The document discusses the benefits of majoring in business management and how it can prepare students for entrepreneurship. It outlines key skills needed for entrepreneurs like leadership, problem solving, communication, and financial management. These skills can be developed through a business management program by taking classes in areas like marketing, finance, and human resources. The coursework also involves liberal arts classes and teaches techniques for starting a business, motivating employees, budgeting, and overcoming challenges. Overall, a business management degree provides a strong foundation for students interested in becoming entrepreneurs.

1. Business Management major: Venturing into Entrepreneurship
Christine Johnson
English 111
November 20, 2015

2. Christine Johnson
English 111
November 20, 2015
Business Management major: Venturing into Entrepreneurship
“There's an increasing need for business majors to apply their skills in government,
international commerce, health care, arts, and non-profit organizations. Business principles can
serve as the backbone for economic, political and social systems at all levels.”(Asarta, Carlos J,
Butters). Majoring in Business has it’s many advantages. “There are many different areas within
the business major such as Accounting, Finance, Business Administration and Management,
Marketing, International Business, Business Communications, Real Estate, and Human
Resources Management. A career in business is more varied than most people may
realize.”(Business Management )
“Business Management is a course of study that leads to an B.S. degree. The coursework
includes general requirements such as liberal arts courses, as well as curriculum requirements
such as business courses. There are four different areas of study that each student can take
elective courses in; General Management, Finance & Banking, Marketing or Travel & Tourism
(Business Management).
Being a Business management major is also a good start for an aspiring entrepreneur.
“Many of the traits found in successful entrepreneurs are found among successful leaders and
managers in all types of organizations, not just entrepreneurial businesses. Entrepreneurs are a
diverse set of people -- with a range of personalities and a range of temperaments. In fact, they
are difficult to pigeonhole. Entrepreneurs tend to need a well rounded portfolio of skills since

3. they frequently only have themselves to depend on and do not have the luxury of others making
up for any deficiency they might have. Entrepreneurs are not risk-focused, but opportunity-
focused.(“Careers in Entrepreneurship: Skills and Requirements.").
Within a management class aspiring entrepreneurs will be able to learn from these
different types of leaders. “Aspiring entrepreneurs can learn the techniques of being an effective
and efficient leader by taking a management class. A management class can teach you to
properly communicate with team members when delivering criticism or delegating tasks, how to
motivate your team, how to make your team collaborate with one another, and how to properly
budget your company's finances.”(8 Classes You Need to Take to Become an Entrepreneur)
Venturing into entrepreneurship may be challenging but going into it with some prior
knowledge can make it easier. Preparing for the right classes that will keep the business
management entrepreneur career on track is very important. Basic knowledge give students a
head start to grasp the concept of the course. Taking basic liberal art classes will supply students
with the knowledge needed for a career.
“While programs differ from school to school, there are some common subjects in most
undergraduate general management programs, like human resources management, principles of
marketing and corporate finance. Courses might include the following: Human Resources
Management, Management Information Systems, Tax Accounting, Principles of Marketing, Cost
Management, Corporate Finance, Advertising Research, Organizational Behavior.” (Tate, Curtis
E)
When deciding to become an entrepreneur leadership skills are needed to keep the
business running smoothly. “As a entrepreneur you’ll be called upon to lead in a variety of
different situations. If you have employees, it’ll be up to you to motivate your workers to give

