Can you drive a car if you have no clue about the breaks or clutch? Can you cook without a recipe? If your answer to these questions is no, how can you think of running a whole business without having a relevant qualification when you cannot do the basic tasks without learning them.
You may get inspired by all the college dropouts who turned into successful businessmen and might consider doing the same. It sounds encouraging that a person reached to million dollars worth from nothing, but unfortunately, the reality is different, and there is more to the truth than you can see. You can not undervalue a degree based on a few examples. To run a company, knowledge and skills are required, which you can learn only after investing your time in studying.
Here are ten reasons you should give value to an MBA before entering into Entrepreneurship.
1. Creates Network- To support your firm
For any company to flourish, the main requirement is customers, stakeholders, suppliers, and employees. In other words, people who buy your product and help you create the product are your assets. Now, How to build that asset? Connections are your answer. Making trusting connections with all the people you rely upon is a crucial component of entrepreneurship. Therefore, the success of entrepreneurs depends on developing relationships before they launch.
Through a professional degree, you learn to build a support network through your study. An MBA will help you here. It will allow you to connect with like-minded people and build friendships across industries. You have access to an alumni network as well. They frequently interact with each other and people who are in their contact. They could be able to put you in touch with someone who can advance your company. In your initial days, when you are working on starting your venture, your network will assist you. You can quickly get helped with seed funding and expertise based on your link.
2. Adds value- By building trust in your clients
Your potential customer knows how prestigious an MBA degree is, and they know its value. Owing to that, they will consider you a trustworthy person as MBA is a prestigious degree and is widely regarded as a mark of corporate excellence. Such credibility will lead to an increase in your worth. Therefore, they will be much more likely to listen and take your advice seriously when they receive it. Hence, earning a general master’s degree in business administration will enhance your business sharpness and get the respect of clients.
3. Education- Expansion in Knowledge
You will gain knowledge about managing investments, raising capital, and starting (and running) a firm, from LLCs to non-profits. Such kind of knowledge is priceless because it saves you the time and effort it would take you to figure everything out on your own.
4. More strategic approach- So that your people can align with your vision
The most crucial conversation at a start-up is the strategic one. It clarifies a company’s priorities, shapes its direction, and makes it easier for everyone to work toward the same objectives. It is also the most challenging talk to make when starting a company. This is because it expects founders to describe their vision clearly so its staff can work accordingly. Additionally, they must make challenging trade-offs between immediate requirements and long-term expansion.
Comparable to building a house without the right tools is attempting to excel at strategic dialogues without attending business school. You can do it, but it will be significantly more challenging, and you’ll inevitably make some costly errors.
5. Mentorship- Makes you better
If you are doing a degree, you undergo a lot of hardships dealing with the people training you. They will put you in all kinds of situations to become the best version of yourself in terms of management, analytical skills, leadership qualities, etc. You can lose this opportunity of polishing up if you do not choose to do a degree and start working without it.
6. Bigger Perspective- The ability to think globally
Students come to business schools from all around the world. This implies that the group of people you will join will contribute a variety of thoughts and opinions to business operations and other situations. You will develop a global mentality and a thorough awareness of global trends and market dynamics as you stay in their company.
When it is said the ability to think globally, it means the skill to work comfortably with professionals from different walks of life, and this is highly encouraged by UK Centre for Economics and Business. So, doing an MBA will help you get these much-needed visions for your company.
7. Smartness-To keep you up with the alterations
The market in which you will deal keeps on changing. Every day there are new concepts, working techniques, and expansions in different areas. Being an MBA student will provide you with the technical knowledge necessary to make profitable and wise decisions according to the changes coming in the industry. You will learn to manage risk assessment, do precise cost-benefit evaluations, and many more.
8. Increase in Leadership qualities-Transform your ideas
Any group working together for running a firm never has a shortage of ideas.
What matters more than ideas is the appropriate execution of them so that they can turn into a successful reality. Such work can only be done by or under a great leader. If you enroll in a Master’s course, you will be able to learn how to improve your leadership abilities along with several practical money management techniques.
9. Contests- Pre-preparation for future
Top Business Schools usually organize competitions among the students as a part of their activities to evaluate their ideas and encourage them. A contest is held where each participant comes up with their start-up idea, and the one with the most important business strategy wins. So, you can always consider it a “practice run” for creating a company that will generate significant revenues.
10 Mandatory tricks- To scale your business
If you want your firm to do wonders, it is crucial for you to understand how to expand it. There is a huge difference between handling a small business and one which has hundreds of employees. As your revenue grows, it’s important to understand how to do the appropriate hiring, how to align your team with your vision, and how to engage your staff in your goals. An MBA will help to inculcate the skills required to upscale your start-up as you will get familiar with the subjects like operations management, finance, and market strategies.
Here is a table with Top MBA courses that can be beneficial for running a company
|Export and Import Management||Understanding procedures and documentation involved in imports and exports.|
|Foreign Exchange Management||Currency Conversion,fluctuation in currency rates.How to guard against foreign exchange rates.|
|International Finance||Learning how to raise capital for operating firm from International Markets.|
|International Marketing||Learning methods to approach customers in foreign markets.|
|International Logistics||Understanding the International distribution network in order to deliver the goods in foreign nations.|