Why Budding Entrepreneurs Should Consider an MBA
Entrepreneurs are famed for their ability to convert amazing ideas into successful businesses. It is widely understood that there is no specific qualification necessary to start a company – but many budding entrepreneurs underestimate the value of an MBA in helping to build and create a successful business. Earning an MBA provides a number of opportunities to learn key skills, discover new ideas, drive innovation and solve business or consumer problems – just a few key interests of many aspiring entrepreneurs.
Read on to discover just two of the many reasons why you should consider undertaking an MBA before starting a business.
Everyone needs knowledge for success, especially in business. Knowledge and innovation go hand in hand for many businesses – it’s how they get ahead of the market, and stay relevant in a competitive world. For some, this knowledge is gained through experience, but an MBA can offer a risk-free opportunity to learn the necessary skills to start or grow a burgeoning business.
MBAs are designed to facilitate knowledge in key fields like marketing, finance, management, leadership and human resources. A specialised MBA in Entrepreneurial Management (which is offered via Distance Learning by AIB), is particularly designed for budding entrepreneurs, and includes topics relating to new venture creation, globalisation and franchising.
The other major advantage of learning for business during an MBA programme is the opportunity to learn theories and frameworks, and analyse case studies. Frameworks are very useful in the commencement of business, and case studies are a fantastic educational exercise for up-and-coming business owners in both what to do and what not to do. These are often hard to access easily or analyse effectively outside of an academic environment.
You never know when you may need a friend with a specific skill set – MBA programmes strongly encourage networking, and networking allows you to meet a range of people with a huge range of skills – some of which may be beneficial to you or the business you are looking to build. The experiences and interests of your MBA classmates may compliment the business you’re looking to create – or could completely change your own business direction.
Exposure to a wide variety of people with a variety of desires and dreams will help a budding entrepreneur to form or adjust their own desires and dreams.
In addition to networking with peers, MBAs offer an opportunity to build relationships with a variety of leading business people. In a practically applied MBA programme like that at AIB, each facilitator must have a Masters level qualification, while also currently working in their chosen field. This allows for students to learn from the current experiences of their facilitators, while also utilising their network to build key relationships.
This article was written by Simone Ball on behalf of the Australian Institute of Business. All opinions are that of the writer and do not necessarily reflect the opinion of AIB.