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
Just as the internet revolutionized our lives starting in the 1990s, artificial intelligence (AI) is transforming the way we interact with others, run businesses, and conduct many other aspects of our lives in the 2020s. While AI is by no means a new concept (depending on which source you consult, it was conceived sometime during the 1940s to 1960s), you’re hearing so much about it now for good reason.
There’s an analog to the journey of the computer in the recent emergence of AI. Computing once required a large room filled with banks of giant tape-driven machines with limited speed and storage capacity and a hefty price tag. Then came the personal computer, which put computing literally at the average person’s fingertips.
At one time we only saw AI applications in business, the military, and scientific sectors. Now AI is available to the masses in a robust, user-friendly form thanks to applications such as ChatGPT, Jasper, and Midjourney. Average people are now more aware of its power and potential, though many of us have long been using AI, even if we didn’t know it. Interactive, automated phone menus are one everyday example.
Like computers and the internet, AI has the potential to be another game-changer for business and society in general.
The business applications of AI are many—and growing. This technology is being broadly adapted, and an increasing number of businesses rely on AI to complete tasks faster, more accurately, and more affordably than was previously possible. Here are some of the ways AI is currently being harnessed in the business world:
An organization that uses AI for any combination of the tasks outlined above can certainly establish a competitive edge. Still, there are increasing concerns that AI will put many people out of work. And unlike those of us who must “cite our sources,” AI draws liberally from existing works without identifying them, potentially violating all manner of copyrights, trademarks, and intellectual property rights.
With consumer-oriented AI still in its infancy, society will have to work out these concerns and determine a new normal amidst a dynamic and contentious landscape. Calls to regulate the technology are already coming from all corners, including major think tanks, nervous lawmakers of all political stripes, AI entrepreneurs, and Hollywood scriptwriters.
No matter what the prevailing technology is, the fundamentals of business remain the same. That means that you still need recognized business credentials to flourish in the field, no matter what kind of high-tech help you may be getting. The University of Texas Permian Basin’s AACSB-accredited College of Business offers online programs that enable you to acquire those qualifications. Choose the degree that corresponds to your education level:
Bachelor of Business Administration in Management
Build the foundation for a leadership role in a variety of business disciplines. This undergraduate degree program allows you to add a concentration in operations management, a highly lucrative career field. As you complete your degree, you’ll gain a deep understanding of practical and theoretical business fundamentals.
Master of Business Administration
Aim for the highest levels of business management with an MBA, the degree the U.S. Bureau of Labor Statistics says is closely associated with top executives of large corporations. Our in-demand graduate program comprises all the business disciplines, including management, marketing, finance, and accounting, giving you the broad perspective essential to leading a business of any size. “MBA” is a title you’ll be proud to wear and a designation hiring managers look for in their candidates. Some companies may require a master’s degree for new hires or those seeking advancement within their organization.
The introduction of any new technology to a field brings the potential to transform that field for the better. Just consider the unequaled benefits of getting an education through our 100% online degree programs:
Build the expertise to succeed in business no matter what technology is leading it. UTPB has the online programs you need. Apply today!
Sources:
https://www.npr.org/2023/05/25/1177700852/ai-future-dangers-benefits
A small candle business with a limited budget once relied solely on word of mouth to attract customers. But with a few well-placed social posts, some glowing customer reviews, and a simple video tutorial, their reach started to grow—and so did their sales.
Stories like this aren’t rare. Small businesses everywhere are learning that with the right strategies, it’s possible to market effectively without overspending. From digital tools to creative content, there are plenty of ways to get noticed without breaking the bank.6 Cost-Effective Marketing Ideas
Below, we explore six cost-effective marketing ideas for businesses, no matter their size:
Some surveys reveal that about 95% of shoppers consult online reviews before making a purchase and nearly 60% are willing to pay a premium for a product that has positive reviews. With that in mind, it’s critical for businesses to provide a good customer experience. If you’re a business owner or marketing professional, encourage satisfied customers to share reviews on your website and highly trafficked review sites. Reviews cost nothing and can have a significant impact on your business.
