7 Reasons Entrepreneurs Should Master Business Analytics

A skill set with a distinct advantage...

Any kind of analysis can seem like a complicated field to get into, and it’s easy to get the impression that understanding analytics isn’t really necessary for someone to make a lot of money in business. While that’s certainly true to an extent, it’s also true that anyone who is a master of analytics will have a skill set that will give them a distinct advantage when it comes to making accurate business projections and responding to market conditions appropriately.

Through the use of analytical software and specialised techniques, anyone with the willingness to learn can become a professional business analyst and use this skill to advance their careers or increase their chances of succeeding in business endeavours. Beyond that apparent advantage, here are 7 specific reasons why every entrepreneur should consider becoming a master business analyst:

#1. A Business Analytics Degree Can Be Earned Online

Since business analytics is really just a complex numbers’ game, it’s not surprising that you can find courses and degree programmes that can be completed 100% online.  Here are a few advantages that the online study format provides:

  • Conforms to Existing Schedules – Any degree that can be earned fully online is a good fit for an entrepreneur because it will be easy to fit into your current schedule, regardless of how many pre-existing business or personal obligations you have.
  • Short-term and Long-Term Study Options – While there will be a significant learning curve involved, someone with decent maths skills can become a veritable master in business analytics within the span of 2-5 years. 
  • Study from Anywhere – The option to relocate and continue studying means that entrepreneurs won’t be tethered to one city or campus.

In addition to those benefits, a fully online course framework also lets you continue your education by earning a higher-level degree such as a business analytics masters through a popular distance learning institution like Aston University.

#2. Business Analytics Experts Earn High Salaries

If you’re looking for a degree that will ensure you a high-paying job for many years to come, a master’s in business analytics would be ideal for the following reasons:

  • The average analyst earns about $80,000 per year
  • More experienced analysts make more than $100,000 annually
  • You can receive significant career benefits, such as a low unemployment rate and an abundance of remote work-from-home opportunities.

Of course, having a degree that will assure you a high-paying job is a great backup to have in the event that your own businesses aren’t as profitable as planned. Furthermore, the knowledge that you gain by earning the degree will make sure you face a very low chance of failure in any investment or business commitment you enter into.

#3. Big Data is Big Business

Big data is a term that has been making plenty of headlines recently, right along with buzzwords like “the cloud,” and “AI.”

A lot of those terms are misused or overhyped, but in the case of big data, it has one very straightforward meaning – the collection and analysis of large amounts of data, typically for the purpose of conducting well-informed business planning. The most successful companies in the world employ teams of analysts and have entire departments dedicated to the management and analysis of big data, including:

  • Apple
  • Samsung
  • Amazon

As a master in business analytics, you’ll be employed by and interacting with high-ranking corporate professionals. That means you’ll be able to network with them and leverage the prestige that comes with being part of the upper echelon of experts who are privileged enough to hold an essential spot in elite boardroom meetings.

#4. Analysis Improves the Chances of Success in Any Industry

By definition, an entrepreneur is someone who operates one or more businesses, often while taking on an elevated financial risk.

“As a master in business analytics, you can get rid of much of the riskiness and uncertainty that comes with committing to a life of entrepreneurship because you’ll always be prepared to make statistically well-founded decisions regardless of what kind of industry you choose to enter into” said a representative at Aston University.

Likewise, a proficient analyst can also make smarter moves as an independent investor, so it will help you discover your best competitors or most ideal investment candidates.

#5. Investors Take Accredited Analysts Seriously

As a skilled business analyst, you’ll also have an advantage in your corner when it comes time to pitch ideas to investors because you’ll know how to create graphs, charts, and other visual representations of crucial metrics. If you’ve ever watched a show like Shark Tank or Dragon’s Den, you know that investors typically want to see “the numbers.”

In fact, you probably know that “show me the numbers” has become a common catchphrase among investors for that very reason. When an investor sees stats that are presented by someone with a master’s degree in business analytics, they’ll feel confident about the accuracy and meaningfulness of those key points.

#6. Analytics Can Turn Speculations into Accurate Projections

When you don’t have statistical fact on your side, making major business decisions can feel a lot like operating on a hunch. Speculative reasoning is certainly a powerful tool to have in your planning arsenal as an entrepreneur, but it simply can’t substitute for the type of conclusions that can be reached through the analysis of cold, hard facts and stats.

#7. Mathematics is the Official Language of Business

While conventional spoken languages like English are obviously essential for conducting business, the real underlying language that governs the financial economy consists of numbers and metrics.

Learning how to take that information and create useful deductions and plans will give any entrepreneur an unfair advantage over the competition, which is why massive corporations allocate entire investment budgets towards the salaries of expert analysts. With the power to wield maths with almost oracle-like proficiency, you’ll be a valuable asset in any corporate project. 

You Have to Be a Master at Something, Right?

The common misconception that it takes 10 years to master something is really only a general estimate that can be applied universally to any subject matter or individual. In reality, some people can master a new subject in just 1-2 years or less.

Earning a master's in business analytics would take longer than that, but you can initiate the process in just one day. If you’ve been feeling like you should really find something to specialise in, business analytics is definitely a field of study that’s worthy of consideration.

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