Is a Business Degree Still Relevant in 2019?

Business has long been the most popular major at U.S. colleges and universities, which hand out far more degrees in this field than any other.

And yet some people say business degrees nowadays are unnecessary, outdated and irrelevant. Business is a fast-changing field in today’s digital economy, and some say business instruction isn’t keeping up with the times or producing the skills needed to succeed in today’s marketplace.

Many business schools would disagree, saying they are preparing students for a broad range of careers by providing instruction in all aspects of real-world business, including management, economics, finance, accounting, marketing and sales.

Do you need a business degree to succeed in business? Many well-known entrepreneurs would attest that you don’t, including college dropouts Mark Zuckerberg of Facebook and Microsoft founder Bill Gates.

But could a business degree help you on your personal path to success? Like everything in business, that depends. Here are five points to consider.

1) The market is flooded with business majors.

If you want to be a business major, you won’t be alone. And that’s not necessarily a good thing.

Out of 2 million bachelor’s degrees issued in 2016–17, the majority were in five fields:

• Business: 381,000 degrees
• Health professions and related programs: 238,000
• Social sciences and history: 159,000
• Psychology: 117,000
• Biological and biomedical sciences: 117,000

Business surpassed education as the most popular major some 40 years ago, and it shows no signs of losing its dominance as the chief field of study in the United States.

So while you’ll have lots of company in business school, you may find it hard to distinguish yourself in the job market among so many business grads.

2) Generic business degrees do not have high earning potential.

General business degrees do not usually turn out to be big earners in the long run, according to data compiled by the National Center for Education Statistics (NCES) on the potential earnings of hundreds of college majors over the course of five and 10 years.

Majors in “general business” came in at 201st place on a list of fields of study ranked by earning potential, with mid-career salaries in the $80,400 range. The list, compiled by Payscale.com using 2018 NCES data, defines “mid-career salaries” as median earnings after 10 or more years of work in the field.

According to other NCES data reported in “The Condition of Education 2019,” a general business degree falls almost exactly within the median annual earnings of 25- to 29-year-old bachelor’s degree holders by fields of study in 2017.

With electrical engineering graduates topping the list at $72,600 and social workers bringing up the rear at $38,400, general business grads earned $50,400, while the median for all fields was $50,500.

That means that out of all college graduates who were not business students, half earned more and half earned less. Contrary to what you may think, the data suggests that broad-based business majors are a poor path to high earnings.

3) Specialized business degrees are usually worth more (but not always).

Those who earn a specialized business degree rather than a generic degree can generally expect substantially higher earnings.

Specialized fields within the broad business category include finance, accounting, economics, marketing and management. While general business degrees ranked 201st on the Payscale.com list cited above at $80,400, business analysis came in 9th at $129,800; business logistics and transportation 28th at $117,000; and business and economics tied for 53rd place with international business management, at $109,000.

Out of 25 majors with the word “business” in the title, 18 earned more than “general business” and only six earned less.

4) Most employers do not care what your major was.

Employers do not generally care about a job candidate’s college major. What they care about is the job candidate.

A survey by the Association of American Colleges and Universities found that 93% of employers say job candidates’ critical thinking, communication and problem-solving skills are more important than their college major.

Also, 80% of employers say that all students should be broadly educated in the liberal arts and sciences, no matter what their major.

Businesses may or may not be looking to hire business majors. But they’re all looking to hire people who will help their businesses succeed.

5) Your best bet is to pursue something you love.

Many experts say you should find a major that aligns with your interests and passions rather than try to force yourself into a major that you think will lead to a lucrative job. You’re going to spend a lot of time studying, and presumably working, in the field you choose, so you’d better choose something you like.

If business is that passion for you, then there’s no reason not to pursue a business major. Business can expose you to many different disciplines, which can lead to work in a variety of fields. The versatility of the degree is often cited as a plus for students who don’t yet know exactly what they want to do in life.

Whatever you choose, strive to gain the broadest education possible, try to build a network of contacts in your field, and look for internships or other work experience so you’ll have more than just a degree on your resume when you graduate.

Three Ways to Improve Sales

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Three Ways to Improve Sales

Hi Suraj is here. A lot of my clients want to know how to improve sales, how to increase the amount of money they’re making obviously. I routinely tell them there are only three ways, three big picture ways, to increase sales.