If you can effectively use SEO tactics to tie your product or service to something that’s trending on the internet, you can attract potential customers at a very low cost. Offering interesting, useful, timely blogs or articles on a regular basis is key.
New AI tools enable you to assemble shareable, professional-looking videos with minimal text using stock photos and music in just minutes with minimal expenditure. You may even be able to create high-quality videos on a cell phone alone. Share these videos on popular social media platforms and your own website.
Coupons are very easy to send and share electronically. Still, there are risks: A discount coupon can become too popular and end up costing you more than you expected. It’s important to limit the number of coupons you distribute and also limit their stated discount amount.
With qualified leads—people with a genuine interest in or need for your product or service—and valid email addresses, an email list can yield many prospective customers at a relatively low cost. It’s crucial to make sure you have a vetted list and the recipients’ opt-in permission. The same applies to SMS or text marketing.
Start by conducting a bit of market research to identify which social media platforms your target audience uses most. Once you’ve narrowed it down to one or two key platforms, create a content plan and start building a following through posts, reels, stories, and engaging visuals. Organic content helps grow brand awareness over time, while paid ads—despite requiring a budget—can be highly targeted and surprisingly affordable.
Whether you’re launching a business or looking to stretch your current marketing budget further, it’s natural to have questions about what actually works. Below are a few commonly asked questions and clear, practical answers to help guide your next steps.
Boost your marketing savvy and career potential with an online marketing program from The University of Texas Permian Basin. All of our AACSB-accredited online business programs are built around a robust curriculum and taught by our accomplished faculty. They’re also a cost-effective choice:
Master the marketing strategies that work for your business goals and budget in these programs:
Online Bachelor of Business Administration in Marketing
Explore potential career paths.
Online Undergraduate Certificate in Digital Marketing
View certificate program courses.
When you choose UT Permian Basin for your degree you’ll enjoy great quality from the start—and tremendous potential at the finish. We’ve been recognized for our online programs in criteria including engagement, faculty, services, and support:
See what a marketing bachelor’s degree can do for your career potential:
The first true test of your marketing expertise may be marketing yourself to potential employers. Be ready to show them you have the credentials and corresponding skills! Apply today.
The clock strikes midnight, and the doors burst open. A crowd of people rush in, many of whom camped outside to hold their place in line, some of whom have looked forward to this day all year. Pushing through the throng, shoppers spread out and hunt for the lowest prices. The fervor is highly contagious,…
Honoring and celebrating our mothers has been a global tradition throughout history. Although Mother’s Day was officially declared a U.S. holiday in 1914, its origins date back centuries. People have honored their mothers across cultures and time periods through festivals, religious observances, and communal gatherings. Understanding the historical significance of holidays like Mother’s Day provides…
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…
The MBA is the most popular graduate management degree in the world—and for good reason. According to a 2022 report by the Graduate Management Admission Council, 86% of graduates holding a Master of Business Administration were employed by the time of graduation.
Many students pursue this degree to switch industries, catapult their careers, or open doors to a variety of business opportunities, from entrepreneurship to management. However, it can be one of the most expensive graduate degrees to earn, with some students paying up to $200,000 in total.
So, the burning question for you may be: Is it worth the investment?
Like any graduate degree, analyzing the costs and benefits is an important business decision by itself. Let’s break down what an MBA can truly offer and help you make an informed decision.
The first step in determining an MBA’s worth is to analyze the cost. For a full-time, two-year MBA program, expect to pay:
Given the significant financial commitment, it’s important to weigh your options carefully. At The University of Texas Permian Basin, our students come first, and we’ve made every effort to keep programs affordable while offering a top-notch education.
