Did you know that there are approximately 33.2 million small businesses in America? About 46% of workers in the United States are employed by these tiny but very mighty companies. However, larger businesses employ numerous expensive marketing strategies to increase their visibility, customer base, and revenue, so how are small businesses supposed to keep up?
Enter social media marketing, a digital marketing strategy that has the potential to bring buyers to small businesses in droves. With 5 billion social media users worldwide, small businesses can use social media to reach a significantly higher number of potential customers (along with a slew of other worthwhile benefits).
Interested in learning more about how social media is revolutionizing the small business landscape? Sit back and relax as we discuss five positive impacts social media marketing can have on small businesses.
If your small business isn’t leveraging social media, your ability to introduce yourself to potential customers decreases significantly. However, by incorporating various forms of social media marketing, such as content marketing, influencer marketing, and paid advertising, you can showcase your brand to individuals within your target market locally and globally.
So, how exactly does social media enhance brand awareness? It provides a popular platform to integrate multiple marketing strategies, including:
Many small businesses use websites as a platform to showcase—and sell—their products or services. And with online shopping bringing in more than $800 billion in annual sales, we can understand why so many companies are joining the bandwagon. But without taking advantage of social media, they’re missing a huge opportunity to bring more traffic (a.k.a. potential customers) to their website.
Let’s imagine you own a crystal company, offering a variety of crystals from rose quartz to labradorite. Despite launching your website, you haven’t seen a significant increase in traffic. However, after a colleague suggests creating a business account on your target audience’s preferred social media platform, you begin to notice a rise in the number of people visiting your site.
As you incorporate customer testimonials, include links to your website in your social media posts, and actively engage with your audience, website traffic continues to grow. This increase ultimately leads to a boost in sales and revenue for your crystal company, proving that social media’s ability to increase traffic also translates to tangible success for your business.
Social media provides an excellent opportunity to promote many types of content, including blog posts, videos, infographics, and podcasts.
Let’s say you wrote a brilliant listicle titled “Ten Healing Crystals That Will Change Your Life.” While you might attract some organic clicks via search engines, consider the potential for increased clicks if you promote it on one or more social media accounts. As your following increases, you’ll be creating a larger platform to showcase your content, simultaneously highlighting your industry expertise. It’s a win-win for your marketing strategy and your business.
Once you jump on the social media marketing bandwagon, you’ll realize that you’re not the only crystal connoisseur out there. While you may have found a specific niche of customers to target your efforts towards, other small businesses selling similar products have also identified their own target audience and are implementing their own marketing strategies to attract potential customers to their content and website.
Social media provides valuable insights into your competitors’ activities and keeps you updated on current industry trends. By monitoring your competitors’ marketing strategies, you can identify what’s working for them and what isn’t, enabling you to adapt and refine your own marketing approaches accordingly.
The impact of social media on small businesses can be profound, whether you’re implementing it for your own business or pursuing a marketing role where you offer your expertise to multiple small businesses. And social media is just the tip of the iceberg. There are numerous digital and traditional marketing strategies you can use to help small businesses grow.
The University of Texas Permian Basin offers an online Bachelor of Business Administration in Marketing that prepares you for all of the above, from social media and other digital marketing strategies to more traditional methods, such as print and broadcast advertising.
What’s more, we understand that many of our students are working professionals. That’s why we’ve created an online program that caters to adults with busy professional and personal lives. You can take the courses at a pace that’s convenient to you, earning a bachelor’s degree that will strengthen your marketing prowess and give you the tools to help you build businesses from the ground up.
Browse our course offerings, and when you’re ready, start the next chapter in your career by completing an application.
Sources:
https://www.uschamber.com/small-business/state-of-small-business-now
https://datareportal.com/reports/digital-2024-global-overview-report
https://www.census.gov/library/stories/2022/04/ecommerce-sales-surged-during-pandemic.html
Not even a week has passed since you stored away your Christmas decorations, and signs of the next big holiday are already on the rise. Pink and red heart-shaped boxes and a plethora of lovestruck stuffed animals line the shelves in every store. It’s official: Valentine’s Day is approaching. Thanks to several well-planned marketing strategies,…
Apple’s logo—an apple with a bite taken from the right side—is synonymous with innovation and imagination. But why? How can simple images like the Apple logo, McDonald’s golden arches, or Nike’s swoosh evoke such powerful emotions? The answer lies in the meticulous work companies put into developing, refining, and protecting their brand identities. So, let’s…
Every year, new trends and technologies emerge to influence how we develop strategies, deliver content, and connect with audiences, and 2023 looks to be no different. Marketers with their finger on the pulse of culture and society will have a distinct advantage over the competition. As for those who don’t, they probably aren’t going to…
Astute business decisions play a central role in bringing a business back from the brink, whether that predicament is due to bankruptcy or scandal. Here we’ll look at a few celebrated businesses and brands that were once in serious trouble but have come back to thrive. We’ll conclude with a discussion of the skills necessary to lead a company out of a crisis and how you can develop them.