4. 110% to their tasks and to finish priorities in a timely manner. But even if you’re flying solo,
you need the charisma of leadership to convince mentors, partners and investors to believe in
your vision and provide the support that’s needed to meet your startup goals.”(Patel).
Becoming an entrepreneur can be hard work and are required to have certain
characteristic skills along with being a leader. “Proactive vs. Reactive, Flexible/Adaptable, A
Good Communicator, Respectful, Quiet Confidence, Enthusiastic, Open-Minded, Resourceful,
Rewarding, Well Educated, Open-minded, Evaluative, Organized, Consistent, Delegator, and
Initiative.”(Patel)
Having good problem solving skills is very important within the entrepreneur and
business management field. “The problem-solving process will most likely increase the
motivation and satisfaction not only of employees, but also of management. It will give the
employees a chance to voice their ideas and be listened to. This will also give them a feeling of
participation by having input into the solution.”(J. T., & T. B. pg.47)
“Managers should learn this skill because it will improve solutions to problems, while
increasing the motivation and performance of employees. This system provides a greater number
of creative solutions. When there is one person thinking of the alternatives he or she may have
his or her blinders on and see only a few of the obvious solutions. When people have a
brainstorming session, they come up with better ideas and are willing to take greater risk with the
solutions. Once someone suggests a solution it is no longer "his" solution, it is "theirs" (i.e. the
group's). One person's suggestion could very easily make someone else think of something that
he or she never would have thought of on his or her own. This brainstorming causes one
alternative to trigger another one and pretty soon the alternatives come faster than they can be
written down. After all the alternatives are presented, the group needs to evaluate them. The

5. saying "I never thought of it that way" is a perfect example of how many different minds can
make others see things they never saw before. Having people present who are very
knowledgeable in different areas contributes to the variety of viewpoints considered.” (J. T., &
T. B. pg.47)
When faced with a problem within a business whether it be financial, personal, or work
oriented, the problem solving method remains the same: “(1) Establish goals (2) Identify the
problems (3) Identify the constraints (4) Identify alternatives (5) Evaluate alternatives (6) Select
the best solution (7) Create an implementation.”(J. T., & T. B. pg.46) Establishing the goal
outcome for the solution makes the rest of the problem solving steps easier for the problem
solver. Identifying the problem gives the problem solver a general idea on how to solve it.
Identifying the constraints gives the problem solver a general idea on what route not to go when
trying to solve the problem. Identifying the alternatives gives the problem solver several different
routes that can be taken. Evaluating the alternatives allows the problem solver to see if there will
be any defects in the alternatives. Selecting the best solution allows the problem solver to use
critical thinking and also efficiently solve the problem. Last but not least, creating an
implementation allows the problem solver to plan out how to avoid having the problem again.
“A firm with a single owner-manager can be regarded as a wealth- creating device
capable of increasing its owners well-being so long as the firm is properly operated. Proper
operation means setting production and financing decisions in such a way as to maximize the
owners wealth.”(Neave, Edwin, Wiginton. pg.202)
Financial management is one of the most important aspects in business management. t's
useful to develop a financial plan to keep track of finances coming into and out of your company.
In order to run a successful business the companies assets must be monitored and controlled to

6. keep the company going. Without having the proper financial management skills the company
can go bankrupt and possibly out of business.
“A couple ways to manage the companies finances as an entrepreneur is simple. The first
step to take is setting up a business bank account for the companies assets. Bookkeeping is a
good way of keeping track with money coming in and out. When it comes time to set up the
companies financial books the best thing to do is hire an accountant or bookkeeper. Accepting all
forms of payment is an effective way for the company to receive more currency. Setting up
online payment for the company expands its brand and assets.”(Neave, Edwin , Wiginton.
pg.202)
In conclusion, Business management is a field of study that requires liberal arts education
courses. It can lead to managerial positions such as entrepreneurship. When venturing in
entrepreneurship attaining certain skills and characteristics are needed to run a business. Being a
business management major allows the students to attain prior knowledge on the managerial
field, and gives a form of experience.
Work Cited
Asarta, Carlos J, and Roger B. Butters. "The Discouraged-Business-Major Hypothesis
Revisited: Could Economics Be the Encouraged-Business-Major?" Journal of
Economic Education. 43.1 (2012): 19-32. Print.

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Knippen, J. T., & Green, T. B. (1997). Problem solving. Journal of Workplace Learning,
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Neave, Edwin H, and John C. Wiginton. Financial Management, Theory and Strategies.
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Sujan Patel. 5 Essential Leadership Skills for Entrepreneurs -." N.p., 20 Mar. 2013
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