UTPB is ranked one of the top business schools in the nation and is accredited by the Association to Advance Collegiate Schools of Business. Our accelerated MBA program costs less than $15,000 and can be completed in just a year. Classes are entirely online and asynchronous, meaning you can complete your courses from anywhere in the world with no extra living expenses or the hassle of a set schedule.
Your next question may be: What about student loans? On average, MBA students owe between $28,000 and $100,000 after graduation. With the increasing demand for MBA programs, securing financial aid can sometimes be a competitive process.have its challenges..
At UT Permian Basin, our online programs don’t require you to be on campus and don’t charge out-of-state tuition rates, meaning you won’t have to make that move or even leave your house. Most students who attend our online MBA program take out a median of $16,779 in loans to complete their studies: far less than the national average. (Visit our respective financial aid and scholarships pages to learn more.)
MBA graduates make about twice as much as other graduate degree holders. According to a 2022 GMAC Report, full-time MBA students see their median salary increase 50% from pre-MBA to post-graduation—from $80,000 to $120,000 a year.
The sector you choose to work in also plays a role in your overall salary potential. If you pursue a career in consulting, you may make around $147,200 yearly, while government employees make around $87,700 yearly.
According to 2023 Lightcast data, financial analysts are in highest demand in the business sector, followed by operations managers and product managers. Business development managers and marketing managers are also among the top-10 in-demand positions.
To give you a better idea of annual salary potential in these roles, here is a list of some top occupations for an MBA graduate:
As you can see, earning an MBA has considerable, long-term payoff. What if you can do all of this without risking your financial resources and work-life balance—from the comfort of your home?
UTPB offers the flexibility and convenience of online learning with the prestige of a top-ranked business school. According to 2023 data from SeekUT, students who graduate from our MBA program enjoy a starting median salary of around $77,000, which exponentially increases about 20% for every two years of employment.
Many prospective MBA students want to grow their skills in areas of interest in which they lack experience. For example, if you have a strong grasp on finances but need marketing skills to climb the corporate ladder, you may want to hone your skills in the weaker area. Our online MBA allows you to choose specializations in Accounting, Finance, and Marketing or add an Energy Certificate to your degree.
Ready to make an invaluable, life-changing investment? Join our successful students at UTPB’s College of Business. We accept applications year-round, so whenever you’re ready, apply here!
Sources:
https://seekut.utsystem.edu
https://lightcast.io
https://educationdata.org
https://www.usnews.com/education/best-graduate-schools/top-business-schools/articles/what-an-mba-degree-is-and-what-you-need-to-know
https://www.investopedia.com/terms/m/mba.asp
https://www.mba.com/explore-programs/choose-and-compare-programs/what-is-an-mba
https://www.forbes.com/advisor/education/mba-cost
https://www.usnews.com/education/best-graduate-schools/top-business-schools/applying/slideshows/10-best-public-b-schools-for-a-full-time-mba
https://www.usnews.com/education/best-graduate-schools/top-business-schools/articles/how-an-mba-can-lead-to-career-change
In 1999, only three large public companies were headed by women. While that number has since increased—women now hold approximately 32% of senior-level positions globally—there remains considerable room for progress, especially given that women make up 41% of the global workforce. This isn’t to say that women aren’t breaking barriers in traditionally male-dominated fields. Take…
“Culture is simply a shared way of doing something with a passion.” —Brian Chesky, co-founder and CEO of Airbnb Psychologist Ed Schein first coined the phrase “company culture,” defining the concept as a set of common beliefs and habits developed by a group to solve problems and fit in. So how can we build such a…
A traditional MBA path often means finishing your bachelor’s degree, entering the workforce, then returning to school years later for your MBA: an expensive and time-consuming journey that can take six or more years in total. At The University of Texas Permian Basin, we offer a smarter, faster option: our online 4+1 MBA program. In…
Depending on whom you ask, we are already in a recession, we can expect one very soon, or we may experience only a small correction in the coming months. As of this writing, a definitive conclusion remains elusive. There are certainly factors that suggest a recession is looming. However, there are also indications that a 2020s recession could differ in some significant ways from the Great Recession of 2008. We’ll examine these indications before discussing how financial professionals are well positioned to withstand troubled economic times and what you’ll need to succeed in this resilient field.