Below are some notable instances of companies confronting dire prospects and then clawing their way back to success. See what they were facing and what they did to change course.
It may be difficult to fathom, but Starbucks—yes, that Starbucks—hit hard times in the early 2000s. The ubiquitous, astonishingly popular coffee chain had grown too quickly and made changes that didn’t resonate with customers. After shutting down 600 stores and reestablishing its focus on coffee, the chain pivoted from an immense drop in stock value in 2007 to record profits by 2010.
Known for decades as a comic book and trading card giant, Marvel went bankrupt in 1996 owing to a variety of factors. The company had long been licensing its characters to movie studios, but its decision to go into movie production changed its fortunes significantly. Marvel has had some major successes (and a few disappointments) as a film and TV studio since its comeback, but the enduring power of its parent brand, The Walt Disney Company, is likely to keep it alive for many years to come.
The popular and profitable Tex-Mex restaurant chain took a huge financial and reputational hit in 2020 when the U.S. Justice Department fined Chipotle Mexican Grill $25 million for safety violations—the largest fine to date for a case of its kind. Between 2015 and 2018, more than 1,100 Chipotle customers became ill due to health and safety violations. To avoid criminal charges, the company paid the fine and began a food safety compliance program that included food safety audits and extensive employee training. These efforts must have helped: In 2023 the company saw a 14.3% revenue increase over 2022.
Though its products are loved by children worldwide, the block toy company was saddled with debt by the early 2000s. To turn the situation around, Lego sold off a majority stake in their pricey theme parks; moved production from Denmark to cheaper locales; created specialized Lego sets aligned with major brands such as “Star Wars” and “Harry Potter”; and branched out into movies, TV, and video games.
Many big-box stores struggled under competition from online retailers, and Best Buy—for years the go-to store for audiovisual equipment, computers, appliances, and physical media—was no exception. By 2012, the company was losing billions. To compete with Amazon, Best Buy introduced a price-match policy, incorporated in-store showrooms for well-known consumer electronics brands, and started an in-home technology consultation service.
How did all these companies come back from the brink? In every case, people in leadership positions made strategic and often difficult decisions that helped set a new course for the organization: the very definition of crisis management. Such are the actions of leaders possessing the acumen and vision to reorganize, leverage their organization’s advantages and, when possible, do what the others can’t.
Learn to effectively lead any organization through good times and bad. Crisis management, a core capability of effective business leaders, requires strong strategic-thinking skills complemented with broad business knowledge encompassing marketing, management, finance, and accounting concepts. Earning an MBA is a proven way to build this expertise and put it to use in coveted, high-level leadership positions.
But don’t just choose any MBA program! Here’s why you should consider The University of Texas Permian Basin’s online MBA:
UTPB’s tuition rates are some of the most affordable among accredited universities. U.S. News & World Report has even ranked UT Permian Basin one of its Best Value Schools.
Our College of Business is AACSB-accredited, a distinguished designation awarded to only 5% of business programs worldwide.
Our institution is a proud part of the renowned UT System, a distinction highly valued on a resume.
Our program empowers you to complete your studies on your schedule from nearly anywhere in the world.
U.S. Bureau of Labor Statistics data makes it clear: Median annual earnings of master’s degree holders are about 16% higher—roughly $11,900—than those of individuals with a bachelor’s degree alone. MBA holders can work in a variety of rewarding roles and industries. See examples, including where UTPB’s MBA graduates are working, right now.
Master crisis management and other business leadership skill sets. Our online MBA program has what you need. Apply today.
Sources:
https://www.cbinsights.com/research/corporate-comeback-stories/
Women hold only 8.2% of CEO positions at large corporations, despite making up half of the population. But don’t let that get you down. Women are making strides in the business world.
We have a long way to go until female entrepreneurs are on equal footing with their male counterparts, but there are an increasing number of successful business women who are setting out to change the narrative. Today, we look at seven of these remarkable women who have not only shattered glass ceilings but also paved the way for future generations of aspiring business leaders.
Taylor Swift is a force of nature. Swift’s success comes from her business savvy, eye for marketing, and willingness to invest in herself. Her Eras Tour, which pays homage to the 33-year-old singer-songwriter’s illustrious career, has brought joy to hundreds of thousands of attendees and has boosted the U.S. economy by nearly $5 billion. We can’t wait to see what she does next, assuming we can get tickets.
Growing up under a communist regime, Zhang Xin’s life was dull, uniform, and gray. Gray buildings. Gray uniforms. There were even sandstorms that turned the sky gray. Xin and the company she cofounded, property developer SOHO China, are credited with bringing lights and colors to the city of Beijing. After becoming “the woman who built Beijing,” Xin went on to found the New York-based film production company Closer Media.
Starting a business is challenging enough without having to worry about sexism, stereotypes, and glass ceilings. To even the playing field, there are numerous resources available for female entrepreneurs.
