Forums: Discussions for entrepreneurs and small business.

And then again, many of us just learn along the way. Business degrees, that give you the education and the knowledge can only be a benifit,  to what you`re planning to do.  But, most entrepreneurs just have the smarts and passion to just start it up and get it going, don`t they?   Whether or not we`re succesful, you`ll never know till you try.

Janie

During highschool I always dreamed of owning my own business. I just am totally fascinated with business. I didn`t know when i`d open a business(having no money and what seemed like no options).
Based on that I made a decision that if I would study business and accounting in my 2 senior years in highschool.(which i did).
5 years after highschool i decided to study retail operations..and now after 2 years i`m currently studying a Diploma in Retail  Management.(vocational training at TAFE/the US equivelent to community college or 1 year of uni)

Reasons why I personally chose to study accounting(and furthering learning MYOB) is becuase when i`m in business I don`t want to be blind to financial operations of my business.
My ratio`s and markup knowledge is weak,I can understand a profit and loss statement and basic tax info(although with former PM Howard bringing in GST at end of my senior year,my knowledge needs updating).
Knowing your cash flow and how it works and how costs affects profits and all that is not only beneficial for obvious reasons,but also means you are less likely to be screwed over by a accountant. (maybe i`ve seen too many horror stories..but I just would hate to work hard on something for someone else to take the hard earned money)
Doesn`t mean don`t use one. I fully intend to have use of an accountant for end of year taxes.But having the basic knowledge of accounting from journals to forecasts means having a tighter grip on what the money in business is doing that it would be very hard to miss missing money!

As far as law is concerned,there is only so much we can learn. Through my studies i`ve had to investigate business and retail laws as it applies to australia. While i don`t know everything,I do know basics to ensure that my business with be legal. Simple internet searches to various government legislation sites would help.

Hope i haven`t repeated myself lol.

I don`t think it`s necessary to study business at uni level,unless your looking at a corporate career and need it. I think Uni degrees give too much focus on book study and less on real world experience. All you need is study basics and essentials(legal,bookkeeping,marketing) and then learn as you go.

my 2cents :)





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There`s a reason they say that accounting is the language of business. 

And even if you choose to outsource your bookkeeping and/or payroll services and tax prep, you (the business owner) still need to understand what the numbers mean because they contain essential information for making wise business decisions.