Is the writing on the wall for a recession? If so, the wording is different. Consider these factors:
The 2008 recession—when unemployment in the United States reached 10%—was triggered in large part by the 2007 “housing bubble” burst. While many people snatched up homes with loans they couldn’t afford in the early 2000s, many eventually defaulted on their mortgage payments. According to Experian, the subprime mortgages at the center of the housing bubble that were designed to enable individuals with poor credit to buy a home are now subject to greater government regulations.
One significant difference between the 2008 recession and a potential 202X recession is the state of the job market. We entered 2023 with the employment sector still reeling from the “Great Resignation” largely attributed to the COVID-19 pandemic. The federal government has reported that an unprecedented 50 million people voluntarily resigned from their jobs during 2022 alone.
An NPR report explained the resulting problem: “Some businesses say they’re reluctant to let employees go, even if demand drops, after struggling for much of the last two years to find enough workers.” At present, the job market is still considered to be in good shape, though recent layoffs announced by major companies including Amazon, Google, and Disney suggest a formerly “hot” job market may be cooling off.
Forbes states it plainly: “Inflation is much worse today than in 2008.” The 2022 consumer price index (CPI) was +8.3%: a significant increase over 2008’s -0.02%. Financial experts do not expect to see inflation level out until at least 2024.
Whatever the status of any possible recession may be, it’s always a wise idea to stay prepared, since this phenomenon certainly appears to be cyclical. Over the last three quarters of a century, the United States has not gone much longer than 10 years without experiencing a recession. Considering the last recognized recession ended in 2009, any impending recession is behind schedule.
One way to prepare for an unknown economic future is to build credentials in a field that doesn’t typically experience the full brunt of a downturn. Many prominent sources, including the ones listed below, have included financial services among their lists of recession-proof industries. Some financial services firms may even thrive during a recession: a time when people are typically more concerned than ever about their finances.
Having the right professional credentials can make all the difference in sustaining employment when a recession hits, companies reduce staff, and new jobs become scarce. The corresponding skills and knowledge can make you an indispensable part of your team or a leading candidate for a new position in a competitive hiring environment.
During a downturn, companies and individuals will need experts who can help them manage their money wisely. The University of Texas Permian Basin’s 100% online finance degree programs empower you with financial management expertise that can make you irreplaceable and put you in line for rewarding finance-related positions. Led by acclaimed faculty with real financial industry experience, our AACSB-accredited finance programs include:
Online Bachelor of Business Administration in Finance
Build core financial management skills that will serve you well in a variety of careers and prepare for Chartered Financial Analyst (CFA) and Certified Financial Planner (CFP) professional designations with a BBA in finance.
Online Master of Business Administration in Finance
Already have a bachelor’s degree? Add the prestige of an MBA to your resume. Gain vital operational acumen and leadership savvy in a 33-42 credit program that you can complete in as little as four semesters.
Online Master of Science in Finance
Focus on honing your financial management competencies in a 30-credit program that is one of very few Texas university programs of its kind with STEM certification. Finish in 12 to 24 months.
With one of these degrees, you can compete for a new position or perform to a higher standard in roles such as:
Financial Manager
Median annual pay: $131,710
Financial Analyst
Median annual pay: $95,570
Personal Financial Advisor
Median annual pay: $94,170
Budget Analyst
Median annual pay: $79,940
The asynchronous online format of our finance degree programs offers you the freedom to complete studies on your own schedule from virtually anywhere in the world. No campus visits are ever required. If you have work and/or personal responsibilities, our programs can enable you to meet your obligations as you earn a widely respected, career-enhancing degree.
Face an economic storm equipped with a stronger resume! Apply to one of our online finance degree programs today.