Small business grants, like those offered by Grants.gov, can help you kick off your business and, best of all, don’t have to be repaid. Small business loans do have to be repaid but can nonetheless be a lifeline. Check out the U.S. Small Business Administration and its Office of Women Business Ownership for loans and additional programs, including training, counseling, and access to credit. Finally, look for mentoring and networking opportunities. Groups like the National Association of Women Business Owners can make a key difference in the professional lives of young female entrepreneurs.
As an engineering student, Debbie Sterling was outnumbered by her male counterparts. Asking herself, “why should boys have all the fun?” Sterling set out to change the status quo. Enter GoldieBlox: an innovative toy company with a mission to ignite girls’ passion for science and engineering. GoldieBlox has been a smash hit, becoming the first small business to be featured in a Superbowl ad.
Stepping into the world of business is already a challenge, and women in business often face the added stumbling blocks of sexism, sexual harassment, and unequal pay. That’s why it’s so important for aspiring female entrepreneurs to hit the ground running. A business degree can help, providing the foundation women need to advance in their careers or even start their businesses and leave the rest behind.
Sara Blakely was looking for the perfect undergarment to go under a pair of white pants. Armed only with a pair of scissors, she made her own from a pair of pantyhose, and from that moment of invention came SPANX. SPANX now has retail shops around the world, and Blakely can be counted among the world’s youngest self-made female billionaires.
Jessica Alba was at the top of her acting career when, in 2008, she gave birth to her daughter, Honor, and decided to take her life in a new direction. Alba launched The Honest Company in 2012, a wellness brand specializing in eco-friendly products. Alba was willing to pivot in her career and dared to imagine a better life than the one she had.
Winfrey was born poor in rural Mississippi. From her humble beginnings, she built a media and business empire, developing and hosting the “Oprah Winfrey Show,” starring in “The Color Purple,” and creating multimedia production company Harpo Productions. She remains an inspiration and a powerful force across multiple industries.
Whitney Wolfe Herd created not one tech giant but two, cofounding Tinder and later its rival, Bumble. With Bumble, Herd wanted to change the gender dynamics of dating, inspired by the advances women had made in the workforce. She took the dating app public in 2021, making her the youngest female CEO to take a U.S. company public.
The inspiring stories of these female entrepreneurs highlight the transformative power of determination, innovation, and resilience. These women have shattered glass ceilings and paved the way for future generations of aspiring business leaders.
If you aspire to make your mark in the world of business, consider taking the next step in your entrepreneurial journey by continuing your education. The University of Texas Permian Basin offers online business programs that will provide a comprehensive foundation for success in the dynamic business landscape.
UT Permian Basin’s AACSB-accredited College of Business offers these online Bachelor of Business Administration programs:
Professionals who want to build upon their foundational knowledge and learn to stand out as a business leader can pursue a Master of Business Administration:
Take the lead. Apply to one of our online business programs and, regardless of where your entrepreneurial interests lie, prepare for future success.
Sources:
https://www.forbes.com/sites/melissahouston/2023/12/01/what-taylor-swift-teaches-women-about-business/?sh=6e5aada2310a
https://www.etonline.com/jessica-alba-shares-why-she-stopped-acting-at-the-top-of-my-career-162904
https://goldieblox.com/pages/our-story
https://spanx.com/pages/about-us
https://closermedia.com/team/zhang-xin
https://www.cnbc.com/2017/08/11/from-factory-worker-to-real-estate-billionaire-soho-chinas-zhang-xin.html
https://www.businessinsider.com/meet-bumble-ceo-whitney-wolfe-herd-net-worth-family-ipo-2020-9
Not even a week has passed since you stored away your Christmas decorations, and signs of the next big holiday are already on the rise. Pink and red heart-shaped boxes and a plethora of lovestruck stuffed animals line the shelves in every store.
It’s official: Valentine’s Day is approaching. Thanks to several well-planned marketing strategies, companies far and wide are promoting the upcoming cuddlefest event of the year, hoping to entice you to join the 52% of Americans who, on average, spend $192 on the holiday.
Grab your box of chocolates as we explore five of the top Valentine’s Day marketing ideas used for this sugary, sweetheart-filled holiday and expand on what makes those tactics so successful.
There’s nothing quite like the excitement of organizing an unforgettable Valentine’s Day for your special someone, your family, or even your friends—especially when you wait until the last minute. According to a survey by the NPD Group, that’s exactly what the majority of consumers do, with approximately 78% of people completing their V-Day shopping a week or less before the holiday. Fortunately for them, plenty of businesses cater to these last-minute shoppers and reap the monetary benefits.
There are several ways companies can capitalize on final-hour buyers:
The strategy of developing and presenting limited edition products adds a must-have touch to exclusive products, especially for shoppers with FOMO. This approach is especially impactful for well-established brands, as devoted customers often pursue the exclusivity of being among the select few to snag a seasonal product for their beloved. Whether it’s an intricately designed insulated cup adorned in pink sparkles or a limited-edition floral-scented fragrance from a renowned perfume brand, this tactic caters to the desire for special and distinctive offerings.
