Many prospective candidates apply to a Master of Business Administration program to open up a greater number of career doors and increase their chances of securing a high-powered and lucrative job. Few realize, however, that earning an MBA is also a fantastic place to start if you wish to establish your own business.
There are a number of ways that an MBA can give you the knowledge and skills you need to succeed. If you are a budding entrepreneur unsure if an MBA can really help you in your journey to startup success, read on:
1. Important knowledge
Setting up a business will likely be challenging without knowledge of the various disciplines that come together to make an organization successful. MBA programs provide students with a comprehensive look at various aspects of business practice, from finance to management to marketing and human resources.
With a solid and wide-ranging knowledge base delivered via an MBA program, you will be in a much stronger position to begin building your startup company. As entrepreneur Steven Greer penned in the Harvard Business Review, the knowledge attained from an MBA program can help you from making damaging mistakes early on. Having not received an MBA himself, Greer argued that hindsight has enabled him to understand that his business could have been more successful had he studied areas of business practice such as human resources and business law.
2. Networking opportunities
Given that many students head to business school while holding down careers, you will likely interact with a number of highly accomplished peers. Therefore, as Forbes contributor and tech entrepreneur Stella Garber pointed out, your fellow students can be a great resource as you build your company—you can network, build professional relationships, learn about other corporations and even enlist some close peers for your startup team. You will also be afforded access to your program’s alumni network, which will be populated by highly accomplished graduates. Of course, you will also be taught by faculty with a wealth of business knowledge, many of whom will likely be more than willing to offer you help and advice.
3. Improved communication skills
One of the most vital yet overlooked contributions to an organization’s advancement is communication. If a company is able to communicate effectively with clients and distributors, for example, success will be more likely. Additionally, if your company’s staff members are able to communicate well with each other, teams will be more able to come together and work toward common goals. That is why the communication skills you can attain while studying for an MBA will no doubt benefit the development of your business. As CIO detailed, you will be taught how to communicate more effectively—at a level that is worthy of a master’s degree—in both written and verbal formats through assignments such as papers and presentations.
4. Support for entrepreneurship
If you enroll in an MBA program you certainly will not be the only student with ambitions of founding a business. MBA professors and staff are typically aware that many students share the goal of becoming their own boss, and will often provide important help and resources, Garber noted. Some programs even allow participants to tailor their studies toward entrepreneurship. This strong environment of support, as Garber explained, is something an MBA program is uniquely qualified to supply. The MBA will essentially provide you with a 24-month window in which to learn, make mistakes and grow, without the damaging repercussions that business mistakes can lead to in the real world. An MBA program can be regarded as a safe first step in your journey to business success.
Enrolling in an MBA program can benefit you considerably in your bid to establish a successful business. If you are hoping to return to the classroom but are worried about finding the time amid your many other responsibilities, apply to Villanova University’s online program. Affording you the flexibility to work at a time that suits you best, the online MBA program can provide you with the high-quality education that you would receive on campus. Admission standards are the same as the campus-based program and accepted students work with the same faculty. Furthermore, you will have access to the same important resources that on-campus students receive, and will also be invited to attend important campus-based events. Learn more about Villanova’s Master of Business Administration program.