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How to Go Back to School as an Entrepreneur

By: Courtney Rosenfeld

Do you feel like you are getting all that you can from your business? If not, it may be time to go back to school. Doing so can help you gain knowledge and skills so that your business can reach its full potential.

Affording School

Figuring out how to afford higher education can be tricky. If you are already running your own business, you may end up putting some of your profits toward your studies. Many students rely on financial aid. This can come in the form of grants, scholarships and loans. There are a wide variety of options to choose from for students of all ages.

Depending on your financial situation, it may be more affordable to take just one or two classes at a time. It may take longer to finish your degree, but stretching the payments out over an extended period is generally easier to budget.

Choosing a Program

Data show that over 40% of entrepreneurs hold a college degree. The skills and knowledge gained through higher education are beneficial to running a successful business.

There are many fields of study available to entrepreneurs. While a business degree may be the first one that potential students consider, accounting, economics and marketing are also beneficial. Though an MBA can offer a combination of all four of these necessary skills. Psychology and computer science can help in a more indirect way. Many schools even offer degrees in entrepreneurship that are tailored for those currently running or hoping to start a business. If you choose a minor and elective courses that complement your primary area of study, you can gain even more useful knowledge.

Balancing Work and School

If you are running or starting your own business and continuing your education, it is important to balance your work, school and personal life to avoid burnout. Choosing an online master’s program is a smart way to save time and incorporate some flexibility into your studies.

Practice good study habits to save time. Actively engage with the material rather than simply re-reading your notes and textbooks. Make flashcards, quiz yourself and do practice problems. Active studying is resourceful because most people can retain information more quickly with these methods.

Practicing general time management in all areas of your life will help you attend both work and school. Plan your schedule using a physical or digital planner. You may find it helpful to estimate the length of time required for each task as you make your schedule. This can help you set reasonable expectations for the day. Another option is to hire a virtual assistant to handle day-to-day administrative tasks so you have more time to focus on your studies and your business.

Remember to make time for relaxing with family and friends. Participate in hobbies. If you don't have any hobbies, find some. Try hiking in nature or playing a sport.

Going back to school while running your own business can feel overwhelming. Don't forget that financial aid is available for many individuals and many programs offer some flexibility to make the process easier for working adults.

A virtual assistant can be an invaluable resource to help free up your time so you can focus on the bigger picture. If you’re a small business owner looking for assistance, connect with Ready, Set, Assist today!

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