Skills You Can Learn In A Specialised Entrepreneurial Management MBA Degree
There are unique individuals who possess entrepreneurial instincts and fantastic business ideas – products and services that have the ability to revolutionise an industry or change the world. Some, however, need a little extra support and knowledge in order for them to feel more confident about their product or business – and that is where a specialised MBA in entrepreneurial management can help.
A specialised MBA in entrepreneurial management allow students to gain all the necessary skills for developing any business, including leadership and management expertise, operations knowledge and a sound understanding of marketing and finance – while also gaining an in-depth insight into the needs and requirements of a new business venture. The Entrepreneurial Management stream of an MBA encourages those with new ideas to embrace the challenge of creating and maintaining a business – and we’re exploring a few of the key skills specialist students in entrepreneurial management will gain while studying their MBA.
One of the largest challenges when starting a business is to identify the opportunities available and determine where in the market a new venture may sit. Undertaking a specialised entrepreneurship MBA allows students to gain the theoretical knowledge necessary to assess and analyse the strengths, weaknesses, opportunities and threats within an industry, whilst also gaining practical knowledge about financing and bolstering new businesses, and the all-important skills to write and develop a business plan.
Some people believe that entrepreneurial instincts can’t be taught – and that may be true. But there are several key skills related to entrepreneurship that are also critical learning points in a specialised MBA. Students will learn to build a creative and innovative environment, and differentiate between creative and innovative concepts. Other knowledge gained will revolve around strategic planning and the life cycle of an entrepreneurial business – which is crucial for anyone looking to build and maintain a strong business and product.
For those looking for more than one successful business, or the opportunity to build more than one idea into fruition, a specialised MBA in entrepreneurial management can take someone from ‘business owner’ to ‘business magnate’. Elements such as managing multiple offices, locations, or even franchising a business, are particularly difficult to navigate at times – but with a solid theoretical grounding and practical, applicable experience, the journey of business growth has fewer risks associated. In addition, students are able to explore opportunities not just within their own community – they’re encouraged to study international business patterns and requirements, and assess opportunities for global interaction or expansion.
What experience do you have with business creation – would you consider yourself to be someone with an entrepreneurial instinct? Have you thought about undertaking a specialised MBA in entrepreneurial management? Let us know in the comments.
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.