1. The first one is the most common which is more customers. How do I get more customers? People hire sales people to go out and generate more customers. They do web marketing, they do mailings, they advertise and so forth in hopes they can bring in more customers.
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Think Strategically For Business Success

Think Strategically For Business Success
Think Strategically
Hi reader’s Suraj here, with a chess piece in my hand, it’s a king. The chess piece reminds me of how important it is for us to have a strategy in how we run our business. I like to play chess and I always look for opportunities to do it, but you know, every time I ask somebody “Would you like me to play me a game of chess,” the answer’s almost always the same, “No thanks, I don’t really care to play chess,” and I go “Why is that?” They say “You know, you have to think too much,” and I think that’s a crazy answer for someone to give me “I have to think too much,” to play a game of chess. Maybe it’s not your favorite hobby overall, but there’ve been some studies done that say people who play chess a lot are much more strategic, may think through opportunities, may think through risks far better than an average person does. (more…)

Finding, Hiring and Retaining Great Employees

Finding, Hiring and Retaining Great Employees
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Hi, Suraj here with some thoughts on recruiting good employees, how you find them, how you hire them, and what you do with them once you get them. First thing in having success and bringing employees on, and it’s really critical because the most common complaint I hear from business owners is that they’re having employee problems. Well you want success with your employees. The first thing is to have a mind set of being a servant leader. Your job is to make your employees the best they can be. In order to do that, you need good material to work with. The first step is in the interview process. You’re looking among other things for two primary things when you’re hiring someone. You’re looking for character, and then you’re looking for skills and experience. Out of the two, the one that’s most important is character. It’s is very, very difficult to change a person’s character, but you can always train skills. (more…)

Give Your Prospect Three Options to Say Yes to Working with You

Give Your Prospect Three Options to Say Yes to Working with You
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Hi reader’s. I want to give you some ideas on how to better negotiate contracts with your clients. When you’re selling services particularly, but it also works when you’re selling products. The idea is that when someone comes to you and wants to buy your services, they usually want the high end of everything that you can do for them, for the absolute lowest price. Of course, that doesn’t make sense, because it we’re going to give them premium or maximum services, we want to be paid for that. We want to be paid fairly for that. One of the problems is that when you offer a customer an opportunity to do work with you and you’re saying, “I’ll give you this maximum level of service,” and they start beating you down on price to get a real discount price for that, sometimes if you need the work, you’re willing to do that and you’re selling yourself short.
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What Is A Funded Proposal?

What Is A Funded Proposal?

what-is-a-funded-proposal

In this article you will read what funded proposals are and how to use them to do three things simultaneously. Number one, find your best customers, number two, boost your main product or services sales and number three, give you an unlimited marketing budget.

To give you an overview of what a funded proposal is and how it works let me show the natural flow of information between your side and your visitors that visit your site. I’ll breakdown each step for you in this article and a question you maybe asking yourself as you read this is, “How would this work for my particular business?” The good news is that funded proposals will work for all sorts of businesses and that is the topic for this section of the Internet Marketing for Business Owners website. (more…)

What Makes a Good Manager

Manager pic

Manager pic

What Makes a Good Manager:

Hi reader’s, You know, one of the questions I like to ask business owners is, what is a manager? They’re generally managing a group of people, or they may have managers or supervisors underneath them that need to manage groups of people. Often times, there’s a struggle with learning how to be a good manager. When you ask the question, what is a manager? What comes to mind for you? When I ask it, I get answers like, “Oh, they’re a leader.” “Well, they’re a manager, you know.” “They have responsibility.” “They provide direction to a group of employees.” “They’re accountable for certain results within the organization.” “They’re the one who hires and fires, and sets job descriptions and does performance reviews, and makes sure things get done.” Stuff like that. That’s all true. Those are all tasks of a manager, but I think the important thing that we need to drill down to is how does the manager do that? The ‘how’ is really, really important. A manager has to take the attitude of a servant leader. What I mean by that is, he or she serves that group of people that are under them, that they work with.

When you’re serving that group of people, you’re making sure that they are being trained with the skills that they need, that you’re putting them into areas that they can succeed at. Each employee has different strengths and weaknesses. Are we plugging them in, within our team or within our organization, so that their strengths are maximized? They’ll be a much happier employee, and they’ll be much more productive if you do. Do I make sure that they have the resources that they need? If I can make each employee and excellent employee, and if I’m focusing on them and how I can help them in that way, I’m going to succeed by default, because if I have a great team of people working for me, my job becomes very, very easy, and I become very successful at it. Think about it. Think about it for yourself, and how you have to manage.

If you have managers and supervisors working for you, help them understand what it means to be a servant leader so that they can accomplish the ‘what’ of management by being skillful at the ‘hows’.

LLC Operating Agreements Why You Need One

llc
LLC Operating Agreements Why You Need One

I wanted to talk about LLCs and operating agreements. A lot of people will form an LLC by going to the Secretary of State’s Office often online in most states and file articles of organization and articles of organization are pretty straight forward. It’s quick to do. You can go online, answer the questions and create an LLC in just minutes.
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Time Management Tips for Small Business Entrepreneurs that Actually Work

Time Management Tips for Small Business Entrepreneurs that Actually WorkIf you’re an entrepreneur (or waiting in the wings), you’re probably aware of certain qualities and skills which are important to the success of your business. While some people are born with these qualities, many others develop them subconsciously during their formative years, while there are a few who need to make a conscious effort to learn them. (more…)