The Need for Business Majors in the Tech World

The Need for Business Majors in the 

Tech World

Great companies are made by great people. Great ideas are important, but they are not all. You need fantastic people on the team in order to succeed. A great challenge in the Tech Industry is the lack of business people specialized in the field. However, the need for business people is not fully understood by a large part of the Tech World. Engineers usually come up with great ideas and solutions, but are not business savvy. Besides great products and services, you also need a great business plan in order to make your business grow. Business Majors are very seldom inclined to the Tech Industry. It is not something they plan for at University level, the tech field being an unexplored field for them. Most Business Majors want to work in Big Companies and take positions in Financials or Business Analysis. When asked about Industry specialization, most would go the traditional large scale industrial route: Aviation, Wood, Metallurgic, Oil & Gas, Foods & Beverages... These are fields that business majors are familiar with: they study these at University level. But who would really set out to study business to become the NeXT Steve Jobs?

Engineers on the other side don't see a need for Business people. They would consider that anyone can do the business side, and that you do not need to study for that. Some engineers do take Master degrees in business and switch to the business side, but they are just a few. Most are focused on coding and product orientated. Can a "technical engineer" really learn the sales and marketing side, and grow the business exponentially? Some might, after all you can also read many business books and learn all this stuff yourself... But as always, it would not be cost efficient. Having a business major specialized in the tech field in the team will add tremendous value, by managing the overall direction of the business. They will understand the legal aspect of constituting the business, the taxes and accounting, etc. They should be good in marketing, planning and budgeting. They would also understand the investor side, and be able to attract financing.

The Business Major should also understand customer behavior, and how to meet Supply and Demand. They should handle customer relationships, as well as be in charge of the overall Sales Strategy. They might be good in Sales, but that doesn't mean they are Sales people. The fact is, Business Majors are not specialized Salesmen. Many times salesmen do not have University degrees but do have people skills. Salesmen can eventually be hired later on, the same as personnel specialized in Customer Service. But the Business Major does need to have basic skills and knowledge in all these areas.

In a Start-Up, there is no budget to hire personnel. In the same manner that the programmer must be ductile and use a range of technologies to develop, the Business Major must have overall knowledge in all areas under his/her responsibility. Deep knowledge would not be required, since in an initial stage his activities would not be complex. The budget will be easy to make, tax liquidation will be relatively simple, constituting the company should not be so difficult. As the business grows, these areas will be more challenging. Corporations have complete departments full of accountants consolidating business units, legal departments full of lawyers, more accountants for tax liquidations, customer support, sales departments, etc.

As mentioned before, programmers do not usually value or think there is a need for a Business Major. They seem to think they can do the job themselves. The Business Major might or can also have International skills. Knowledge of other languages, cultures, regions... Management skills acquired through education but also practical experience (Team Building, Motivation, Leadership). Communicational skills such as writing, presentations, public speaking... All areas where programmers or engineers do not excel in.

I usually use examples in the technology field, but hardware can be used as an example as well. An Electronic Engineer can have a great idea for a robot and build a prototype, but can they build a great BUSINESS PLAN in order to turn that robot into a business? Do they know where the money is? How to approach the right people? Do they have the BUSINESS MINDSET to scale the business internationally? Business people specialized in Robotics, Communications and Informatics will be the future STARS of the show. However, convincing them to actually take that route can be a challenge. Technology is a field unknown to them, chances are they will find it risky. They would have a point, they are risky fields, but it is also where the big money is.

In my release "Where No Man Has Gone Before: the Way to the Fourth Industrial Revolution", I explained how the NeXT Industries will be less capital intensive than before, but they are as well more technologically intensive than before. By this I mean that before you needed the factory, the plant, the office to build up a business. It took huge capital investment. TODAY a successful prototype and attracting Venture Capital investment will do in the case of products. In the case of Services it is even easier since Knowledge is easily accessible.

Consider the case of a massage therapist that wants to expand her business. Before, references were carried out mouth to mouth. Today, thanks to technology she can use social media to increase her reach. Facebook, Twitter, a Website... These are all tools that helps the professional be more known in a certain area, and increase her customer base. A programmer might not understand her business. But a business consultant will not only apply the technology but also provide business feedback to help the massage therapist grow her business with the help of a set of technological tools that have existed only for a few years. It is really about formalizing things that before also existed, but in an informal way. Testimonials, references, information about the person, concrete expertise and offers... These are all aspects of the business that now can be communicated in a more efficient way at low cost.

@ITRevolusjonen we specialize in Services to position your business in the minds of the customers, in order that they consider you first when it is time to make their purchases. Mobile Websites, Mobile Apps, SEO, Social Media, SMS and QR Codes can be used to effectively increase your reach in your area and get more customers to walk into your business. By using our range of tools, you can differentiate yourself from the competition and make them irrelevant. It is not only about the money, strengthening your brand will also get you the recognition you deserve and make you feel better with yourself. The Digital Economy will give you the opportunity to grow your business exponentially in short periods of time. The need for Business Majors to take technological development to the NeXT level is there. It will be up to them to decide if they want to hop on Revolution 4.0... or if they prefer to watch it on Netflix!!!

Cristian Bøhnsdalen

CMO/CFO and Co-Founder @ITRevolusjonen