General business or Entrepreneurship?

[Sweet Home Alabama]

Dd is a sophomore in college this year.  She is trying to decide between these two majors.  Her goal is to own her own business, but she also wants to be able to be employed to have a safety net.

 

She is trying to find out if she should specialize (entrepreneurship major) or get  a general business degree (no specialization). She could tack on a minor if that would translate into better job opportunities.

 

It would be helpful to hear from experienced business owners/employers here who could give her some direction.

Anyone?

Edited August 14, 2017 by Sweet Home Alabama

[Bootsie]

As a business professor, I would suggest entrepreneurship major at most business schools over a general business degree.  One reason is that there tends to be more departmental scholarship money for people with an entrepreneurship major than for general business majors.  Often a general business degree is what students end up getting if they start out on one degree track (accounting or finance, for example) and then find they don't like the upper level courses in that particular area.  So, for some employers, it may not sound as strong as an entrepreneurship major.  However, the differences in the curriculum for these majors can be large across different universities.  

[Sweet Home Alabama]

Thanks. This was a very similar answer to the ones she heard at her school today.  

She has always thought she would choose general business, but the school is dissuading students from that major in preference to entrepreneurship.

 

The school is also advising a finance minor.  They told her that she would be more marketable with this because many people don't know how to run the financial side of business.

 

Do you agree?

 

[Hoggirl]

Thanks. This was a very similar answer to the ones she heard at her school today.

She has always thought she would choose general business, but the school is dissuading students from that major in preference to entrepreneurship.

 

The school is also advising a finance minor. They told her that she would be more marketable with this because many people don't know how to run the financial side of business.

 

Do you agree?

I know you are asking the prior poster, but I'll bite. I would choose finance as a major and entrepreneurship as a minor. Just my $0.02. Is that an option?

[Sweet Home Alabama]

Really, I'm not sure. I'll pass your advice on, though.  

Would you mind explaining why you would do this?

Thanks verymuch for answering. :)

[Bootsie]

I am a finance professor, so some may say I am biased, but I do think finance can be a good choice for major or minor.  If a student is looking for employment, there are many employer who would hire any business major (entrepreneurship or finance) for a position.  Some positions would require a finance major, and would not consider an entrepreneurship major, but I don't think there are many that would require an entrepreneurship major and not consider a finance major.  Some depends on the curriculum (and strengths) of a particular business school.  At some schools the number of hours difference for different majors in the business school is minor, other schools have more classes within the major.  There are some finance classes that would be very helpful for someone wanting to start their own business, there are other classes (for example, a class on investing in derivative securities) that would not be so helpful.  Most important, however, is whether the major is a good match for an individual student.  Finance tends to require more mathematics than other business disciplines.  

 

 

[Hoggirl]

Really, I'm not sure. I'll pass your advice on, though.

Would you mind explaining why you would do this?

Thanks verymuch for answering. :)

Well, advice is worth what you pay for it - ha ha!

 

IME quant skills are less common than other skills. Not everyone feels comfortable with numbers and quantitative business anlysis. Some "softer" areas of business are more popular because they require taking fewer courses that involve quantitative skills. More popular = more grads with those degrees. I'm not dissing those degrees. I just perceive them to be "lighter." I have no idea what an Entrepreneurship major entails, however. So, take my advice with a grain of salt!

 

Edit: what jdahlquist said (far better than I!)

Edited August 15, 2017 by Hoggirl

[elegantlion]

I also agree I would see what opportunities with entrepreneurship and how long the program has been around. Our school has an entrepreneurship minor, which one of my friends is completing. She thinks the classes are a joke and is really learning minimal skills. She has worked previously for several years while in school, so she has more real world experience. 

 

I agree that finance is a good option because I have seen too many small businesses go under because of bad financial skills. 

[Bootsie]

If she is looking at owning her own business, does she have an idea of what type of business?  Different small businesses can have very different finance needs (and thus different types of courses might be more useful).  For example, I know the owner of a small travel agency who specializes in World War II history tours; his business is strongly impacted by exchange rate changes, so he is very involved in hedging in the currency markets.  A local bakery, however, may not have much need at all for foreign exchange markets but may need to know a lot about managing cash flow.  Other small businesses may need to know a lot about angel financing.  Many finance programs will focus on corporate finance, preparing students to work in a large corporation or investments, preparing students to be portfolio managers.  Some of the skills are transferrable (and I think that a rigorous education teaches one to think about how to tackle issues), but they are not necessarily the skills a small business owner needs.  

