Benefits of a Graduate Degree for Starting a Business

Launching your own business is an empowering step toward making your dreams a reality. While you do not need to have a master’s degree to begin working toward your future professional objectives, enrolling in graduate school can give you stronger knowledge that will benefit your journey.

Earning a master’s degree in business or management strengthens your analytical, research, and leadership skills. You’ll also develop financial management and strategic planning abilities that can help you successfully start a new business venture. Keep reading to learn more about the benefits of a graduate degree for entrepreneurs.

What Does It Take to Start a Business?

Millions of Americans start a new business every year. In 2023, the U.S. saw 5.5 million new business applications, according to the U.S. Chamber of Commerce, and the number has exceeded 5 million annually since 2021.

However, new businesses do not always succeed. What does it take to start a business exactly? Here are some critical skills.

• Business Research: Successful businesses start with a strong concept and a solid business plan. Conducting research into current products, target consumers, and pricing strategies can help new businesses start on the right foot. However, this requires strong analytical and research skills. 
• Strategic Planning: Entrepreneurs need to determine strategic priorities and effectively allocate resources, requiring strategic planning skills. In addition to planning the launch phase of the business, effective leaders consider long-term planning, including five-year plans. 
• Financial Management: Financing a new business poses a challenge for many entrepreneurs, as can managing cash flow. Financial management skills help business founders create a workable budget and track financial performance. The ability to evaluate financial statements and make strategic decisions based on financial priorities is key to starting a business. 
• Leadership and Management: Small business owners are the CEOs of their organizations. Leadership and management skills help founders build effective teams, allocate resources, and reach organizational goals.

Benefits of Earning a Graduate Degree

For entrepreneurs, the benefits of a graduate degree include opportunities to strengthen their business skills and network with experienced business professionals.

Career Advancement

A graduate degree can prepare you for management and leadership roles, including as an entrepreneur. The skills gained during a business graduate program can translate directly to the workforce.

Professionals with master’s degrees also report higher median salaries than those with bachelor’s degrees, according to the U.S. Bureau of Labor Statistics.

Industry-Focused Learning

Graduate programs in business incorporate career-focused experiential learning opportunities that apply directly to starting a new business. 

By evaluating case studies and real-world business scenarios, graduate students strengthen their understanding of the business environment. Then, team-building projects and internships help learners apply their knowledge outside the classroom. 

Networking Opportunities

Gaining professional feedback and guidance is invaluable and will only add to your business ventures. You’ll learn from professionals in your field of choice, many who are actively working and choose to teach on the side.

As you continue building your business, you will have strong resources, knowledge, and a network to support your business goals.

Flexible Learning Options

Finding a graduate school that fits your lifestyle depends on your current financial, personal, and professional situation.

Many entrepreneurs continue to work full time while pursuing master’s degrees, so do your research and find the right program for you. Do you want to pursue a part-time or full-time master’s degree? Do you prefer an online, an in-person, or a hybrid program? With many flexible learning options, you can find a graduate program that fits your schedule. 

Tips for Starting a Business 

Putting in the work before launching your business can be the difference between failure or success. Here are tips for starting your new business.

Conduct Research 

Before launching a new business, you’ll need to conduct in-depth research. That means evaluating your target customers’ needs, testing your product or service, and conducting competitor research. Competitor research can provide valuable benchmarks for pricing and strategy, for example.

Entrepreneurs also benefit from gaining feedback from potential customers during the research phase of a business venture. Conducting surveys or soliciting feedback on social media can guide the next step of the business. 

Create a Business Plan 

A successful business starts with a strong business plan. Your business plan should outline your products and services, competitors, and target market. Entrepreneurs can use this business plan to attract investors and add team members. 

Graduate courses in entrepreneurship can help you learn how to create an effective business plan.

Plan Your Finances

Finances are one of the major reasons that new businesses fail. Planning your finances can set you up for long-term success. That means managing your assets and allocating them effectively. You can also consider soliciting investors or applying for small business grants. 

A graduate degree can provide focused training in cash flow management, budgeting, and financial planning, all of which can help entrepreneurs succeed.

Grow Your Business

Once you’ve defined your business, conducted research, and created a financial plan, it’s time to grow your business. Evaluating opportunities for growth, hiring strong team members, and prioritizing short- and long-term goals will help your business expand. 

As your business venture expands, you can draw on the network, knowledge, and skills that you developed during a graduate program.

Earn a Master’s Degree in Business at Notre Dame de Namur University

Choosing a master’s degree program that aligns with your business goals can help you succeed. From its campus in the heart of Silicon Valley, the School of Business and Management at Notre Dame de Namur University prepares graduates for innovative, successful careers. 

A master’s degree in business or management can strengthen industry-specific knowledge and skills. At NDNU, you can earn a Master of Business Administration (MBA), a Master of Public Policy (MPA) or a Master of Science in Tech Management (MSTM). Or choose the MBA-STEM program to gain quantitative decision-making skills. Reach out to NDNU today to learn more about how a graduate degree can help you achieve your professional goals.