How much business education/training is needed?

RocketScientistRocketScientist subscriber Posts: 4 Member
edited April 2008 in Thought Leadership
I wanted to get a feel as to how important is it to educate oneself in business and entrepreneurship and how much? I`ve taken some business classes at a local community college: 
 
-Introduction to Business
-Introduction to Entrepreneurship
 
I plan to take several more classes including
 
-Business Law
-Principles of Management
-Principles of Marketing
 
And perhaps I`d throw in there a business math class and and some accounting classes. This community college offers a tremendous number of business classes (34 different class in all).
 
Also in my area there is the Silicon Valley Small Business Development Center that offers classes, training, and mentorship to help people develop their small businesses. My business partners and I are planning to avail ourselves of this opportunity as well.
 
So I was just wondering how much education and training other people have had?
 

Comments

  • RocketScientistRocketScientist subscriber Posts: 4 Member
    I just read an article in the Entrepreneur Magazine that most successful entrepreneurs did not have a collage degree. Though I think it will never hurt you to get all the education you can it will not always make a difference in your success. If you really want to start a business I would get all the accounting I could, experience in the field you want to work in and pray for a lot of luck.


    Thanks for your input. I`m not looking to get a business degree. I already have two engineering degrees. I`m in the process of starting an LLC with three others. The vision for our company is a high tech company that spans across many industries. Our first project is a sputtering machine used in the semiconductor industry. We have sort of have one customer lined up already.
    I was just planning of taking several business classes to learn as much as I can. I`m the kind of person that likes to immerse myself in whatever I want to learn. Websites like startupnation.com really help as well. I can across my readings that people who have training and/or some business education are much more likely to have successful business. I`m sure that there are some that buck that trend and succeed anyway without much formal education and training.
  • RocketScientistRocketScientist subscriber Posts: 4 Member
    Hey RocketScientist,
    Shoot me a PM if you want to talk - some of my biggest customers are sputtering target customers - while I can`t give you names, I can talk abstractly about the market if that would help you.  I`m also an engineer with 2 degrees that then got a Carnegie Mellon MBA - looking back, your plan might make more sense (and cents!)  Some of it depends on if you`re strictly looking for book knowledge or contacts too.  I`d be happy to talk about that too.

    I`ll drop you a PM soon....
  • KevDevKevDev subscriber Posts: 5 Member
    RS:
    You should be congratulated, because you have already done more to educate yourself than 80% of all entrepreneurs, and have increased your chances of success immeasurably!
    My only suggestion: experts - accountant, attorney, insurance, lender.
    Good luck!
  • RocketScientistRocketScientist subscriber Posts: 4 Member
    Hey RS-
    I have a Doctorate in business with a specialty in small business management. I`ll tell you that my level of education has VERY little do with my success in business. My motivation in getting the degree was to to be able to teach, not to make me a better business person. The only things that really helped me came from when I had professors who had actual real-world experience as an entrepreneur. The ones that I had (and there were lots) who were packed with book knowledge but little or no real-world experience didn`t help much at all. It`s good to get an education but it only goes so far.
    Good luck,
    Ron

     
    It seems to me there is a disconnect between academai and the the business world. Shouldn`t they be teaching what makes a business a success in universities?
    RocketScientist4/18/2008 1:54 AM
  • RocketScientistRocketScientist subscriber Posts: 4 Member
    RS:
    You should be congratulated, because you have already done more to educate yourself than 80% of all entrepreneurs, and have increased your chances of success immeasurably!
    My only suggestion: experts - accountant, attorney, insurance, lender.
    Good luck!

    Oh I agree. We are already looking for a business attorney. The way I look at it I think I should know the basics of accounting, business law, finance, and sales, and marketing. Now, I probably won`t be doing all these things by myself but whoever ended doing that job I want to understand what they are doing.
     
     
    RocketScientist4/18/2008 1:58 AM
  • ark23ark23 subscriber Posts: 4
    During highschool I always dreamed of owning my own business. I just am totally fascinated with business. I didn`t know when i`d open a business(having no money and what seemed like no options).
    Based on that I made a decision that if I would study business and accounting in my 2 senior years in highschool.(which i did).
    5 years after highschool i decided to study retail operations..and now after 2 years i`m currently studying a Diploma in Retail  Management.(vocational training at TAFE/the US equivelent to community college or 1 year of uni)
    Reasons why I personally chose to study accounting(and furthering learning MYOB) is becuase when i`m in business I don`t want to be blind to financial operations of my business.
    My ratio`s and markup knowledge is weak,I can understand a profit and loss statement and basic tax info(although with former PM Howard bringing in GST at end of my senior year,my knowledge needs updating).
    Knowing your cash flow and how it works and how costs affects profits and all that is not only beneficial for obvious reasons,but also means you are less likely to be screwed over by a accountant. (maybe i`ve seen too many horror stories..but I just would hate to work hard on something for someone else to take the hard earned money)
    Doesn`t mean don`t use one. I fully intend to have use of an accountant for end of year taxes.But having the basic knowledge of accounting from journals to forecasts means having a tighter grip on what the money in business is doing that it would be very hard to miss missing money!
    As far as law is concerned,there is only so much we can learn. Through my studies i`ve had to investigate business and retail laws as it applies to australia. While i don`t know everything,I do know basics to ensure that my business with be legal. Simple internet searches to various government legislation sites would help.
    Hope i haven`t repeated myself lol.
    I don`t think it`s necessary to study business at uni level,unless your looking at a corporate career and need it. I think Uni degrees give too much focus on book study and less on real world experience. All you need is study basics and essentials(legal,bookkeeping,marketing) and then learn as you go.
    my 2cents ark235/4/2008 10:20 AM
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