A Masters of Business Administration – or MBA – gives graduates the opportunity to learn a variety of business skills: financial management, marketing, leadership, and more.
The process of earning the prestigious qualification is almost an oxymoron – you have to pay a lot, to earn a lot. But the investment is greater than the loss since you will gain a large networking platform of professionals that will help elevate your success.
Contrary to popular belief, an MBA isn’t just for suits and stuffy offices. Let’s take a look at why an MBA is good for entrepreneurs as well.
Learn essential skills
Of course, you will earn a higher paying salary, but surprisingly the biggest benefit of all is the essential qualities you will gain:
Financial management: Learning how to manage and organize finances. Whether you are managing your own business accounts or managing for a CEO – it’s important to understand finance and how it affects a business.
Leadership: The most important attribute anyone can successfully acquire is leadership – this will help you attain the confidence to manage a team, business, and earn the respect of others.
Strategic thinking: To critically analyze data and challenge the fundamentals of business. Being able to think, ‘outside the box’ for any future challenges that might occur long-term, one of the key skills required to be a creative entrepreneur.
Teamwork: An MBA is good for entrepreneurs because you learn the value of teamwork, and how to manage together. Sometimes the hardest part of a successful business is building a strong team that can work well together.
Marketing: it’s not only important to market your business, but you need to learn how to market yourself. An MBA is good for entrepreneurs because you gain skills such as communications, analytics, mathematics, and management.
This is why earning an MBA is good for entrepreneurs since you will learn life-long essential business skills that will elevate your career.
Grow your network
Such an integral part of the field is growing your network. Earning an MBA is good for entrepreneurs because you are given the opportunity of a lifetime: building your brand. One advantage an MBA student/professional has over anyone else is free networking.
Imagine sitting in your classroom and you look to your left and right – there’s a good chance you’re sat next to the future Bill Gates!
It’s crucial you select a program and business school that ranks highly in their alumni pool since this will be the start of your networking group.
It just takes one person you encounter that can possibly change your career forever. If you connect with one professional from one esteemed university, they can introduce you to a multitude of other professions. It’s now all about who you know, and which connections you have.
Career safety net
The incredible benefit of having an MBA is the versatility this degree offers which is why an MBA is good for entrepreneurs.
If you decide you no longer want a career in entrepreneurship, you’ve still earned a valuable degree. An MBA does not just apply to business administration, but a variety of other careers: sales, marketing, advertising, accounting, and a plethora of more choices.
When a potential employer notices your resume with an MBA degree, they will immediately recognize your resilience, handwork, dedication, and desire to succeed. Not only will your salary increase, but statistically those who earned an MBA earn way higher than the national median average.
So it’s safe to say earning an MBA is good for entrepreneurs whether or not a career change happens.
Choosing an MBA
When choosing an MBA program, there are important factors to consider: what school to attend, which specialization to choose, and what there is to gain.
What school: Choosing a school to attend can be challenging, but it’s important to consider what school will give the most benefits. It’s expensive to attend school, but if this institution provides a promising networking database then the choice is a ‘no-brainer.’
Attending a school like Harvard, Northwestern, or a reputable business school will most likely provide more opportunities than let’s say a school that is not quite known. However, the top business schools are harder to get into, and you’ll probably need to take the GMAT exam to qualify.
Which specializations: Receiving an MBA is like going to a candy shop where so many choices are at your fingertips. You can select from an array of options such as financial advising, management analyzing, HR managing, and so much more!
Internships: Such an important experience for any entrepreneur or postgraduate when choosing an MBA or already in a program. An internship will provide experiences that will not be gained inside a classroom. Working as an intern you will witness ‘real-life’ situations with on-the-spot problem-solving.
Once completed a successful internship, you will have opened many doors for your career. This opportunity will jump-start your chances of getting hired at a prestigious company. When choosing an MBA, you will have so much support from career advisors and teachers that will guide you along the way — this is why an MBA is good for entrepreneurs.
Master of Business Administration
The Master of Business Administration (MBA) is an advanced program, created to heighten your understanding of effective leadership and management techniques.
Master of Business Administration
The Master of Business Administration (MBA) is an advanced program, created to heighten your understanding of effective leadership and management techniques.
Is an MBA good for entrepreneurs?
An MBA is good for entrepreneurs because whether you want to jump-start your own business or earn your MBA, it’s crucial to understand the field and ensure that an MBA is worth it from the beginning. Receiving an MBA will teach you the essential skills it takes in order to be a successful business owner or executive. You will learn how to manage your time, organize and manage finances, lead and motivate your team, and the list of benefits goes on.
And to be honest, the increased salary and gained networking platform is highly a prioritized benefit. Raising your salary to about $80,000 — $100,000 per year is definitely a worthwhile investment.
So when you’re thinking about whether or not to enrol for an MBA, remember the benefits and how truly important this degree can be for your career. This is why an MBA is good for entrepreneurs and highly recommended.