Many people love to show off their Valentine’s Day goodies to, well, anyone who’s willing to watch. That makes user-generated content (UGC) a prime Valentine’s Day marketing strategy. Instead of having the brand market itself, UGC highlights content created by customers, including images, videos, testimonials, and reviews of a brand’s products.
There are several ways you can implement UGC for Valentine’s Day, including:
When you think of personalization, you might recall the classic customized coffee mug that explicitly expresses your partner’s love for you. While personalized marketing is not quite the same thing, it is a highly effective marketing tool.
Personalized marketing involves tailoring your marketing based on the data you’ve collected from your target audience, including their age, interests, purchase history, and more. With that data, you can create various forms of tailored marketing that often make consumers feel special and understood, including:
Just because it’s Valentine’s Day doesn’t mean every person will have someone to send heartfelt cards and gifts to—and that’s okay. Approximately half of the population identifies as single, and many plan to celebrate the holiday, solo or otherwise.
That’s why it’s essential to tailor your marketing efforts to multiple audiences for the holiday, including couples, people looking to buy a special gift for friends or family members, and individuals who aspire to break the mold and treat themselves the well-deserved gift of self-care.
Thanks to effective marketing strategies, American consumers collectively spent $23.9 billion on Valentine’s Day-related shopping in 2022. If you aspire to emulate the success of the marketing professionals behind such significant figures, you’ve come to the right place. The University of Texas Permian Basin provides several entirely online marketing programs, all accredited by the AACSB, that cater to different points in your career and align with your aspirational goals:
Our online Bachelor of Business Administration in Marketing equips you with the skills to promote businesses using both digital and traditional strategies. In your core courses, you’ll analyze demographics and consumer behavior to build marketing strategies and explore the challenges that occur during the marketing lifecycle.
If you’d like to add a few skills in digital marketing to your resume while pursuing an undergraduate degree in a different field, consider our Undergraduate Certificate in Digital Marketing. With this credential, you’ll gain specialized knowledge in social media marketing tactics, learn the fundamentals of Google Analytics, and more.
This online master’s program, ranging from 33 to 42 credits, goes beyond your existing skillset, equipping you with the tools to enhance your leadership capabilities, all with a specialized focus on marketing management.
With three unique paths to choose from, there are plenty of opportunities to bring your career goals to life. When you’re ready, jump-start your journey and apply to the program that’s right for you.
Sources:
https://nrf.com/media-center/press-releases/consumers-plan-increase-valentines-day-spending-nearly-26-billion
https://www.chicagotribune.com/news/ct-xpm-2013-02-06-chi-valentines-shoppers-wait-till-last-minute-poll-shows-20130206-story.html
https://www.entrepreneur.com/growing-a-business/shocking-valentines-day-stats-that-will-make-you-rethink/288417
https://www.nasdaq.com/articles/heres-how-much-americans-spend-on-valentines-day
Thinking about earning a master’s degree in finance? You’ve likely come across two popular options: an MS in finance and an MBA with a finance concentration. While both can prepare you for a successful career, each offers a unique path to your goals.
In this article, we’ll break down the differences between these two graduate degrees—including our 100% online programs at The University of Texas Permian Basin—and help you decide which is the best fit.
While both degrees focus on finance, the MS and MBA each offer unique advantages you’ll want to consider to ensure the best fit for your goals:
An MS in finance is laser-focused on finance. It’ll look at accounting, which is closely connected to finance, as well as management and other business disciplines through a financial lens.
In general, an MBA will provide a broad foundation in all major areas of business, including accounting, finance, marketing, and management. An MBA in finance includes courses in those topics but places an emphasis on finance.
Like any master’s degree program, an MS in finance and an MBA in finance can vary in credit requirements and, correspondingly, time to completion. Here’s the breakdown for UT Permian Basin’s online graduate finance programs:
Some online finance graduate programs have unique qualities that help them stand out. For example, UT Permian Basin’s MS in finance is among a very small number of Texas university programs of its kind with STEM certification—a quality many employers may value in their candidates’ university credentials.
Choosing the right graduate degree is a big decision. Still weighing your options? Here are answers to some of the most common questions we hear:
Whether you choose an MS in finance or an MBA in finance, if it’s one of UT Permian Basin’s online programs, you can count on optimal quality and convenience, with:
Did you know that most of the best-known Fortune 500 CEOs have a finance background? If that’s not inspiration enough for you, consider that a finance degree prepares you for a variety of rewarding professional roles. What’s more, the U.S. Bureau of Labor Statistics (BLS) reports that master’s degree holders enjoy median earnings 16% higher than individuals with a bachelor’s degree alone and are more likely to be employed than anyone with a lesser degree.
See potential career paths, courses, requirements, and other details regarding our programs now.
