For some people, the label “entrepreneur” fits perfectly. It’s difficult to imagine world-famous business leaders like Oprah Winfrey, Bill Gates and Richard Branson any other way. They’re passionate, deeply committed individuals dedicated to running their own projects and making an impact on the world.
If you’re eager to make your mark as an entrepreneur, you might be unsure of the best way to get started. Taking a Master of Business Administration (MBA), either full or part-time, can give you a grounding in a variety of business skills that are invaluable for running and growing your own business.
In this post, we’ll take a look at the top four benefits of doing an MBA from an entrepreneurial perspective.
1. You’ll Form Relationships With Other Entrepreneurs
An entrepreneur’s network is one of their most valuable assets. Business-owners that can draw on a global, diverse pool of contacts – whether it’s for advice, opportunities, joint ventures, investment, market research or anything else – have a significant edge on competitors.
And this isn’t just speculation. Numerous studies point to the importance of networking for entrepreneurs.
MBA programs bring together some of the best minds in the business space, allowing postgraduates to build a dynamic and professional network in a relatively short period of time.
What’s more, teaching on an MBA program is often focused around team activities, which makes it virtually impossible not to connect with like-minded people and faculty staff.
2. You’ll Develop a Well-Rounded Business Skillset
Entrepreneurs tend to be creative by nature. The prospect of running a business is enticing because it offers a vehicle to manifest a unique creative vision in a meaningful way. Remarkable businesspeople like Steve Jobs and Walt Disney epitomize this point.
But entrepreneurs also need to understand the practical dimension of running a company.
Who will take care of the accounts? What about process-driven tasks, like market research and data analysis? Who’s going to pay for legal advice on a shoestring startup budget?
An MBA covers the technical and logistical side of running a business in-depth – a skillset that’s essential to any entrepreneur.
3. You’ll Gain Hands-On Industry Experience
Many entrepreneurs start new businesses without a thorough understanding of the sector they’re entering. And this is understandable. They lack industry experience because their primary objective is to run their own company rather than work for somebody else.
But there’s a downside to this approach. A lack of hands-on experience can put an entrepreneur at a huge disadvantage when building their company or navigating a particular sector, and the potential for wasted resources as they climb the learning curve is significant.
Taking an MBA with an experience-based component, in which students work at top companies and acquire a “felt” sense of how things are run, can help overcome this problem.
4. You’ll Learn How to Work in a Team
Collaboration usually forms a core part of any MBA program. Knowing how to work in a team, including from a leadership perspective, is a crucial skill. Effective teamwork is essential for generating new ideas, maintaining morale, and navigating the ups and downs of growing a new startup.
Working on projects with other students will enable you to build your abilities in a supportive environment, where there isn’t a risk of failure. Importantly, you’ll also have access to experienced mentors and faculty members that will shape and improve your approach.
Eager to Forge a Career as an Entrepreneur?
Some people are born to be entrepreneurs. If you’re eager to stand at the helm of your own projects, then a career as a business owner will be exciting, fast-paced and immensely rewarding.
At EU Business School, we understand that entrepreneurs require a unique skill set. That’s why we offer a dedicated MBA in Entrepreneurship, in which you’ll learn skills and strategies that will allow you to excel in whatever industry you choose.