Written by Kelly Koermer
When asked, “what additional degree should entrepreneurs seek to help them thrive?” As an educator, I was armed with the answer: an associate or bachelor’s degree in business management, entrepreneurship, or business administration or a Master of Business Administration (MBA) degree. But it isn’t that simple, an entrepreneur’s journey to success differs as much as the products or services they deliver to their customers.
I am lucky to work with a team of business consultants who shared their expertise on the question. The Northern Region Small Business Development Center (SBDC), funded by local economic development offices and the Small Business Administration (SBA), and Miller Resources for Entrepreneurs which operates out of our college, provide free business consulting to emerging entrepreneurs and established small businesses to help them succeed. These experienced consultants advised that there are several key areas where entrepreneurs need to enhance their knowledge: bookkeeping/accounting, marketing, leadership, communications, finance, and business law.
While most business-related degrees will include these topics, not every entrepreneur has a business degree. Fortunately, there are alternatives to gaining the knowledge necessary to be a successful entrepreneur: a hyper-focused, practical development program. SBDC business consultant, Ryan Del Gallo, shared “an MBA never taught me how to hire an employee, how to run payroll, how to pay sales tax…” Therefore, short-term, targeted training is “beneficial in preparing entrepreneurs for the challenges they face daily.”
Business consultants from organizations like the SBA, SBDC, Miller, and SCORE provide free resources. The SBA’s website is a gateway to its learning center and programs specially designed for veteran, women, and minority-owned businesses. SCORE hosts live and recorded webinars on topics like How to Use AI to Streamline Your Marketing. Coursera and EdEx also offer business courses delivered by prestigious universities.
Maryland’s SBDC provides no- to- low-cost training related to the practicalities of starting, running, and growing your business ranging from Ready, Set, Go!, a free two-hour course for emerging entrepreneurs, to SBDC’s Pathways to Entrepreneurship, an 80-hour online program that combines 1-1 consulting. Topics include business planning, market research, budgeting and accounting, human resources, managing risk, and growth strategies. Participants leave the class with a complete business plan.
Complimenting SBDC is Miller Resources for Entrepreneurs which offers targeted courses in social media and online marketing, accounting and financial statements, business development, and crowdfunding. A business-related degree is great, but practical training is essential, and there are plenty of affordable options.
