MBA has always been a very popular degree that has helped many climb the ladder of success. From students keen on finding a strong footing in a vast business world to even professionals keen on going for higher-level jobs have all benefited from this degree. That’s not all! Even those with entrepreneurial dreams have made good use of a degree in master of business administration.
Aspiring entrepreneurs who want to follow in the footstep of Nike co-founder Phil Knight need to take a leaf out of his book and invest in a good MBA program. In case you are wondering why do this matters? Then you should know that this degree is not just for fine-tuning a certain job role but can be a roadmap for building a strong business model.
MBA for Entrepreneurs
Setting up a business is by no means an easy job and one would think that going back to school would be the last thing an entrepreneur wants, but that’s not the case. A survey by Financial Times showcases that those with MBA degrees not only succeed at establishing their start-up but also find more monetary success as compared to non-degree holders. The survey also shows that 84% of companies that were launched by MBA students either during their term tenure or after graduation are still running three years later.
The knowledge gained during the program on developing your business venture is among the main catalyst behind this success. Also, when many professional minds sit together, learn, and exchange ideas then one finds a broader perspective into the business world. This way one can direct their plans towards more fruitful outcomes. The best part is that the benefits don’t just end here.
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Use of MBA for Entrepreneurs
There are multiple advantages that entrepreneurs can gain from choosing a career in an MBA program and some of the main ones are listed below:
Gain Entrepreneurial Skills:
As someone running a business, you have to perform various duties and need to get acquainted with the job tasks of each department ranging from marketing to management. Along with this, you must master some core expertise like communication, networking, leadership, interpersonal skills, and more. An MBA degree is universally popular because it imbibes one in all these skills and makes them completely prepared for the business landscape.
Incubator For Learning:
As an entrepreneur, you have various ideas brimming that you want to try out but testing such ideas in the real world is risky. The MBA classroom acts as an incubator in such cases where you can try out even the most outrageous and creative ideas to see how they will fare out. This is also a great learning experience for all business professionals who get to evaluate their strengths and weakness in a safe and conducive environment.
Gain Valuable Lessons:
While launching a company is difficult, the real test is in making the firm grow. With an MBA program, you will learn how to transition from ideas on paper to use them successfully in a business. Real cases studied during the program will also teach you what worked for others and what failed. This way you will also get actual insight into the current market and what customers want.
An MBA for entrepreneurs can be a useful tool that will prepare them to launch, nurture, and grow their business. There is a lot to gain from this investment which will give rewards in the long run.