Benefits of having a Psychology and Business Degree for Your Career
Jan 21, 2015 | 9:00 am
The idea of having two degrees as you go after your career goals is not unusual. Most people pair accounting and business, or business and economics, but it may be a better to pair business and psychology. Psychology and business go together because they intensify your focus and people skills.
Business degrees deal with the numbers and theories involved in business and making money. Psychology deals with the people who make or spend the money, which is the lifeblood of the business. For too long, the “numbers guys” have held sway. Without the people, nothing is manufactured, sold or bought. Managing the money will always be important, but understanding what motivates the people involved gives you the opportunity to have money to manage.
What are the Benefits of the Business Degree?
A business plan is an essential part of any successful business. No matter how good of an idea, it will either fail or not be as successful as it could be without one. For instance, take the easiest business to start: a restaurant. A majority of restaurants will fail within the first couple of years. The food and ambience can be appropriate and well thought out, but if you price things too low, you will go out of business quickly. If you do not understand how to staff it and oversee cost points to hit, you will writher in frustration as you see the bottom line drown in red ink. You have to understand the people on both ends, as well as stark business realities in order to succeed. In fact, it’s similar to what Bill Marriott did after he lost everything in the crash of 1929.
Where Does a Business Plan Fit In?
In trying to regain his stature, legend has it that Marriott took three part time jobs. He separated them into three pots: one for the rent, one for the family, and one for the business. He knew that he had to have discipline in order for the plan to work. He was rigorous about this first part of the business plan. Without sufficient startup capital, any businesses can and most likely fail. He gauged what he needed and started envisioning his “Hot Shoppe” as a breakfast eatery. He would use the efficiency and minimal expense of a “Greek Kitchen” layout. It would have to be compact to keep rent low, but big enough to make money. He turned that business into a worldwide chain of hotels, but only because of a subtle acceptance of psychology.
Where Does Psychology Fit Into This Success Story?
Marriott knew that he needed to find a location with significant foot traffic in order to have a sufficient customer base to draw from. He also knew, and this is where the psychology fits in, that the foot traffic would have to be male. Females of that time period were most likely to make their own breakfasts, and men were more likely to buy. You can delve into the reasons all you want, but the facts boiled down to that. His business plan would require male foot traffic to succeed.
And succeed he did. With all of the right tools, so can you with a psychology and business career degree. You can use your expertise in psychology to learn your customers, learn your company, or find a market that is ripe with potential.