[Sweet Home Alabama]

I really appreciate all the input!

Yes, she would like to own her own business one day.  She has been making small furniture items and wall hangings.  If you think about the ways Joanna Gains decorates houses that she and Chip remodel, you have a vision for the style of product my dd enjoys building.  She has made really beautiful pieces.  

 

The beauty of a business degree is that she could have her own business, but if anything happened to her business and she needed a job, she would not have trouble being employed.

 

I do have a follow-up question.  As she and I were talking about being a business major today, we found ourselves gravitating toward retail business- that retail is the most common type of business.  I used to work retail years ago, but I did not like the weekend and holiday work. I don't think she would like that either in the long run. I know there are other fields where a business major would want to work, but I'm having trouble coming up with a list.

 

I hope this isn't a silly question to ask...

 

Would you all just spark some ideas and help us begin thinking in other directions? In what ways would a business degree be put to practical use other than retail?

 

 

 

 

[Bootsie]

Business majors can be found in all types of work; depending on the size of the company, it may be general business work or it may be very specialized.  Some jobs deal with more the idea, product development side of the business.  Some jobs deal with attaining the materials/supplies to make the product (this would include purchases of raw materials, buyers for department stores, and even human resources).  Some jobs deal with how you finance those materials and supplies.  Some deal with managing the production process.  Some deal with getting the product to the customers (actual selling, marketing, customer reps).  Some will deal with managing the relationships of those parts (such as short-term finance--how do we make sure we have enough cash to make payroll on Friday but not have so much just sitting in the bank not earning interest).

 

There are also business majors who work in commercial banks as loan officers, for government entities, as a business manager for a non-profit, in the accounting area of university.... 

 

[Sweet Home Alabama]

You know, years ago, I worked at a retail store.  We sold mostly high-end kitchen products and accessories- from cookware to dinnerware to some small appliances to pretty towels and aprons. We had everything from the practical to the extravagant.  The owner decided that she needed to remodel her store, and she hired a professional who gutted the place and rebuilt the inside so that when all the products were brought back in  the whole store sparkled.  He not only planned for displays, but he also reorganized storage so that replacing stock was easy.  I don't know what you would call this kind of job, but dd sort of lit up when I told her about it.  Obviously, the point of the remodel was to increase sales by making the product shine and making it impossible not to buy.  Dd is an organizer just by nature, and she loves to build beautiful pieces and create a beautiful room.  She does NOT want to be an interior decorator. She feels the business end is the more important part to learn.  Based on what this man did with my friend's kitchen shop, I see how the creative side and the business side can handshake, but how would a person prepare for this kind of job?  What would dd major in to do something like this?

 

She just read your response above, and she feels drawn to the idea/product development side of business and she also likes the part about attaining the materials/supplies to make the product.  If there is any other detail you could add to these, we would love to research these topics further.  

 

Jdahiquist, thank you so much for all your help!

[Bootsie]

From what you describe, finance probably isn't the correct major for her.  One thing to keep in mind, however, is that there is not a direct mapping from particular business majors to particular jobs (except for accounting and some areas in finance).  All business students get a broad background in business and then develop careers based upon their interests and talents.  

The division of majors within a business school can vary, but in addition to entrepreneurship I would suggest that she look into marketing and perhaps supply chain management.  Is she able to do a minor at her school?  A minor in art, design, or some other creative avenue may be a good combination for her.

 

How does she feel about selling?  Does she like interacting with the customer?  Negotiating?  

[Sweet Home Alabama]

Jdahlquist,  If she were selling her own product, I think she would be fine.  Overall, she would enjoy interacting with customers.  She would most enjoy a quaint, small specialty type store.  She is an introvert by nature, but she functions with the public fine as long as she gets down time. 

 

I don't think she would enjoy retail long term though. So, I'm asking her what she sees herself doing in 3, 5, and10 years from now. She isn't sure when she considers this question.  She is fine with starting in retail to get her foot in the door.  

 

Her first love is going to be owning her own business. Apart from that, I could see her doing something like the remodel project the guy did to my friend's kitchen shop.  Dd is a creative person, but she blends that very well with being practical (more business-like).  

