The pursuit of academic studies is topmost on most people’s priority lists. We live in a rapidly changing world and one must get to understand what is in demand and what is not. Nowadays entrepreneurship is abuzz with activity as evidenced by the many businesses that are started every day. There is a general misconception that academic studies are not that important. This tends to stem from the state of the Zimbabwean economy which makes it appear like academic studies are irrelevant. However, they do matter and in this article, I want to share with you some of the in-demand areas of study in entrepreneurship.
Finance
Over 80 per cent of businesses fail because of cash flow challenges. This clearly shows you that the area of finance is of utmost importance in running a business. This is one of the major reasons why pursuing an academic program in finance is a great fit. Businesses require financial experts who can keep their cash flows smooth. A Bachelor’s degree in Finance can qualify one to be a Finance Manager, Financial Analyst, or Financial Planner.
Other areas of specialization one can end up in are roles of Credit Analyst, Financial Advisor, and Chief Executives (e.g. Chief Financial Officer, Chief Executive Officer, or Chief Operating Officer). Bear in mind that you do not only have to pursue a bachelor’s degree. You can actually pursue other academic programs such as certificates and diplomas.
Human Resource Management (HRM)
In one of my future articles, I shall be discussing the dynamics of employee engagement. HRM is basically what that is all about i.e. how employees are managed in a business. A business is as good as the people working in it. If there are challenges in that space then the effective delivery of value and convenience to the customer will be seriously compromised.
It is said that over 20 per cent of businesses fail due to poor teams. This is an HRM issue which affects the smooth running of a business. Stats state that at least 25 per cent of employees quit less than 1 year after they commence work. This shows you that businesses have some work to do in ensuring they build potent, dedicated and loyal teams.
Marketing
I cannot emphasise this enough because of its centrality to sales in a business. Nowadays it is actually digital marketing that is of the essence. Of all the reasons why businesses fail, you will always find poor marketing is mentioned. Often it is marketing that separates top-performing businesses from the rest. It is recommended that a business should set aside as much as 20 per cent of its gross revenue for marketing. This is a testament to how marketing is indispensably important to the success of a business.
It does go beyond just the budget but to the expertise. Digital marketing is the real day nowadays so it is wise to have personnel on-board that knows digital marketing. The great thing about digital marketing is that there are so many academic programs being offered – mostly online. In May I actually took a Digital Marketing Master Class which was a month-long, wholly online. No business in this era can thrive without fully using digital marketing.
Project Management
Project management; I really love this area. I am not just mentioning it because I merely just love it. My love for it comes from its relevance in running businesses. You see, running a business essentially involves running a series of projects. In 2018 I did a year-long certificate in Project Monitoring and Evaluation. I did it with Project Management Zimbabwe (PMZ). It offers certificates and diplomas in Project Management and also Project Monitoring and Evaluation. They also offer PRINCE2 which is usually a 5-day workshop and also PMP (Project Management Professional), amongst others. Anyways, in the field of entrepreneurship, these are key study areas one must have or at least hire (or outsource) for.
Customer Relationship Management (CRM)
CRM is all about getting to know your customers well enough to satisfy their needs. You want to have a symbiotic working relationship with them. Keeping customers satisfied is not a walk in the park given how unique and diverse individuals are. Surveys have shown that in the US alone, over US$75 billion is lost every year because of poor customer service. Pursuing an academic program in CRM is very strategic because of how broad it is. You will find that someone who studied CRM can end up working in sales, marketing, consulting, and customer support, amongst others. Programs range from masterclasses, certificates, diplomas, to degrees.
Accounting
Accounting plays into the cash flow aspect I discussed under the finance talking point. Accounting cannot be overemphasised especially when you look at its crucial role in several aspects of running a business. Obviously, the first area pertains to cash flows e.g. accounts payable and receivable (i.e. keeping track of that). However, accounting goes on to other key areas such as financial reporting which is important to regulatory authorities, shareholders, and other different types of stakeholders. Those who pursue accounting are definitely needed in the running of businesses. You can just pursue an undergraduate degree but you can go beyond that to do a wide range of specialized certification programs.
Another in-demand area is Industrial Psychology – that is my final area of discussion. This area is somehow related to the HRM aspect. Industrial psychology is mainly concerned with managing employees both as individuals and groups. This is so critically important to putting together great teams for a business. The area even deals with the dynamics of identifying the right people for job posts within a business. Thus its importance cannot be trivialized. These are 7 of some of the in-demand entrepreneurship study areas. This article is meant to not only help entrepreneurs but also to help guide budding students in making career path decisions.