Curious which program is right for you? Explore your options—and take the next step toward your future in finance.
Imagine sending money across the world in seconds—without waiting for a bank transfer or filling out piles of forms. That’s the promise of cryptocurrency. Cryptocurrency is digital money that doesn’t require banks. Instead, your funds are secured by encryption and passwords only you control. When Bitcoin launched in 2009, it introduced a new way to…
“I will tell you how to become rich. Close the doors. Be fearful when others are greedy. Be greedy when others are fearful.” –Warren Buffett, American investor and billionaire Think about the last investment you made. Then think about why you made it. Did it make sense? Our investment choices often don’t come from a…
In today’s complex financial world, understanding the basics of financial literacy is crucial for personal and professional success. It empowers individuals to make informed decisions about their money and prepares them for future opportunities, such as advancing their careers through programs like those offered by The University of Texas Permian Basin. This article provides a…
They’ve been championed as an eco-friendly alternative to traditional cars. But as more rechargeable electric vehicles (EVs) hit the road, how will the U.S. power grid—already strained due to record high temperatures and other factors—be able to meet the demand?
Here, we’ll discuss what’s happening with the power grid right now, what obstacles still need to be removed, and potential risks and benefits associated with the transition from gas-powered vehicles to EVs.
By 2030, Bloomberg predicts more than 50% of new cars purchased in the United States will be EVs. Heightened use of electric power in general is also expected, in applications including heating, cooling, and today’s computer-driven industries, which require electricity-hungry semiconductor chips. This will necessitate large-scale and expensive upgrades to our national power grid.
The United States has only recently put extensive resources into upgrading our energy infrastructure. The Bipartisan Infrastructure Law, passed in 2021, dedicates more than $20 billion to upgrading our power grid. Portions of these funds are currently being allocated to:
These endeavors are both costly and complex. A study ordered by the California Public Utilities Commission projects that it will cost their state $50 billion to upgrade its grid to power the number of EVs it hopes to have on its roads by 2035. High-voltage transmission lines, which can effectively deliver power from a variety of sources to all corners of the country, must span myriad cities, counties, and states, and those areas fall under the authority of many different utility companies and regulatory agencies. Permitting can sometimes take more than 10 years.
Failing to prepare for the projected 18% increase in U.S. electricity demand by 2030—driven in part by the growing number of EVs—could have serious consequences.
As during the fuel crisis of 1973-1974, which saw nationwide gasoline shortages and long lines at the filling station, we could see similar situations at charging stations, with no end in sight.
So, what would happen if shortages became the norm? They could show up as power outages or blackouts, which wouldn’t just bring EVs to a halt: It could disrupt countless aspects of daily life.
There is some hope on the horizon for California, which is leading the way nationally on EVs despite an expensive road ahead. They’re working toward tripling their electric grid capacity ahead of their 2035 targets and producing significant energy through renewable sources. They’ve also forecast that EVs will only total about 4% of their energy demand in 2035 and therefore not place a major strain on resources.
The technology-focused publication Wired shared an interesting perspective: that EVs might not be a drain on the power grid but a boon to it and to energy consumers. Here’s why:
The need for workers to install the power lines that connect electric vehicle charging stations to the power grid, as just one example, will also lead to expanded job opportunities for those in that field. So, while the challenges of transitioning our power grid to accommodate EVs and our other needs are considerable, they may not be insurmountable and are certainly offset by some of the advantages that will likely result.
Curious about how electric vehicles will impact the U.S. power grid—or if the grid is even ready? Below, we answer some of the most common questions people are asking about EVs, electricity demand, and the challenges and opportunities ahead.
With our longtime ties to the energy industry, The University of Texas Permian Basin is uniquely positioned to provide programs built around the latest developments in the field. Our AACSB-accredited College of Business empowers you to complete these career-enhancing credentials from practically anywhere in the world, 24/7, on your own schedule:
Online Master of Business Administration with Certificate in Energy Business (36-45 credits)
Online Master of Science in Energy Business (30 credits)
Online Graduate Certificate in Energy Business (12 credits)
Prepare for a rewarding career in a dynamic field. The power is in your hands! Get program details and apply today!
Sources:
https://www.nytimes.com/2021/01/29/climate/gm-electric-cars-power-grid.html
https://www.cnbc.com/video/2023/07/01/why-the-us-power-grid-is-underprepared-for-the-ev-revolution.html
Clean energy comes in many forms. These renewable power sources create little to no pollution in the air, water, or soil, and some are even inexhaustible. Let’s look at a few clean energy sources, substantial clean energy efforts around the world, and energy business career potential—including salaries. Clean Energy Sources Some common sources of clean…
What if your neighborhood stayed powered through the next hurricane? That’s exactly what happened in Babcock Ranch: America’s first solar-powered city. Built with sustainability and storm resilience in mind, this Florida town is changing the future of energy and urban design. Why Was Babcock Ranch Built This Way? If you’ve ever lived in Florida or…
The headlines are alarming: “America’s power grid at risk of buckling this winter” “The U.S. power grid isn’t ready for climate change” “Nation at risk of winter blackouts as power grid remains under strain” While there is legitimate reason for concern about the viability of our national power grid, there are some glimmers of hope…
Shopping holidays are a time-honored American tradition. Now, however, shoppers can decide whether to line up outside a brick-and-mortar store on Black Friday or fill a virtual shopping cart on Cyber Monday—or do both.
