Starting a business is difficult and scary. For most entrepreneurs, the biggest fear is failing. But if you’ve got the grit and determination to follow your passion (and not everyone does), majoring in finance when starting a business is a smart move.
Accounting, finance, and economics majors have the highest demand for jobs among new graduates. These fields are also useful for anyone who wants to open their own business one day or any other company, for that matter.
Here are three reasons why you should major in finance if you want to start your own business one day.
You’ll Know where Your Money is Going
The best way to start a company is to know how your money is being spent.
At the beginning of your business, you’ll be the only person responsible for making sure bills get paid and salaries get distributed. The reason why many entrepreneurs fail is that they don’t know how to manage their money.
You’ll be able to see exactly where your money is going because of the skills you gain from majoring in finance. Once you know where your money is going, you can plan for future expenses and make sure you have enough cash for things like payroll and lease payments.
You Won’t have to Rely on Others
Finance majors don’t just learn how to balance a budget and manage their spending. They also learn how to invest their money such as in RTA cabinets and make it grow through stock trading and other investment. This means that you won’t have to rely on other people for financial advice.
If you open up your own business, many people will want to help you. Everyone has different experience and skill levels, and you have no idea if their advice is actually good. In the process, it can be good and bad. You need to practice discretion in this process.
You’ll be Able to Spot Red Flags before You Invest
One of the most important skills a finance major learns is how to spot red flags before they invest. If you’re investing in other companies, you want to make sure the investment is safe and isn’t going to fail. This is why you need to be able to spot red flags before you invest.
If you major in finance, you’ll be able to look at a company’s numbers and figure out if it’s a good investment or not. You’ll be able to determine if you’ll make a profit or if you’ll lose your money.