Which business administration specialization for self-employment and entrepreneurship?
I'm studying for a Master's degree in International Business Administration and I'm struggling with which specialization to choose next semester. This is already affecting my course selection.
I actually only started studying because I wanted to become an entrepreneur myself.
What do you think would be the most suitable specialization for this? I was thinking of something as global/general as possible or something that would have practical benefits for a managing director/company.
At first, I thought of marketing : Part of marketing is market research, and that tells me whether there's any demand for what I'm offering. If I have the expertise in this area, I can quickly calculate for myself whether a project is worthwhile or not. And that's usually the starting point for every commercial idea, so it would be a good fit.
But then I thought about accounting : We've learned so far in our studies that almost everything is based on accounting. Accounting is what calculates which products are produced and at what price they are sold. I've started to see some value in the idea. And perhaps it would be something very general, upon which I could build other specializations later. I wonder if expanding on the subject of accounting might even lead me to controlling . There are different specializations at my university.
I also thought about management / corporate leadership : After all, this is about corporate strategies. It feels like this point lies a bit further along the chain of business processes, but it's still something very general that you can build on. The lecture I took was about strategy, it was about processes, competition, and various tactics, but also a lot about personnel, organization, and the like.
I feel like I would rank Marketing and Accounting first, and Management second, as being suitable for my plans.
Then there are also specializations in production or logistics , for example. I've actually ruled those out (without having done anything in that field) because I'd rather work with intangible goods, and I'm not particularly interested in production or logistics.
Furthermore, it's already too specific in the business process. You don't get a clear overview.
There are also other elective specializations at my university such as business law , business informatics, operations research , economic sociology , e-business , etc.
Ideally, a managing director would have a bit of everything. But I have to choose one area.
Which specialization do you recommend for me to start a company and have the best overview of it, and to make the best decisions at the lowest cost (= through my own know-how)?
Thank you very much!
Hello,
if you are studying at a university, it doesn’t matter what deepenings you choose. In retrospect, I can give a recommendation based on my experience; Tax teaching and financial and banking management. This allows you to think well in clear units in connection.
Thank you. However, I do not understand why the deepening should play a role. I think it’s important to learn completely different things.
What do you mean to think about “in clear units in connection”?
At any rate, I would not have thought that banking and finance are as relevant for a management like management or accounting, but thank you for this insight! I have always connected banking and finance with investment and investment, but this is perhaps a relatively specific step in the business process?
Find management there in general and maybe you have a better overview than banking and finance, or do you see that differently?
since 2010 I am Dipl. I can only tell you my view of things. Financial and banking management brings more than the content to close. In conjunction with tax theory, this can lead to a structure of thought which is advantageous for an entrepreneur (independently a private bank entrepreneur).
All right, thanks.