3 Courses that can Help Escalate your Business
- BY Jaspreet Kaur
Feature Writer, BusinessEx
- Jun 27,2019
- 12 Mins Read
There’s a lot of difference between founding and administering a company. Both these roles are interconnected and performed solely by entrepreneurs. By definition, founding means establishing a business entity, which is an intricately difficult job, whilst administering means to run a business effectively, preserving it from market depressions.
Embodying these qualities is essential for entrepreneurs, or else, companies can be established but steadily flounder or fall apart if not managed properly. Thus, it is vital to imbibe an entrepreneurial skill set. In today’s time, where competition is so rigorous in all spheres, a unique business model is not sufficient to warrant sustenance in the market. An entrepreneur’s agility and go-getter attitude are equally important so that the company can sail through the sea of business competition.
3 Things that can Develop your Business
For running the business efficiently, there are some areas in which business people should possess knowledge. Apart from product knowledge, grasping the know-how in other fields will also turn helpful for entrepreneurs.
1. Possessing Knowledge of Economics and Finance
Finance is the backbone of every business and in the case of a startup, it is important that the business does not face any cash crunch for a long period. According to CB Insights’ report, Startup Stats 2018, a little less than 30 per cent of early-stage companies run out of cash.
This shows that it is vital to look after the company’s finances and spend efficiently. For that, the company needs to employ effective measures to control expenses and preserve capital for the future. A businessman can do this without hiring any financial experts; he can learn some handy online courses in Finance and Economics. Educational institution, ICFAI and other foreign institutions namely, Harvard and Stanford offer short-term courses in Finance at a reasonable cost. Any individual can take these courses irrespective of having a relatable academic background or not.
- Importance of Utilising Data Analytics in Business
Nowadays, data analytics is quite a popular way to make sound decisions in the business. Statistics, which are generated through data analysis, facilitates in identifying problems in business and also helps ascertain trends in the industry.
For deploying data analytics in one’s business, an entrepreneur can imbibe its knowledge by doing some online courses on Coursera, Udemy and Udacity.
- Cybersecurity is a Boon
In this internet era, many things, including services, products and activities can be procured via digital platforms. As a result, people’s living style has escalated, although there is a downside of employing internet-enabled devices as well. Data, which is crucial for every business entity, at times gets stolen and used for illicit purposes.
According to UK-based company, Sophos, “76 per cent businesses in India were hit by cyberattacks in 2018.”
Looking at this figure, the amount of damage or problems that businesses would have faced during the period of a cyber attack, can be assumed. Actually, when a company’s data gets stolen, the functionality of the company gets affected and further, the propensity of damaging a company's reputation increases. For averting this threat, it is vital for the entrepreneur to deploy cybersecurity in his business. For that, he can learn online courses in cybersecurity on websites like edX, Coursera and Cybrary.
Imbibing knowledge of aforementioned fields can make administering a business easier in today’s competition.
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