Sources:
https://www.forbes.com/sites/forbesfinancecouncil/2022/12/05/comparing-2022-to-2008-what-key-economic-drivers-mean-for-investors/?sh=72254de81e7e
https://www.cnn.com/2022/08/05/perspectives/jobs-recession-economy-labor-shortage/index.html
https://www.forbes.com/advisor/mortgages/real-estate/housing-market-predictions/
Every time you pull up to the pump, it feels like a game of chance. One day, it’s a bargain; the next, you’re paying way more than expected.
While it’s easy to blame oil companies, politicians, or even your local gas station, the truth is that no single person or entity sets the price of fuel. Instead, a web of factors—ranging from global events to refining costs—shapes what you pay at the pump. Below, we’re breaking down 10 key factors that drive the ups and downs of gas prices.
The gasoline we put in our cars is derived from crude oil. In fact, most of the cost of gas comes from the cost of crude oil itself. Global oil prices fluctuate due to a variety of factors, including supply and demand and geopolitical tensions. When crude oil prices rise, so does the cost of gasoline.
Crude oil must be refined to become gasoline, and the refining process adds its own cost to the pump price. Refinery expenses include the cost of labor, equipment, and compliance with environmental regulations. Seasonal changes also impact costs: Refineries switch to a different fuel blend in the summer to meet air quality standards, often leading to higher prices.
Gas is subject to taxation from the federal government down to the local level, and this added cost is factored into the final price. For instance, state and local taxes vary, so gas prices can differ depending on where you fill up.
Gas must be delivered from petroleum companies to gas stations, so there are associated transportation costs. The farther gas has to travel—whether by plane, train, or automobile—the higher the cost.
Gas is a product and, like any product, has marketing costs. Gas stations and oil companies attract customers with marketing tactics, such as advertising, promotions, and loyalty programs. While these strategies don’t make up the majority of the final price per gallon, they’re still a factor.
While some gas stations are affiliated with oil companies—Shell, Exxon, etc.—many are independent companies that purchase gas from refiners and add their own costs on top before reselling it to consumers.
The amount of available gas is another factor in the price. Natural disasters, refinery shutdowns, or international disruptions can lead to shortages that drive up costs. Conversely, an oversupply of oil or gasoline can cause prices to drop.
When the demand or projected demand for gas puts a significant dent in the supply, the price goes up. For example, summer travel and holiday road trips increase the demand for gas, driving up the cost per gallon.
Foreign policy and geopolitics can cause significant fluctuation in gas prices. For example: Amidst rising tensions between their two nations, President Biden visited major oil producer Saudi Arabia in 2022 to ask the Saudi government to increase oil production and thereby supply. However, the Saudis declined, and gas prices rose.
International calamities such as Russia’s 2022 invasion of Ukraine can result in skyrocketing fuel prices around the globe. In that instance, the U.S. and other countries introduced sanctions including a ban on the importation of oil from Russia—a major oil-producing country—resulting in a supply shortage that drove up prices.
Explore finance, law, risk management, and other key business disciplines through the lens of today’s energy industry. Leveraging our decades-long affiliation with that industry, The University of Texas Permian Basin has developed online graduate programs that prepare you to take on coveted leadership roles or magnify your mastery of your existing role in the field.
Our AACSB-accredited programs include:
Online Master of Business Administration with Certificate in Energy Business
An MBA is a widely respected credential that can make current and future employers take notice. Our online MBA program gives you a broad business foundation through courses covering all key business areas coupled with energy-focused specialty courses.
Online Master of Science in Energy Business
Built on a foundation of financial principles, this is an online master’s degree dedicated to the energy business—one of very few university programs of its kind to be offered in the U.S. You can complete our 30-credit program in as little as four semesters.
Online Graduate Certificate in Energy Business
If you aren’t ready to begin a master’s program, or you’ve already earned a degree but lack the energy expertise you need to achieve your career goals, this standalone graduate certificate program was designed with you in mind.
