Any new entrepreneurial endeavor has a litany of concerns to evaluate. Given the sheer rate of failure for startups, planning properly, procuring the right resources and hiring the best talent are compulsory: there are no real do-overs when it comes to planning for financial success.
Many startups focus on specific areas of emerging technology, such as finance, engineering, software development, and online commerce. Despite the advances that allow these brands to unite a variety of technological strategies into their business decisions, many startups fail to consider how areas of study not directly related to new hires’ responsibilities can improve performance.
As such, let’s examine some degrees that can actually bolster the ability for startups to meet their needs – even if those areas of study aren’t intuitively connected to the business.
Psychology
Startups seeking to persuade various target audiences need to have a solid strategy guiding such efforts. While it may not be obvious to some, the role that psychology plays in shaping the fates of various businesses is profound.
This is why hiring individuals with backgrounds and degrees in psychology can prove to be quite beneficial. Some of the potential benefits of a psychology major for a startup include:
- More effective marketing strategies
- More persuasive pitches to investors for capital
- Better understanding of target audiences
As such, psychology majors can provide meaningful benefits across multiple fronts in any new startup venture.
Business Administration
While some entrepreneurs have backgrounds in business, many pursue their dreams without an innate understanding of the core tenets of business. Whether it’s founding a new app company or opening a gourmet delivery service, not everybody is formally trained in the nuances of business.
As such, many startups can benefit from business administration hires. Not only do business administration majors have the specific knowledge sets necessary to manage a viable startup endeavor, but business administration degrees can be pursued with a variety of specializations. As one example, Kettering University offers online MBA degrees that blend business administration and engineering knowledge. You can learn more at https://online.kettering.edu/programs/masters/masters-business-administration-online.
Economics
When people hear of economic majors, they may often think about college professors, Wall Street analysts, and Fortune 500 company advisors. Despite the elite reputation that economists often receive, there are many who work for a variety of mainstream businesses and startups.
How can startup companies benefit from hiring economics majors? Some examples include:
- Innate understanding of economic trends and their impact on industry
- A familiarity with data and statistics, making it easier to discover opportunities
- A broad awareness of viable and non-viable business strategies
Tech startups, in particular, have found value in hiring economists. Harvard Business Review reports that startups hire economics graduates because of their focus on analyzing systems and assessing empirical trends – both of which are crucial to the success of many tech companies.
As such, economists working for startups is becoming increasingly common. The multi-faceted understanding that economics majors possess both in business affairs and economic trends as a whole can help reduce the chances of startups making fatal business decisions.
Graphic Design & Art
In many respects, a startup’s image can affect success just as much as core business practices. Ultimately and in this world where everybody seems to be going into business for themselves, ensuring your brand is perceived as professional and valuable is a prerequisite for both funding and clients.
Graphic design and art majors possess a unique set of talents: they can shape the perception of brands through mere words, colors, and designs. Most understand that the need for great visual branding is immense – but this need is all the more important when operating as a fledgling startup.
Graphic design graduates can help shape a startup’s appeal, whether it be through physical signage, office design or social media content.
Computer Science
Even if a startup has a particular focus or niche, most businesses today now also have a predictable reliance on technology. Likewise, as businesses continue to grow, the need for scaling of systems is paramount.
Those with computer science degrees can work in many professions at a startup, but their flexible understanding of computer programming and web development means they can be vital allies in growing startups.
Computer science majors can be useful in:
- Building custom software solutions that make day-to-day tasks easier
- Customizing web presences to ensure optimal customer/client experience
- Guaranteeing the safety and security of startup data, finances, and proprietary information
These five degrees are all valuable additions to today’s economy and have their own professional focuses. However, startups seeking to maximize employee productivity may wish to continue hiring one or more of these individuals for various tasks, as being a jack of all trades during the early stages of a startup is crucial for survival.
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