We’ve all seen the stories of college drop outs and teenagers who start businesses from scratch and wind up making a fortune without a degree. These sensational stories are often enough to create the impression that a degree is not necessary to become a successful entrepreneur. While there are no specific requirements or prerequisites needed to start a business, logically one would have to assume that having a Master of Business Administration (MBA) degree could only be beneficial for anyone looking to get involved in company management. With that said, here are 7 ways getting an MBA can make someone a better entrepreneur:
1. Improving Creative and Critical Thinking
An MBA program provides an optimal environment to facilitate open-ended creative and critical thinking that you normally would not work on outside of academia. When you’re focusing solely on launching a specific type of business, you’re limited to the challenges associated with that sector. Contrarily, an MBA program pushes you to solve complex problems in all areas of business planning and administration.
2. Gaining Experience through Case Studies and Projects
When studying for an MBA, you’ll be participating in a number of case studies and projects meant to simulate common business challenges. These activities will help you learn new ways of solving problems, practicing leadership, and achieving desired results through innovative decision making. You’ll have the opportunity to not only learn from the professor and the curriculum, but also from the ideas and input of your peers.
3. Learning from the Perspective of Many Industries
During the process of earning an MBA you’ll be collaborating and communicating with other students who are applying their education to a variety of disciplines. This gives you the opportunity to learn the important aspects of founding and managing companies in virtually any industry, rather than only gaining limited experience from your own endeavors. Being exposed to varying forms of innovation can only be positive for anyone aspiring to become a serial entrepreneur.
4. Building Your Network and Available Resources
It’s no secret that some of the brightest minds attend and teach at universities. Putting yourself around a group of such intelligent individuals not only gives you the chance to learn from them, it also presents an ideal opportunity for networking with people that could help you in future joint ventures. Many times the connections made during the process of earning an MBA are just as valuable as the principles and techniques learned.
5. Room to Fail without Consequence
When a real life business endeavor doesn’t live up to your expectations, the shortcomings typically involve a loss of invested capital and effort. A popular school of thought is that failure is necessary for growth, but it can’t be denied that a failed startup can put a burden on your confidence, finances, and motivation to continue. In an affordable online MBA program, you’ll have the room to fail or fall short, and instead of beating yourself up about it and becoming depressed about how much money and time you’ve poured into it, you’ll be able to learn from constructive criticism. The opportunity to comfortably learn from failures without the pressure of potentially losing money is a huge advantage of enrolling in an MBA program.
6. Learning the Logistics of Founding and Running a Business
An MBA doesn’t just help you solve problems and think more creatively, it also teaches you the specific steps, processes, and legalities associated with founding and managing a business legitimately and professionally. After graduating, you should have a thorough understanding of business finances, employee management, accounting requirements and practices, risk mitigation, and all of the other facets involved in operating a company.
7. A Useful Addition to Your Resume
Finally, having an MBA listed on your resume can help you get hired for desirable management positions and could help investors have more confidence in your abilities during the funding stages of a project. In other words, someone with a great business plan and an MBA is more likely to attract investors than someone who only has a great idea with no degree to prove their expertise.
While many entrepreneurs have succeeded without an MBA, it is undeniable that any aspiring entrepreneur can benefit from the experience, knowledge, and networking gained during the process of studying for the degree. Furthermore, most companies would prefer to work with someone who has proven their intellectual capabilities and work ethic by completing an MBA program.
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