Successful individuals in the business environment usually have a mix of education and experience relating to business concepts and principles. Individuals may spend more time on earning a business education early in their career rather than honing their skills through practical experience. Education can be an invaluable tool for building a successful career or specializing in a specific industry or sector. Business education can be earned in a traditional school environment or through informal methods.
Traditional business education is earned through a college or university. Common business degrees include a bachelor’s in business administration or management, accounting, marketing or international business. Master’s degrees are also popular, including the Master of Business Administration, Master of Accountancy or Master of Finance. Informal business education can include certificates earned through trade organizations, reading business related magazines and books or attending a trade school.
Business education teaches individuals about traditional and current types of business methods or management techniques. This education helps individuals understand what business methods are successful and why others fail. Educated business owners and managers use this information so they do not repeat the failed attempts of previous businesses. Business education can also alert individuals to upcoming changes in the business environment. This information can then be translated to other individuals in the workplace.
Hiring individuals with business degrees or extensive business education may cost the company more money. Companies may not be able to afford hiring multiple individuals with the same education or skill set. Many times, companies hire managers with business education and rely on them to transfer their knowledge to front-line employees. Companies may also hire educated business experts who can come in for a day and train employees on specific business tasks, thereby avoiding higher labor costs.
Highly educated workforces often create competitive advantages for companies in the business environment. Educated employees can help companies improve operations and possibly find new or better ways to produce goods and services. Employees with a solid business education may also provide companies with internal managerial candidates, allowing companies to promote employees from within rather than conducting extensive recruiting searches for managers.
While an individual can be successful in business without a traditional education, earning a college degree does not mean individuals have forsaken business opportunities for a piece of paper. Many business owners and entrepreneurs may go back to college and earn a business degree or enroll in professional education courses that help them advance their business knowledge.