Small business owners, here is some info to consider when you are thinking about studying for the GMAT or an MBA. The US economy has been expanding like crazy lately and there seems to be no end to this expansion in sight.
While other countries continue recovering from the global economic crisis of 2008, America’s growth still continues unabated even after 7 and a half years.
Two of the main reasons for this growth can be attributed to both big and small business owners across the nation who are taking proactive steps towards augmenting their businesses by setting up management schools.
And, although there are many reasons why one should start thinking about starting or expanding a business in America, here are 5 benefits of studying for a business management degree in the US.
Job Opportunities Galore
You would be surprised to know that the number of jobs created by small businesses in America is far more than the number of jobs created by large companies and start-ups combined together.
Of course, all these new employment opportunities mean that there will be high competition among job seekers to get their hands on the best jobs at the management level in America.
And,this is where your business management degree comes into play. The time you spend studying for the GMAT or an MBA will ensure that you are better prepared than your competition to succeed in any competitive exam.
Further, these degrees will also provide you with several soft skills which are necessary for succeeding in business across various domains including Sales and Marketing, Finance, Operations Management etc.
The US Economy Will Continue Expanding
This far into recovery from a global economic crisis may seem surprising to many but it is true that America’s economy has not just recovered but continues its growth trajectory unabated even today.
As per statistics available online, the US economy continues to grow at a healthy 2.2% rate, while Europe’s GDP growth remains below 1%.
This means that business opportunities are here to stay for small businesses for some more time even while other countries continue their take-off towards economic prosperity. And this makes attending management school in America all the more important if you wish to maximize your chances of success across various business domains.
A Growing Middle Class:
The UN recently reported that the number of middle class people in emerging economies has grown from 388 million to 3 billion within two decades – an increase by 900 percent.
While this is certainly good news for those who wish to succeed as entrepreneurs and managers, it also brings with it several challenges such as competition, supply chain management etc.
And this is where your business management degree will come into play. You can expect to be better equipped than other professionals in the market to deal with several challenges that arise while managing a growing business.
This includes being able to identify various points of friction which could have negative effects on your sales and revenue generation strategies, being able to build efficient supply chains which ensure higher sales, faster turnover etc.
A Strong Entrepreneur Culture
For decades now, America has provided entrepreneurs around the world with an environment suitable for startup success stories because of its strong entrepreneur culture based on risk taking ability and reward seeking attitude.
While you may think that it’s impossible to succeed as an entrepreneur almost anywhere else because the government doesn’t allow it, the truth is that there has always been demand for successful entrepreneurs in America.
And this is because every business owner knows that only by encouraging small business success stories will they be able to maintain high levels of employment among its citizens. So, if you are thinking of studying for an MBA in the US or wish to start your own management school, there’s never been a better time than now
Strong Vocational Education System
While vocational education has always received flak from students who preferred general education over getting their hands dirty through vocational training, things are changing quickly across various industrialized nations including Australia, UK and Canada.
For example, while Australia’s VET sector used to provide only 8% of its post-secondary students with full time employment, this has jumped to more than 25% in the last 15 years.
And so, it is clear that vocational education provides viable career options for many individuals who are just not interested in getting their degrees or attending management school.
However, be prepared for stiff competition when you do decide to apply because if there is one sector which continues to give employment opportunities at all levels across various domains including hospitality, health care etc., it is the vocational education sector in America.
Make sure you know your decision early before applying anywhere else because there may not be any seats available when you finally do decide. Further, ensure that you have completed your high school studies in an accredited high school and have a good GPA. This will ensure that you get into the best school possible and have a fulfilling educational experience
Thanks to the internet, it is very easy for you to start your own business if you are already an entrepreneur or wish to become one after completing your management studies in America. All you need is a great idea, some seed money which may be as low as US$100,000 if not less, and don’t forget your successful MBA degree from one of many well-known American universities. And voila… before you know it, you will have established yourself securely within the market while being able to take advantage of economies of scale across various industries.
The US economy is large and diverse, producing many different products. You can choose to seek employment with any one of these companies or businesses by studying the right program. US students interested in management should base their decisions on what field they want to enter the business world in. Business management studies are nothing short of paramount when starting your own business.
We wish you all the Best.