OF KNOWLEDGE
As a business owner, you will constantly be learning new things. There will be challenges to face every day, and these will help hone your skills at work, and help you grow as an entrepreneur. Having the education is one thing, but there will still be a lot of trial and error involved in developing a business. Since business models, techniques, and markets are constantly changing, those serious about their business are highly encouraged to take refresher courses throughout their career to stay up to date.
Procurement and Supply Chain Management
procurement “is the process of getting the goods and/or services your company needs to fulfill its business model. some of the tasks involved in procurement include developing standards of quality, financing purchases, negotiating price, buying goods, inventory control, and disposal of waste products like the packaging. in the overall supply chain process, procurement stops once your company has possession of the goods. to make a profit, the cost of procuring your goods must be less than the amount you can sell the goods for, minus whatever costs are associated with processing and selling them.”
A supply chain “consists of everybody involved in getting your product in the hands of a customer. It includes raw material gatherers, manufacturers, transportation companies, wholesale warehouses, in-house staff, stock rooms and the teenager at the register. It also includes the tasks and functions that contribute to moving that product, such as quality control, marketing, procurement, and sourcing. Using the above analogy, the supply chain can be considered the entire chair, while procurement and sourcing are parts of the chair.”
Procurement is the process of getting the goods you need, while supply chain is the infrastructure (extensive, in many cases) needed to get you those goods.
Supply Chain Management
So, if a supply chain is the network of manufacturers, suppliers and logistics providers needed to get a specific product to your business and, subsequently, your customers…then what is supply chain management?
At its core, supply chain management is the act of overseeing and managing a supply chain to ensure it is operating as efficiently as possible. That means, among other things, ensuring all suppliers and manufacturers are maintaining the desired quality of production and that both camps are engaged in ethical business practices.
The latter point is a significant issue faced by many organizations today. If a piece (or pieces) of a supply chain aren’t doing business in an ethical manner (think child labor or environmental damage) then the organization receiving goods from that supply chain can suffer negative repercussions as a result.
Supply chain management should ultimately be considered one of many responsibilities faced by a procurement function. By highlighting these differences, we will get a better, more fulsome understanding of the intricate procurement world. And hopefully, we’ll stop using terms interchangeably when we shouldn’t.