You may not be able to control the factors that influence the price of gas, but you can steer your energy career in the right direction with the right credentials. Begin your journey today!
Sources:
https://www.kiplinger.com/personal-finance/604688/how-gas-prices-are-determined
https://www.eia.gov/energyexplained/gasoline/factors-affecting-gasoline-prices.php
https://www.eia.gov/energyexplained/gasoline/price-fluctuations.php
https://www.cnbc.com/2022/07/04/high-us-gas-prices-weigh-on-demand-with-impact-on-consumption.html
https://www.cnn.com/2021/06/23/politics/joe-biden-gas-price-fact-check/index.html https://www.theguardian.com/business/2022/jul/18/oil-price-rises-joe-biden-saudi-output-petrol-diesel-prices
https://www.bbc.com/news/business-63855030
https://www.forbes.com/advisor/personal-finance/why-are-gas-prices-rising
https://www.nytimes.com/2022/03/10/business/russia-ukraine-war-gas-prices.html
https://www.afpm.org/newsroom/blog/do-refineries-set-price-gasoline
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When you hear the word “accountant,” who comes to mind? Someone balancing spreadsheets and filing taxes? If so, you’re on the right track. But there’s more to it. Within the field of accounting, one credential stands apart: the Certified Public Accountant (CPA). While both accountants and CPAs manage finances, advise clients, and ensure the accuracy…
Picture this: You’re a junior accountant, and your manager asks you to tweak a report to make the numbers look better. The request sounds harmless enough—just a small tweak—but you know it’s not above board. Now you’re stuck. Do you follow orders and risk crossing an ethical line, or do you push back and risk…
Video calls. Robot vacuums. Voice assistants. Thirty years ago, we only saw this technology in cinema or on TV. Today, they’re billion-dollar industries. Many of the technologies now reshaping how we live and work first appeared in movies or on TV. While most viewers were happy to lose themselves in the narrative, an enterprising few…
“Never take your eyes off the cash flow because it’s the lifeblood of business.” — Sir Richard Branson, famed entrepreneur
Many elements go into making a successful enterprise, but money is without question what keeps a business alive. As such, managing the flow of money—what’s coming in, going out, and moving within—is a critical role in any business organization. Choosing investments; guiding company leadership in making financial decisions; creating, interpreting, and explaining financial reports; ensuring regulatory and legal compliance; and setting financial goals for an organization fall to one very important individual: the financial manager.
If you’re considering pursuing a financial management career—the ongoing objective for which is nicely encapsulated in Sir Richard Branson’s above advice—you’ll want to know what the profession has to offer and how you can get started. Let’s review those now.
“Financial manager” does not refer to a single job. It’s a broad category that encompasses banking, insurance, manufacturing, government, and other fields. A financial manager in any of these sectors may choose from a variety of jobs and perform diverse duties under titles including:
Financial managers have a direct influence on a business’s bottom line, its future viability, and its overall success, making theirs one of the most critical and revered roles within their organizations. Financial managers may also be highly compensated and have many job opportunities to choose from, as we will soon explain.
The U.S. Bureau of Labor Statistics (BLS) has published some very enticing earnings data for anyone looking to become a financial manager or advance within their existing career. The median annual pay for financial managers is $131,710 per year. The BLS also projects employment in the profession will grow by 17%—much faster than the average rate for all professions—between 2021 and 2031. That adds up to roughly 71,300 new financial manager job openings each year in the U.S. alone.
As reported by the BLS, financial managers must have a minimum of a bachelor’s degree and at least five years of work experience in business or finance. In some cases, however, having a graduate degree can also be advantageous. The Association for Financial Professionals (AFP) offers the esteemed professional designation of Certified Treasury Professional (CTP) to some financial professionals who hold a graduate degree and meet specified experience requirements. CTP and other respected certifications and credentials can help elevate a candidate’s resume. Many Chief Financial Officer (CFO) positions require a candidate to be a Certified Public Accountancy (CPA). Generally, a degree in accounting or finance or an MBA is the minimum expectation to pursue the career of financial manager. BLS data also reveals that master’s degree holders in general earn 18% higher median pay and are more likely to be employed than those who hold a bachelor’s degree alone.