We’re here to explore the history behind seven of the biggest shopping days. Looking back, we may glean what makes shoppers tick and, for the aspiring marketers out there, how to connect with them. Mark your calendar, grab your coupons, and watch out for deal alerts: We’re going shopping.
Interested in learning more about what makes shoppers tick? The University of Texas Permian Basin offers two online programs you may be interested in, especially if you’re keen on learning how to leverage consumer behavior for marketing and business strategies:
We also offer an undergraduate certificate in digital marketing that can be completed in tandem with any of our online bachelor’s degree programs. If you’re a fan of window shopping, check out our online marketing programs before applying to the one that’s right for you.
Sources:
https://www.huffpost.com/entry/black-friday-history-why-is-it-called-black-friday_l_5d951322e4b02911e1154386
http://web.archive.org/web/20101127132816/http:/www.shop.org/c/journal_articles/view_article_content?groupId=1&articleId=623&version=1.0
https://www.investopedia.com/terms/c/cybermonday.asp
https://www.vox.com/future-perfect/21727010/giving-tuesday-explained-charity-nonprofits
https://www.investopedia.com/super-saturday-definition-5210183#citation-16
https://www.washingtonpost.com/business/2022/08/04/back-to-school-shopping-inflation/
When people picture a day in the life of an accountant, they often envision a professional diligently tapping away on the keys of a calculator while tracking the funds coming in and out of their client’s accounts. All the better to ensure the numbers add up correctly, of course.
But thousands of years ago, when accounting was in its infancy, there were no “accounts” and there were certainly no calculators. So, what is the history of accounting, exactly? Hitch a ride on our well-oiled time machine as we journey to the past to learn more about one of the world’s oldest professions: accounting.
While modern accounting is much more technical and numbers-based than its millennia-old prototype, this wasn’t always the case. Below, we look at the start of accounting and how it’s adapted to society’s changing needs over the centuries.
Accounting made its grand entrance into the world more than 7,000 years ago in some of Mesopotamia’s civilizations. When historians found records dating to that time, they learned that some Mesopotamians kept track of goods they traded and received, such as livestock, animals, and crops.
For thousands of years, societies used the barter system, trading chickens for grains or material for clothing. Despite not using money as a medium of exchange, people still used bookkeepers to keep track of barters made between individuals. Instead of numbers, the entries read more like narratives and were brought out and used when disputes between traders arose.
Eventually, countries began making their own currencies. With a more modernized means of exchange came the need for mathematical whizzes to accurately record the numbers. Many merchants didn’t know how to record the comings and goings of their earnings accurately, so they hired bookkeepers to maintain their business accounts for them.
Until the late 1400s, these records were still largely narrative. While bookkeepers began adding and subtracting amounts from the merchant’s accounts, the records were written as single entries. For example, an entry might look like this:
Toward the end of the 15th century, the Italian monk Luca Pacioli changed the bookkeeping structure and set the stage for accounting as we know it today. He introduced the double-entry system that utilizes a balance sheet with separate debits and credits. Debits refer to the values coming into an account, whereas credits record the amounts coming out.
The expansion of the railroad and the beginnings of U.S. corporations meant that bookkeeping needed to up its ante. Enter accounting, bookkeeping’s older, more analytical-minded sibling. Where bookkeeping focused on tracking numbers and transactions, accounting took things a step further by analyzing those numbers to help companies make more informed decisions. With the help of accountants, businesses were more successful at attracting investors.
In 1887, the American Association of Public Accountants (AAPA) was founded due to the increasing demand for accountants. Then, in 1896, the certified public accountant (CPA) title was introduced, given to those who passed state exams and had three years of industry experience.
In 1913, the U.S. government began charging income taxes to citizens to use as funds to supply the country’s war efforts. Because of this change, the demand for CPAs grew exponentially, with personal and professional accounts seeking the assistance of professional accountants.
Gone are the days of recording credits and debits with a quill and ink. Instead, we’ve replaced pen and paper with technology that’s infinitely more powerful than a simple calculator. Today’s accounting software has made the job more intuitive, helping CPAs complete their job more accurately and efficiently.
Below, we’ve rounded up answers to some of the most common questions about accounting’s long and fascinating history.
Accounting has advanced by leaps and bounds in the past century alone. Who knows where these advancements will lead 20 years from now? If you’re interested in starting a career in an ever-expanding industry, The University of Texas Permian Basin can help you achieve your goals, one step at a time.
