How necessary is a business degree if you’ve already got some valuable experience as an entrepreneur? Jatin Bhandari shares his reasons to study for an MBA, especially if you are starting your next new business.
Helpful for: MBA Applicants, Entrepreneurs
Read Time: 4 minutes
- One of the things you learn during your MBA is how to make a solid business plan that follows through on its logical structure. It’s one thing to have a great idea; it’s another to make a successful enterprise out of it. Jatin adds:
Many entrepreneurs tend to stay busy or stay occupied with actions that may not yield results. I am not suggesting that these entrepreneurs merely pretend to look busy. No! I am suggesting that it is hard to find out if one is working towards creating results or if one is stuck in the morass of working hard. A solid business plan helps you keep track of your performance, and an MBA helps you develop one.
- A crucial skill every manager should possess is strong leadership. A company without effective leaders to motivate their team and risk trying to forge creative new strategies is doomed to fail. An MBA trains professionals to become more in tune with their decision making, and how to stimulate positive growth in their workplace by recognizing the unique qualities its individual team members bring.
- The degree will help you understand the process of how to attract investors and raise capital. You will learn how to measure financial effectiveness before you make a difficult decision.
- Throughout your MBA, you will be able to recognize and appreciate the structure and dynamics of how finance, operations and marketing work together in an organization. Later on, you will be able to use this knowledge as a tool to juggle company resources including costs and time.
- An MBA is a great way to further develop one’s skills and make you more resourceful if you are already an entrepreneur—especially if you are starting a new business. It will open the door to a vast network of professionals who will push you to explore new ways of thinking, inspire new projects, and might just become your next business partners, mentors or close friends.
- Remember that whatever your reasons for deciding to do an MBA, take time to make sure you’ve made an informed and well-thought out decision. Failing to evaluate your future career goals and rushing to submit a poor application will only trigger regrets.
Can you think of other benefits an MBA can bring professionally? Share your thoughts in our forum!