The University of Texas Permian Basin offers online undergraduate and graduate degree programs that can help you qualify for or perform better in a financial manager career. Our AACSB-accredited programs include:
Our online degree programs are built on the same robust curriculum taught by the same distinguished faculty who lead the programs in person at our Odessa, Texas campus. Our programs’ asynchronous format enables you to access the virtual classroom 24 hours a day from just about anywhere on earth and work at your own pace! You’ll find these advantages invaluable when simultaneously managing your professional and personal responsibilities and earning your degree.
We welcome the opportunity to answer any questions you may have about our finance-related programs, financial aid, or any other aspect of earning a career-transforming degree online with UT Permian Basin! Reach out today!
As April 15th looms, many of us start to scramble. You know the day: Tax Day—the deadline to prove to the IRS that you paid the right amount of income tax, claim a refund if you overpaid, or begrudgingly send what you still owe.
Before America went digital, it was common for American taxpayers to rush to a post office just before the 11:59 p.m. deadline on April 15th to get their tax returns postmarked and on their way to the IRS. Now, digital returns are more popular than ever. While this process is arguably more convenient, getting income tax forms filled out and filed correctly remains a stressor for many American taxpayers.
Why do Americans go through this ordeal every year, and how did it begin in the first place? Let’s take a brief look at the history of income tax in the U.S. now.
Our country’s approach to income tax and the tax code has changed many times over the years. This timeline highlights some of the major milestones:
The U.S. income tax system was born out of necessity. In 1861, during the Civil War, Congress passed the Revenue Act to generate funds for the Union war effort, marking the first time Americans were taxed directly on their income. Though this early tax was temporary, it laid the groundwork for future legislation.
Tax filing has shifted from a manual, paper-based process to a fast, mostly digital experience. In the early days of income tax, taxpayers filled out paper forms like the now-famous Form 1040 by hand and mailed them to the IRS. Over time, filing requirements and deadlines evolved, with Tax Day eventually landing on April 15.
The rise of digital technology marked a major turning point. Today, , making the process faster and more accessible. E-filing software, digital W-2s, and online tax tools have simplified what was once a paper-heavy and time-consuming task.
Today, most working Americans are required to file a federal income tax return if they earn above a certain threshold, which varies depending on factors like:
Currently single filers under age 65 must file if they earn more than $13,850. Self-employed individuals need to file if they earn over $400. Taxable income can include:
Because tax law is complex and ever-changing, many individuals and businesses turn to accountants to ensure compliance, maximize deductions, and reduce the risk of costly errors, making the role of accounting professionals more important than ever.
Is it your passion to tackle taxes and other financial concerns as a career? Countless busy, frustrated, and confused American taxpayers are anxious to let a professional handle their annual income tax filing and other financial matters on their behalf. The University of Texas Permian Basin offers AACSB-accredited accounting degree programs to match your professional ambitions and education level—all available through an online classroom you can access from anywhere in the world at any time of day. Our programs include:
Online Bachelor of Business Administration in Accounting
Generally, you must earn at least a bachelor’s degree before working as an accountant. UT Permian Basin’s BBA in accounting program is designed to help you build the qualifications for accounting and related professional positions. This degree will equip you to take on accounting roles in governmental, private, public, and non-profit sectors.
If you’ve already completed a bachelor’s degree and want to explore accounting at a more advanced level, you have two program choices:
Online Master of Business Administration With Accounting Track
Develop broader business acumen as you expand your expertise in traditional and modern accounting principles, strategic thinking, and decision-making with our online MBA in accounting.
