There was a time when the MBA used to be seen as the be all and end all for anyone wanting to start a business. However, things have changed a bit over the years and many well-known entrepreneurs today don’t have an MBA. Some don’t even have a business background.
But still, the MBA teaches core skills that could benefit any entrepreneur and there are things that only someone with an MBA will be able to see and prepare for. Let’s take a closer look at whether the MBA is a good option for entrepreneurs.
The MBA Offers a Wealth of Resources
The MBA is about more than just the course itself. There are also tons of external benefits, like the ability to network with students from all over the world. We say students, but in reality, you can expect to be surrounded by ex and current executives, successful business owners, or people coming from other fields like engineering or law.
This gives you a whole host of perspectives you can learn from. Those who are in business may be able to warn you of the pitfalls of running yours. This alone could allow you to avoid costly and sometimes fatal mistakes.
The other benefit is that you’ll have the chance to bounce ideas off some of the most brilliant business minds in the world. Having access to a faculty with possibly years of experience in business is something you only have the chance to get with an MBA. This may also be the perfect place and time to build a promising startup with other like-minded students.
In addition to that, you’ll be able to attend all sorts of networking events, have premium opportunities with major employers, and be able to find a mentor who will be able to guide you through the next step in your career.
The MBA will Make You a Better Leader
One skill that is very difficult to learn is how to be a leader. Being a good leader is about more than delegating and finding good managers; it’s also about knowing what makes your employees tick, and knowing when to take responsibility and when to hold others accountable.
It’s also about bringing trust and predictability to an organisation. This is something many entrepreneurs coming from other fields may never be able to fully grasp.
The MBA Gives a Variety of Soft Skills
Leadership is just one of the soft skills that you’ll acquire through an MBA, however. You’ll also learn how to be a master communicator. This is another one of those skills that can be hard to develop on your own.
Good communicators can keep their teams engaged. They are also mindful of their tone and can adjust their communication style depending on the person or the audience. They can vulgarise complex ideas and make them easily understandable to employees, stakeholders, clients, and c-suite.
Another great skill you’ll develop through an MBA is creativity. Design thinking is a concept that is recurrent in many courses in the MBA and might even be a course on its own.
This is the idea that humans should be prioritised over business for better fiscal results. It originated in the startup world where a customer pain point would be addressed and a solution would be devised and prototyped before being brought to market. Learning design thinking will teach you how to think both creatively and critically, which is essential in today’s business climate.
You’ll Develop Cross-Cultural Competencies
Business is getting more global by the day and you can’t ignore the importance of understanding how to work with people from different cultural backgrounds. It’s important to know how people from different cultures deal with business problems and understand their vision of the world if you want to be a well-rounded entrepreneur.
Top MBAs place a lot of importance on making sure that they have a diverse student body. Not only will you be able to learn more about different cultures and how to avoid clashes, but you may become aware of problems specific to certain markets. This could open the door to opportunities.
Entrepreneurs Can Get their MBA Online
Another reason why getting an MBA is a good option for entrepreneurs is that it can be taken completely online. Accredited online MBA courses from top-rated institutions are just as rigorous as traditional ones, just much more convenient. This is the best option if you’re a business owner and don’t want to put your business on hold or didn’t feel like physically going to class after work.
You’ll Learn the Art of Negotiation
Negotiation is another skill that many business owners never seem to fully grasp, but they may not realise how much this may be pushing them back. Negotiation can be used to get better deals with suppliers and landlords.
Being a good negotiator will also allow you to keep more of your equity if you decide to bring some investors in. It could increase your chances of getting financing, and at better rates as well.
So, as you can see, a simple skill like that could end up affecting your bottom line in so many ways. And the benefits aren’t solely financial. Being a good negotiator will help you solve conflict better. You might have to deal with industrial disputes at some point and being a good negotiator could play a key role there.
Negotiation is woven into many of the courses of the MBA. Through hands-on learning and classroom discussions, you’ll learn how to deal with different negotiation styles, conflict resolution, and how to look at different perspectives to keep misunderstandings to a minimum. All of this will help you come to agreements that are beneficial to all the parties involved.
The MBA remains a great option for entrepreneurs and you should definitely consider it if you currently run a business or are thinking of starting one. Get as much information as you can about the different programmes and don’t be afraid to ask for second opinions.