Whether you’re ready to obtain a bachelor’s degree and jump-start your career or you want to take your current skillset to the next level by earning your master’s degree, UTPB offers two AACSB-accredited online degree options:
Gain a broad knowledge base in analyzing and solving financial problems for a diverse set of organizations including non-profit, government, public, and private. With your BBA in accounting, you’re prepared to choose from a variety of career options, from credit analyst to financial risk specialist (and plenty in between).
Strengthen your strategic thinking, decision-making, and business acumen while honing your skills in traditional and contemporary accounting practices. This customizable 33- to 42-credit online program can be completed in as little as four semesters. In addition, the program offers two tracks depending on your career goals:
Contact us to find out more about our programs, or if you’re ready to get started, fill out an application today!
Sources:
https://www.investopedia.com/articles/08/accounting-history.asp
You’ve always been an analytical thinker. A problem solver. Maybe a math whiz, too. There’s a career that matches your strengths. Certified Public Accountants—or CPAs—excel in these qualities. Let’s explore why a CPA is no ordinary accountant and what it takes to become one. Want to Be a CPA? Here’s What You Need to Know …
It’s tax season. Your spreadsheets are a mess, your coffee’s cold, and it’s month-end close—again. Enter blockchain technology: a secure system that delivers real-time updates, lets you safely share data … and makes your job much easier in the process. Not exactly sure what blockchain is? Don’t worry! You’re in the right place. Let’s break…
So, you want to work in accounting? With steady job growth fueled by globalization and expanding economies, accounting remains a stable and highly sought-after career path. While demand for this occupation remains high, it also requires a very specific skill set. But how do you know if an accounting degree is worth your precious time…
At some pivotal moment in our professional journey, many of us harbor a remarkable idea or long to embark on a path of independence and self-expression. Yet, most of us wonder: “How can I transform this dream into reality?” In fact, upwards of 27 million Americans dream of pursuing self-employment, but many are unsure of how and where to start.
Becoming an entrepreneur is an exhilarating pursuit that requires a combination of determination, passion, and strategic thinking. In this article, we’ll explore various pathways to entrepreneurship, catering to diverse ambitions and aspirations.
There’s no one-size-fits-all approach to entrepreneurship, and your path may vary based on your business idea, product, leadership style, and work strategy. Let’s examine some of the options available to you.
The most traditional and direct path toward self-employment is to secure an investor and build your own business from scratch. Currently, the most popular small businesses launching are in retail and business services. On the upside, potential small business owners already have a product and a plan and waste no time pursuing their dream. But beware of the potential downsides: You’ll bear responsibility for more complex business skills like finance and marketing and the risk of losing your investment if your business doesn’t thrive.
Startups are innovative, rapidly growing small businesses built to disrupt the local market, attract significant investment, and garner a lot of media attention (think Silicon Valley). If you like to take lots of risks and are attracted to quick growth and rapid expansion, consider creating or joining a startup. Many social entrepreneurs, for example, start their initiatives in startups to implement innovative solutions to social issues and scale their impact quickly.
If you have a lot of money (or an investor) at your disposal, you may want to consider taking over a business that has an existing customer base and products. It provides an easier foray into business ownership and provides a head start on many of the complex (and sometimes tedious) tasks required to launch a business for the first time.
You can also acquire a business by buying into a franchise. However, a franchise owner follows strict guidelines according to the franchisor’s rules, such as paying fees and relinquishing creative and managerial control.
If you prefer to find a mentor and grow into a trade, consider an incubator. Incubators are organizations that provide support, resources, and guidance to early-stage startups and hopeful entrepreneurs. Incubators help startups grow by offering mentorship, networking opportunities, resources to funding, workspaces, and more. Entrepreneur First is a leading incubator to check out.
According to a study by Xero, 58% of entrepreneurs work in a corporation prior to starting their own business. Philanthropist and billionaire entrepreneur Pierre Omidyar worked for years in different tech companies before launching his globally renowned auction website eBay, which revolutionized the e-commerce industry.
Working full-time before starting a business can provide you with skills, ideas, and a supportive network, but it may limit your personal investment, since you’ll be spending a lot of time working for another company.
An intrapreneur is an employee within a company who acts like an entrepreneur. Intrapreneurs demonstrate proactive behavior and implement new ideas, products, or services within the organization they work for. If you’re keen to test the waters of innovation but not ready to start a business, you may want to pursue this path.
Team up with like-minded individuals, combine your diverse skills and resources, and spread out the workload. This type of collaborative entrepreneurship promotes high creativity and problem-solving situations. According to a 2019 report by Global Entrepreneurship Monitor (GEM), one in five entrepreneurs own or manage a business with a family member.
If you’re talented and knowledgeable about a certain service or product, you may even want to consider working as a “worker for hire,” or independent contractor. Gain experience, clients, and income on a flexible schedule.
Imagine honing your business knowledge with a transformative degree while conceiving your dream venture at the same time. Our AACSB-accredited online Master of Business Administration explores the latest trends, cutting-edge strategies, insights on investing, brand marketing, and how to effectively manage a company. With an MBA, you can unlock your full potential and pursue any business pathway you envision.