Online Master of Professional Accountancy
In addition to honing your mastery of historical and current accounting practices and decision-making and strategic thinking skills in a business context, the curriculum of our Master of Professional Accountancy prepares you to sit for the Texas CPA exam.
The U.S. Bureau of Labor Statistics reports that some employers prefer to hire job candidates who have completed an accounting master’s degree!
UTPB’s online accounting degree programs offer a level of convenience that campus-based programs can’t:
Ready to get started? Apply today!
Sources:
https://guides.loc.gov/this-month-in-business-history/april/tax-day
https://www.irs.gov/irs-history-timeline
https://money.cnn.com/2017/12/15/news/economy/gop-tax-plan-details/index.html
When you hear the word “accountant,” who comes to mind? Someone balancing spreadsheets and filing taxes? If so, you’re on the right track. But there’s more to it. Within the field of accounting, one credential stands apart: the Certified Public Accountant (CPA). While both accountants and CPAs manage finances, advise clients, and ensure the accuracy…
Picture this: You’re a junior accountant, and your manager asks you to tweak a report to make the numbers look better. The request sounds harmless enough—just a small tweak—but you know it’s not above board. Now you’re stuck. Do you follow orders and risk crossing an ethical line, or do you push back and risk…
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 …
“Business” is a broad term encompassing marketing, management, accounting, finance, and other functional areas. Each of these areas play a key role in the operation and success of any business, but for this article we’re going to focus on marketing. First, with a definition from a leading marketing organization, and then some clarification of our own.
The American Marketing Association (AMA) defines marketing as:
“ … the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large.”
In other words, marketing drives business. It’s what lets the world know a product or service exists. It allows an organization to highlight the benefits of their products, services, or mission and differentiate themselves from the competition. An organization may market to consumers (business-to-consumer, or B2C), to other businesses (business-to-business, or B2B), or both. Let’s review some ways that an organization markets what it has to offer to the world.
As media and technology evolve—and consumers become more marketing-savvy—marketers must adapt and introduce new kinds of marketing to connect with their intended audience. Let’s look at a few of the kinds of marketing that organizations use today, starting with some of the more traditional tactics. It should be noted that a business may use any combination of these to achieve their marketing goals, as no single form of marketing necessarily appeals to or reaches all potential consumers.
The incredible growth of both the internet and social media have given “word-of-mouth” (WOM) marketing a tremendous reach that wasn’t previously possible. Examples include:
Marketing is a rewarding and dynamic field, but it’s also a challenging one. If you’re interested in becoming a marketing professional, you’ll need to gain the credentials that will both help you enter the field and advance within it.
Marketing expertise can prepare you for a rewarding career in a near-limitless variety of fields and private and public companies. As just one example, marketing managers enjoy annual salaries in the six figures. According to the U.S. Bureau of Labor Statistics (BLS), advertising, promotions, and marketing managers earn median annual pay of $133,380. Having an advanced degree can help you compete for high-paying roles such as marketing manager.
If you want to see what an advanced degree can do for your professional potential, consider our online Master of Business Administration with emphasis in marketing. Offered through our AACSB-accredited College of Business, our program helps bachelor’s degree holders build highly marketable leadership and operational skills and knowledge. In as little as four semesters and with 33 credits, you can graduate ready to pursue a variety of coveted marketing positions.
Choose UT Permian Basin for your online MBA with emphasis in marketing and you may be surprised at the accessibility of our program’s cost and convenience. UTPB has some of the most competitive tuition rates of any accredited U.S. university of our stature. Further, our program’s 100% online, asynchronous format enables you to complete your degree on your own schedule from virtually anywhere in the world. Maintain your professional and personal commitments while completing our program.
See what our advanced marketing degree can do for your career prospects. Apply now.
Want to learn more about our other MBA programs? Browse them now.
Sources:
https://www.searchenginejournal.com/inbound-vs-outbound-marketing-whats-best-2017/176422/
https://hireinfluence.com/blog/history-influencer-marketing/