Are you an aspiring entrepreneur with dreams of small (or big!) business success? Are you a small-business owner looking to grow your business? An MBA could be just the ticket.
Why? Because business school imparts experiences, knowledge, and skills that business owners can use to succeed. An MBA program can leave you well-versed in business theory and alternative business structures. You’ll leave business school armed with an array of professional contacts that will go on to do great things, and will be able to open doors for you in the future. You’ll be better able to attract investors, and you’ll have access to a pool of potential employees or partners.
You’ll Learn More Than You Thought Possible About Running a Business
One of the best things about returning to graduate school is that it opens your mind, stimulates your intellect, and gives you the opportunity to go in-depth about a topic — in this case, running a business. You’ll leave your MBA program with a thorough understanding of the concepts and theories that underpin business management and planning, and you’ll have a newfound ability to distinguish a strong business strategy from a weak one.
You’ll also be exposed to the many different business structures that are available to you as an entrepreneur, and you’ll become familiar with your choices when it comes to running a business. You’ll know the pros and cons of options like decentralized and centralized businesses, and you’ll develop a keen level of insight into the thought processes of industry leaders. That means you’ll be to learn from their mistakes without actually having to make them yourself.
You’ll Develop an Extensive and Valuable Professional Network
Business schools are competitive – even online MBA programs require effort to get accepted. That means you’ll be in school with classmates who already have quite impressive backgrounds and long lists of accomplishments. It also means you’ll be forming relationships with people who are all but guaranteed to do great things once they have their degrees.
That’s good news for you, because your MBA program will put you at the center of a vast network of business leaders and experts. It could take you years of hard work to make the number and quality of professional contacts you’ll make simply by attending graduate classes and socializing with classmates.
You’ll Get More Startup Money
You may not necessarily need an MBA to write a business plan, but you probably need one to write a good business plan. Banks make loan decisions, and investors give out money, based on the strength of your business plan, and your MBA education will ensure that you have the skills and know-how to write a compelling, convincing one.
Banks also look at your experience and educational qualifications when making small-business loan decisions. An MBA will reassure banks that you know what you’re talking about when it comes to running a business. Not to mention, your business-school professional network will come in handy once again — professors and mentors from your program may be able to give you feedback about your business plan while you’re in school, helping you knock the rough edges off, and put you in touch with potential investors once you’re ready to implement your plan.
You’ll Have Access to Candidates You Already Know
Not all of your MBA classmates will be interested in starting their own business; others may find their operations among the 80 percent that don’t survive the first year. When it’s time to expand your business and you need to hire qualified management personnel, you’ll have ready access to a pool of candidates whose strengths and weaknesses you already know. This will save you the time and trouble of searching for someone who may turn out to not be all they’ve represented themselves to be. Or, maybe you’re looking for a partner to help you bring your business goals to fruition. Business school will give you the opportunity to form relationships with likeminded folks.
If you’ve got dreams of growing your business, you may wonder if an MBA is necessary. While you could certainly succeed in business without an MBA, the degree will impart skills and knowledge that will make your path much easier. An online MBA program will allow you to earn the credential while still running your business and attending to your family responsibilities.