Have you ever wondered if getting an MBA could help you start your own business? By pursuing an MBA, you learn a little of everything about running a business. Often entrepreneurs are so focused on one thing that they have blinders when it comes to certain areas of owning a business.
Research has shown that the failure rate for small businesses started by MBAs is about 50% less than the standard failure rate. As part of my MBA degree, I have taken a variety of classes and now feel fully equipped to start my own business.
So, if you are looking to give your business the very best chance at success, there are benefits to getting an MBA for entrepreneurs.
10 Benefits to Getting an MBA for Entrepreneurs:
1. An MBA increases your network. You will meet potential customers, business partners and friends that will last a lifetime. If you specialize in finance, you can find a marketing expert in your class and you can also get plugged into a network of alumni working at a wide range of companies around the country.
2. An MBA provides you with the knowledge of marketing strategy that will help you understand your customers and competitors. This can give you an advantage over your competition and will enable you to better price, promote, and distribute goods and services that will satisfy your customer’s needs.
3. An MBA will help you learn how to find an unmet need in the market and determine the viability of business concept by evaluating major risks through market research. Many schools even offer opportunities to present your idea to potential investors at Entrepreneur Challenge competitions.
4. An MBA offers you the opportunity to become a better manager by learning how to manage different types of personalities and how to motivate your employees. Classes are offered in organizational behavior and human resource management with lessons on how to create a high-performing workplace.
5. An MBA teaches you how to write a business plan that will convince people to invest in your business idea.
6. An MBA teaches you about the legal environment for a new business. It can help you effectively manage intellectual property and decide what business structure is best for your new business.
7. An MBA challenges you to stay organized and learn how to multi-task. Going to grad school while starting a new business venture may be one of the hardest things you have ever had to do. You learn how to set a schedule, prioritize and meet deadlines. It is important to learn this in business school because your future customers will not be happy if they receive a product late.
8. An MBA makes you a proficient user of accounting and finance information by giving you the skill of interpreting, understanding and using basic financial statements. You will also learn how to acquire venture capital and how to launch an IPO.
[Related Post: 5 Reasons Why You Should Get an MBA]