In the last few years, there haven’t been many degrees that are as polarizing as the MBA. While the new wave of startup entrepreneurs all seem to stem from fields that don’t have much to do with business administration, a lot of the most successful entrepreneurs still understand its value and have gotten some sort of business administration formation before making it in their field.
But an MBA can be a very powerful tool for an entrepreneur and could make the difference between your business committing some major logistical faux pas that could sink it or establish your business as a leader in its field. Here are some of the main reasons why every new entrepreneur should consider getting an MBA.
Business Schools are Powerful Incubators for Aspiring Entrepreneurs
One of the most understated reasons why entrepreneurs should consider getting an MBA is because of how great of an environment for exploration and experimentation business schools can be. Business schools always served their vocation as a hub for helping budding entrepreneurs build and manage their business the right way. Over the last few years, the number of contest, centers, and courses completely dedicated to entrepreneurship has ballooned.
Business schools serve as a safe haven where aspiring entrepreneurs can test their wildest business ideas without having to worry about failing. Not only that, but they have the help of some of the greatest business minds peeking over their shoulder to show them where they’re going wrong. This gives students the opportunity to make mistakes and see what works and doesn’t. This also allows students to notice patterns and see what separates a viable business model from the rest.
As a student, you’ll also be able to see multiple sides of the actual entrepreneurial experience. You’ll be able to see what it’s like to work as part of a team and learn how to manage team members. This will ultimately give you a clearer idea of whether entrepreneurship is really your calling and if you’re actually cut out for it.
You’ll get Access to Great Mentors
Having good mentors around you during, before, and after your studies is absolutely essential if you want to be able to learn from their mistakes. Having a strong network of mentors and guides around you will give you a leg up on the competition and will give you access to expertise you might not have found in the classroom.
Some universities will have mentoring programs in place that will connect you with successful alumni and business leaders in a variety of fields. Building connections with your teachers could also prove to be beneficial in the long run. Having continuing relationships with your teachers might come in handy when it comes to recruitment and they could provide you with a direct pipeline of fresh talent that might help you later.
An MBA will Teach you Much more than just Launching a Business
An MBA will go way beyond the launching stage. You’ll also get the chance to learn exactly how to grow and scale your business as well. Many entrepreneurs ended up failing even though they had great ideas because they didn’t know how to scale their business properly and didn’t have the tools they would’ve acquired through an MBA program.
As a business owner, you have to learn how to take an idea and turn it into a viable long-term business. You can’t assume that you’ll always be in the startup stage – be prepared to grow. And as a business owner, you have to understand every aspect of your business, whether it’s accounting, human resources or supply chain management.
If you decide to go to a college that puts a lot of emphasis on the case method, then you’ll have the chance to study the failures and successes of other companies that had to deal with fast growth. Courses on venture capital financing, human resource management, and business law will also come handy and may help you get out of thorny workplace situations later.
You’ll Learn Important Soft Skills
While you spend a lot of time learning about the inner workings of a business when studying for your MBA, what about all these other human skills needed for the functioning of any business? What about negotiation techniques and other leadership aspects like team management and persuasion tactics?
Well, soft skills are taking more and more space in MBA curriculums and business schools put a lot more emphasis on these kinds of skills than ever. Some entrepreneurs never get to learn those skills and end up falling behind as a result. You can’t expect to pick up these skills through trial and error when you’re an entrepreneur, as one small error could prove to be fatal. Getting into business with those skills in your back pocket will go a long way once you’re in a tense boardroom situation or when dealing with employee conflict or financiers.
A good MBA program will also teach you how to be a great communicator. If you’re a naturally reserved person and have always struggled with public speaking, then an MBA will be a perfect place to hone those skills and teach you how to convey your ideas, goals, and values coherently. You’ll become more efficient at leading group presentations, getting involved in discussions and presenting projects. You’ll soon gain more confidence and will greatly benefit from having more open exchanges with your employees.
You’ll get a Clearer View of Global Business Issues
Getting an MBA will also help you step back and take a look at global business issues. You’ll be in the perfect environment to study and understand movements in the global economy that might eventually affect how you operate your business. Whether it’s through discussions with your classmates, lectures or your coursework, you’ll have to look deeply at issues from multiple sides and understand the effect of global business movements and trends in day-to-day operations. You’ll also be able to benefit from the insight of your international peers as well.
Having a fresh perspective from people from diverse backgrounds is absolutely essential in our global economy, and anyone who can understand how global movements are affecting their bottom line will have a clear advantage. They’ll also have a better understanding of different best practices and consumer expectations worldwide.
Many MBAs are taking a more international approach these days both in enrolment and curriculum. Some universities have classes that are attended almost completely by international students. For instance, Universities like Spain IE have MBAs programs where nearly 90% of students are international. If you feel studying for business administration degrees abroad because it would be a smart choice in your particular line of business, or if the experience would be enriching, you can search business administration degrees on educations.com.
So, if you were still on the fence about getting an MBA as an entrepreneur, we hope we were able to change your mind. An MBA will give you valuable tools you won’t have access to elsewhere and will also put you in contact with like-minded individuals and a support system that will follow you for the rest of your entrepreneurial career.