 

I don't know if I am asking the right question, but is there a market for someone to reorganize a business with the goal of improving sales?  This seems to be the type of job she needs to research.  It is a combination of creativity and business.  And... you are right.  When it comes down to the bottom line, she finds numbers (the finance side) very unlikeable.  She is good at math, but she just doesn't enjoy it. She is a great organizer, and she has an eye for making a place look nice.  We just need to find a place for this kind of thing in the business world.

 

Again, thanks so much for your continued help.

[Bootsie]

Has she ever watched The Profit  with Marcus Lemonis about saving small businesses?  If not, I would suggest that she watch several episodes and see if any part of the process that he goes through resonates with her.  

 

People who go in and help a business reorganize its retail space would mainly work in one of two situations:

1) for a major franchise that goes in and helps franchisees (this would probably require a lot of travel)

2) someone who does that locally for small businesses as a consultant--depending on where you live that might be quite lucrative or the opportunities might be quite limited

 

She would probably want some retail experience before specializing in an area like that.  Also, working for a company like IKEA in product development or showroom display may be a possibility.  

 

I think it is helpful to think about some broad characteristics of what you might see yourself doing 10 years from now--do you like to travel?  Are you an introvert or an extrovert?  Do you like routine?  Do you like a variety of tasks?  How much do you crave order?  How much do you crave a creative outlet? But, I find trying to get down to specifics of job titles and details is difficult.  Careers, long-term, are built from a variety of experiences; it is impossible at this point to know what those will be, and I find getting too narrow (unless a student knows she has a very specific passion) is limiting rather than supporting of growth and exploration.  

[Sweet Home Alabama]

Yes, I so agree with you last couple of sentences given the conversation she and I had today.  It wasn't bad necessarily, but we were discussing long-term decisions that were nearly impossible to make at this point. 

 

As for the organization of retail space job, I sort of thought that would be related in a way to marketing.  She and I began wondering about that degree since it seems to be one of the more creative of the business degrees. 

 

I'll let her read your suggestions, and if she has other questions, I'll post here again.

 

I'm beginning to see how long-term careers are built from a variety of experiences. She may just need to work retail a while before she has an idea of what she may really want to do.

 

Because she is going to have to declare a major sometime this semester, I was trying to help her pick either general business or entrepreneurship with a minor-finance, marketing, or something else.This seemed like a simple thing to research, but somehow the issue mushroomed causing the perception that she needs to know exactly what she is going to be doing in 5 years such that she has to know exactly what to do now.  Do you hear the creshendo? The pressure?

 

 

 

We are so appreciative for your help.  You've given us so many good things to think about! :)

Edited August 18, 2017 by Sweet Home Alabama

[Bootsie]

You can have her PM me if she wants to talk more about any specifics.  At some schools, declaring a major can be important as far as how quickly you are tracked into certain areas and at other schools it doesn't matter until half-way through the junior year.  It just depends on how they have their curriculum set up.

[RootAnn]

I wouldn't recommend majoring in marketing. I worked for a large company & did job fairs. They wouldn't even look at marketing majors until they had advanced degrees. Also, I have a sibling who has a general business degree. He worked as a receiving manager at a Bed, Bath, & Beyond for years & is now unemployed. (They decided his job wasn't really manager-level after all and downsized him.) I'd definitely go for something more specific & minor or double minor in interesting side areas. You can always take classes in areas that interest you (marketing, for example).

[Sweet Home Alabama]

Thank you, RootAnn!  :)

[DebbS]

I'm coming at this from a different angle based on my own experience. My husband and I have owned 3 businesses (sold one due to retirement), and are partners in 3 others. Neither of us, nor our 5 other partners have degrees in business. At one point in the process, I began working on my MBA and tested out of all of the first level courses(12 credit hours). After several upper level courses I realized that I wasn't learning anything new that I hadn't already figured out from common sense, my own research and work experience.

So, in my opinion, unless you want to go into either a large corporate environment or a particular business focus such as finance or marketing, take a few accounting and general business classes but focus on what the business is going to produce. For example, an interior design degree (this is not the same as interior decorating!!!!!) will cover architectural design, building/space usage patterns, materials, lighting design, furniture design, sustainable energy, CAD, drawing, painting, sculpture and other design tools/techniques,  and many other things that have to do with commercial, retail and residential environments.

 

Edited August 26, 2017 by DebbS

[Sweet Home Alabama]

Thank you, DebbS! 

We are learning so much from everyone's personal experience.

Thanks for sharing yours!