Complete your degree in as a little as a year—no lengthy commitments—at a fraction of the national average for MBA tuition. Classes are asynchronous and entirely online, meaning you can study on your own terms, wherever you want. Choose from a wide array of entrepreneurship-focused courses and develop expertise in finance, marketing, brand building, organization, and team management.
Some of the invaluable entrepreneurial skills you’ll learn:
Ready to become a business leader? UT Permian Basin will equip you with the abilities, networking, and resources to make your vision a reality. We offer online MBA specializations in marketing, finance, and accounting as well as an additional certificate in energy business. When you’re ready to start your journey, apply here!
Sources:
https://www.gemconsortium.org/report/gem-2018-2019-global-report
https://www.embroker.com/blog/entrepreneur-statistics
When it comes to recent shifts in global temperatures, changes in precipitation totals, and the imminent loss of species on land and sea, climate change is the large, disruptive elephant in the room. Caused in large part by the excessive levels of fossil fuels used to power cars and generate electricity, climate change has led many countries to consider cutting back on the amount of fossil fuels they use.
The solution? Implementing cleaner forms of energy to slow the progression of climate change.
With so many countries switching to clean energy, however, there are bound to be a few noticeable impacts felt by citizens and governments around the world. After all, nothing worth doing is ever easy. Today, we’re reviewing some of the possible impacts of moving to clean energy too quickly.
Clean energy refers to the development and use of sustainable forms of energy to power our homes and cars. Some of the most popular forms of clean energy include:
By taking advantage of clean energy options, not only can humanity slow down the effects of climate change globally, but we can improve the quality of our air, create new job opportunities, and protect Earth’s natural resources and ecosystems.
Despite the long-term advantages of making the switch to cleaner energy, there are a few potential repercussions that could occur if we move to clean energy too quickly. They include:
While transitioning to clean energy fuels and other sustainable resources will provide plenty of career opportunities for those in the field, it is also likely to leave employees of coal mines, natural gas power plants, and oil refineries without jobs. Many newly unemployed individuals will find work in other industries, but the loss of jobs could result in a temporary economic downturn while they search for other forms of employment.
Certain types of clean energy depend on ever-changing weather conditions. For example, solar power relies on consistent sunlight while wind power is dependent on—you guessed it—the wind. Both of those resources are indispensable, but they’re also not completely reliable. One day, you may find yourself with a blustery day ideal for churning out energy. The next? Not a breeze for miles.
If we make the switch to clean energy too swiftly, it could be challenging to find a consistent supply of energy to generate enough electricity for entire cities and countries. The result could be unexpected blackouts or power shortages until Mother Nature decides to bestow her gifts upon solar panels and wind turbines again.
A substantial amount of capital is required to purchase the materials needed for a rapid expansion of clean energy. While estimated long-term financial benefits include lower monthly electric bills for businesses and individuals alike (approximately $500 a year), those high upfront investment costs have the potential to lead to a short-term surge in energy costs for consumers.
In addition to the large upfront cost associated with getting clean energy up and running, there’s also the potential challenge of locating enough materials to establish the entire clean energy infrastructure. From the excessive minerals required to build wind farms and photovoltaic (solar) plants to the batteries needed for energy storage, some locations may face supply chain constraints as they search for the necessary components to quickly establish clean energy resources.
Whether you’re just starting your career or honing your skills to excel in your current role, UTPB offers three entirely online graduate programs that center around the energy industry:
Graduate Certificate in Energy Business
In as little as two semesters, you can complete this 12-credit program and gain both a graduate certificate and an exclusive set of skills relevant to the rapidly growing energy industry. If you’re looking to advance your career or move into an analyst or managerial role, this is the perfect certificate for you.
MBA with Certificate in Energy Business
This 36- to 45-credit AACSB-accredited online program can be completed in as little as four semesters and provides the knowledge and leadership skills needed to give you an edge in this competitive field. Our MBA with a certificate in energy business also prepares you for a diverse range of roles in the energy industry, deeply examining the intersection of energy and business so you understand this complex field from every perspective.
Master of Science in Energy Business
Our Master of Science in Energy Business is designed specifically for energy industry professionals and is one of very few programs of its kind in the United States. This program gives students a robust foundation in financial principles by offering courses that focus on energy finance, financial management, financial derivatives, and corporate finance and strategy. With this master’s degree, you’ll obtain not only an impressive credential but also all the expertise that today’s energy industry leaders need to succeed.
With UTPB’s flexible online format, you can complete your coursework 24/7 from almost anywhere. Start your journey toward a career you’ve only ever dreamed of and apply to one of our energy business programs today!
Sources:
https://www.americanprogress.org/article/clean-energy-will-lower-household-energy-costs/
https://www.iea.org/articles/the-cost-of-capital-in-clean-energy-transitions