Will an MBA help me start a business?
It takes more than a good idea and determination to start a business. No matter what you’re offering – products, services or anything in between – your company’s success relies on skilful execution, clever forward planning and in-depth knowledge of the industry. Thankfully, an MBA can teach you everything you need to know to create a strong and thriving foundation to transform your passion project into a successful business.
So will an MBA help you create a prosperous enterprise? The key to answering that question is understanding how an MBA can benefit you and assist you in achieving your career goals. Read on to learn more about our MBA and how an MBA will help you start a business.
Do all business owners need an MBA?
While having an MBA can open all kinds of doors for you professionally, it isn’t a requirement to have an advanced degree to start a new business. In fact, according to a 2020 Kauffman Foundation study, ‘Trends in Entrepreneurship’, only 22.6% of the entrepreneurs that were surveyed had studied to improve their business.
However, an MBA can drive your business forward and ensure its longevity. Fundsquire claims that 20% of businesses fail in their first year and around 60% will become bankrupt within three years. While a survey by CBInsights suggests that:
- 19% of new businesses collapse due to a flawed business model
- 35% fail because there is no market need for their product or service
- 23% deteriorate because they haven’t chosen the right team to run their business
An MBA can give you the skills, foresight and management expertise to ensure that your new business doesn’t become another statistic and grows and thrives for years to come.
Will an MBA help me start a business?
Learn from entrepreneurial veterans
Every subject that AIB offers has a dedicated Online Learning Facilitator that students can contact anytime for help and guidance. All our facilitators are qualified lecturers as well as experienced leaders in their industry. So you can trust that the advice and knowledge they share with you isn’t learnt from a book – they’ve lived through it and speak from first-hand experience.
Having mentors that have previously experienced real-world challenges and issues gives you valuable insight that you may not have considered otherwise, proving to be a priceless resource for your future business.
Discover how to effectively scale your business
Starting a new business is one thing – growing it efficiently is another. Running and managing a small business with a few employees isn’t the same as maintaining a company with tens or even hundreds of staff.
As your business creates more revenue, you’ll need to know how to hire the right people, how they can accelerate or improve your business’ culture and vision, and how you can communicate these goals to multiple people and departments.
An MBA gives you highly regarded abilities that can help you effectively scale your business into the enterprise you’ve always dreamt of. You will be able to:
- Demonstrate advanced understanding of leadership theories and apply them to your day-to-day life
- Evaluate marketing concepts and organisational issues to make evidence-based decisions
- Apply corporate governance laws, theory and techniques to professional practice
- Critically analyse and evaluate operations management issues
- Effectively communicate recommendations to address financial management issues
- Identify and evaluate different perspectives and contemporary trends, and their impact on strategic HRM
- Conduct an in-depth analysis of the internal and external environment using appropriate strategic management concepts and tools
With these new abilities, you’ll be able to make tough decisions – even with limited data and resources.
Expand your network and meet leaders in your industry
When it comes to business, the old saying ‘it’s not what you know, but who you know’ has never been more true. Doing an MBA can expand your professional network and get you in front of the right people to help your business grow. How? MBA graduates gain access to a community and alumni network that could present opportunities for your developing company.
Although AIB is an MBA business provider, our network spans across 95 countries with over 23,000 students, alumni, academics and industry guest speakers. And the best part? As an AIB MBA student, you have exclusive access to tap into our prestigious network.
Extending your network is not only important to generate new business, but is essential for community collaboration to discuss and challenge ideas in your industry. Not only that, but you can receive tailored, first-hand advice specific to your company directly from people who have experienced it before.
AIB hosts a series of networking events – not only for AIB alumni and students but for any working professional interested in career development and growing their network. During these gatherings, attendees will forge new local connections, mingle with like-minded business individuals and grow their professional network.
Enrol in our Entrepreneurial Management MBA
If you’re starting a new business, or wish to incorporate entrepreneurial thinking, behaviours and competencies into an existing corporation, the Fast-Track MBA (Entrepreneurial Management) is designed specifically for you.
As an entrepreneur, you’ll need to have knowledge of all functional areas of a business – from marketing to operations, finance to human resource management. Our specialised MBA business program will give you an understanding of these business-critical areas as well as develop your leadership and project management skills.
Then, you’ll have the opportunity to develop your entrepreneurial skills in the areas of:
- Digital startups – learn how to build a digital enterprise by developing an entrepreneurial idea and converting this into a viable digital enterprise.
- Business consulting – Grow your practical in-depth knowledge of the business practices, processes and management for consultants, managers and business owners.
- New product design – This subject will take you through new product design from conception to the launch of a new product or service.
- And more.
Delivered online with continual updates, innovations and new releases, the Fast-Track MBA offers genuine flexibility, industry insights, practical skills and the support you need to achieve your goals in our fast-changing world. It’s created for people just like you