It might seem to many individuals that in order to run their own accounting firm, owners don't really need any special education credentials. It's not like being a doctor, for instance, when a certain amount of schooling and training is necessary before they can start practicing. However, it generally would benefit a company leader to get an education, as there are many processes and intricacies that are taught in school.
For instance, consider the fact that owners have to file taxes on behalf of the business, contend with payroll and manage accounts payable and receivable - and that's only the financial aspect. They also have to act as lawyers when they draw up contracts, engineers when they examine machinery and product specifications and so on. So, the lessons learned in school can be invaluable to making sure a new business gets off on the right foot.
With this in mind, it seems only responsible for budding entrepreneurs to go to school. But rapper and businessman Sean "Diddy" Combs is putting his money where his mouth is in order to motivate the youth of America.
Mo' money, less problems
Famous for rapping and singing since the 1990s, Diddy has been a central figure in the music industry for decades, though he is also well-known for being a voracious businessman, creating clothing brands, fragrance lines and a record label.
According to Entrepreneur Magazine, he recently decided to write a $250,000 check to the Network for Teaching Entrepreneurship, which runs programs and contests for young budding business owners who live in low-income communities.
Diddy told the magazine that there are a number of lessons he's learned that have helped him achieve his dreams. The first is to always keep an eye on the money and treat revenue like the most important part of a business. He also highlighted the importance of responsibility and standing by decisions, even if they're a bit of a gamble.
Using education to drive decisions
Getting an education in business is something that should be prioritized by all accounting firm owners. After all, the lessons learned can help a leader recognize the best answers to company problems, as Sociallce Incorporated owner Michael Seyfried discovered. He told CBS DFW that he got his business acumen in the classroom, and there are so many more courses on how to run a company than there were just a few years ago.
"I think it is great that one can get an education in how to be an entrepreneur," Seyfried noted.