Five Vital Lessons You Can Learn from Business School

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Every organization faces complex and evolving challenges as leaders strive to meet long-term objectives and achieve sustainable growth. Attending business school teaches professionals the concepts and skills they need to solve problems and push their companies forward. Understanding how to set performance metrics and keep detailed corporate financial records are important aspects of this education, but the lessons don’t stop there.

A successful career is built on a combination of hard and soft skills developed by learning the principles behind business strategy and then putting those skills to work. By the time graduate business school students finish their programs, they have many opportunities to gain hands-on experience confronting tricky business questions. Earning a Master of Business Administration degree online gives you ample chances to take the next steps in your career, learning from experts in the field while collaborating with peers to confront real-world problems. Below are some of the most important lessons you can learn while earning your MBA.

1.   Keep an eye on the big picture when managing business operations

Leaders devote much of their efforts to strengthening business operations and striving for more efficient procedures. Professionals are constantly seeking to derive the greatest possible value from an organization’s assets. That might mean proposing an expansion into a new market, finding the means to speed up the supply chain or just developing a streamlined workflow. With the insights that can come from an advanced business education, graduates can likely spot many areas where their companies would be able to cut expenses and improve outcomes.

The key to making the most of these efforts is always taking the bigger picture into account. The processes that keep an organization running are all connected, and leaders should understand how the contributions of the workers under their supervision fit into the requirements of the business as a whole. That broader perspective allows management to set priorities and concentrate on the operational improvements that make the biggest difference in bringing about long-term goals.

Graduate courses in business operations teach students how management puts smarter practices into action. They explore design principles for production systems and consider what common issues may hold an organization back. Professionals learn about how each aspect of the supply chain makes a difference in overall results and how they can enable innovative approaches.

2. Leverage data to implement an informed strategy

Analytics has taken a prominent place in organizational functions across all industries, especially when it comes to establishing goals and measuring performance. In recent years, companies have gained access to the infrastructure and tools necessary for gathering, storing and interpreting unprecedented amounts of quantitative information. MBA programs show students how valuable those findings can be when they yield actionable business intelligence and provide direction for strategic planning.

McKinsey & Company explained big data makes the greatest impact only when an organization makes a concerted effort to focus on relevant analytics and match fresh initiatives to the existing workplace culture. Business leaders need to be prepared to dig into the numbers and turn their findings into actionable insights for their company. MBA graduates are familiar with the essentials of analytics methods, such as using regression analysis to draw insights from extensive data sets, and also with how those concepts can be applied to answer questions in the real world.

3. Diverse perspectives make a team more effective

One of the most important advantages of working toward an MBA is the chance to collaborate closely with both instructors who are renowned experts in their field and classmates who are fellow professionals. By attending a renowned, highly ranked business school, students ensure they’ll take courses from some of the most knowledgeable scholars and work on projects alongside people who are serious about furthering their education and careers.

Projects cultivate the soft skills that allow groups to function productively, including strong written and verbal communication, conflict resolution, and flexibility. By teaming up to investigate pressing business questions and searching for creative solutions, professionals gain experience in keeping a team on task and moving toward shared goals.

MBA courses also provide the opportunity to work with classmates who have very different backgrounds and skillsets. Strong leaders must be comfortable with hearing viewpoints that differ from their own and cooperating with people who possess greatly varied areas of expertise. Often, individuals with specialized technical knowledge can suggest alternative takes on problems that a manager might not otherwise consider. Further, in today’s globally connected marketplace, it’s crucial to be sensitive to the needs and expectations of professionals from a wide range of backgrounds and cultures.

4. Business ethics can be a strength in the marketplace

MBA students learn the value of maintaining ethical business practices, including managers’ areas of responsibility and how to follow an appropriate decision-making process for any conflicts that arise. It can be personally rewarding when a company’s leaders are committed to honesty and making a positive contribution to their community. However, following ethical principles also brings practical benefits for a growing organization.

Companies rely on a strong brand to attract customers or clients, and cultivating a positive reputation is a good way to bring in business. An organization that is transparent in its practices and socially responsible is more likely to earn repeat customers and referrals. Meanwhile, by staying in strict compliance with regulations and best practices, leaders protect themselves against liability in case of any legal problems.

5. Always look for opportunities to become a better leader

Graduates who complete an MBA program learn a broad scope of leadership strategies, from laying out realistic benchmarks to creating a work environment that rewards inventive ideas. They also find that there’s always room to expand their knowledge, supplement their technical abilities and refine their methods for completing managerial tasks. A good leader is confident in his or her agenda, but also open to learning new things and shifting gears when circumstances change.

Studying topics like business strategy and group dynamics gives professionals a sense of the many factors that go into making an organization function at its best. To help a business continue growing and find further opportunities in their own careers, leaders must keep finding areas where they can improve. That might mean learning more about the systems involved in collecting and analyzing data or practicing your public speaking so you can give more persuasive presentations.

Whatever your strengths as a professional, attending online MBA courses from Villanova School of Business (VSB) can build on your skills and knowledge. VSB’s online MBA program provides a thorough grounding in the latest processes and technology prepares business leaders to play crucial roles in setting business objectives and executing strategic initiatives. Visit the program page to learn more about how a collaborative, hands-on approach to online learning can help you to take the next steps in your career.

Recommended Readings:

Sources:

http://www.businessinsider.com/lessons-from-business-school-2017-7/#jeff-ellington-wharton-17-learned-the-value-of-trust-in-business-1

https://www.mckinsey.com/business-functions/digital-mckinsey/our-insights/three-keys-to-building-a-data-driven-strategy

https://www.inc.com/jessica-stillman/5-lessons-you-learn-your-first-year-at-harvard-business-school.html

https://poetsandquantsforundergrads.com/2016/01/31/the-biggest-lessons-you-learn-in-business-school/3/