We are living in an era of business start-up success with inspiring entrepreneurs such as Steve Jobs, Elon Musk, and Mark Zuckerberg revolutionising the industry. Launching a new product or service, particularly within the technology sector could quite literally change the world!
Two-thirds of adults worldwide would love to be an entrepreneur, but very few actually commit to starting a business. From those who do start, not many manage to sustain profitability over a long period of time and eventually run out of money.
Having a great idea is an important first step towards creating a business, although there is a great deal of work that needs to happen behind the scenes to turn an idea into a trading business.
An entrepreneur wears many hats. At the very least they should have knowledge of marketing, business finance, operations, logistics and leadership in order to navigate and oversee a team towards creating a vision. In many instances, an entrepreneur would be responsible for all actions and decisions across each of these areas, especially in the early days of establishing a business concept.
An MBA is mostly associated with gaining the knowledge and skills to secure lucrative leadership positions and climb the corporate ladder! However, earning an MBA can be the perfect stepping stone for preparing to launch a business.
Studying for an MBA is a structured way to understand and practise all elements involved with running a business successfully. Here are the main ways in which an MBA can build a solid foundation for a new business.
- The MBA curriculum provides essential business knowledge, a transferable skill set and expert insight
Entrepreneurs are never short of creativity, innovation or ideas. However, gaining comprehensive business knowledge is essential for launching a viable and sustainable business. Studying for an MBA programme will provide the right context and guidance to nurture and grow an idea responsibly. It also offers practical insight into business administration functions.
During an MBA programme, there’ll be plenty of opportunities to develop a number of transferable skills through studies, research and networking. Skills such as problem-solving, critical thinking, tech-savvy and leadership are equally as important to daily business operations as core business knowledge.
A combination of classroom knowledge, practical experience and case studies will present many real-world business problems and opportunities to find effective solutions. This valuable experience can help a business to not only survive but thrive on an international level.
- An MBA is a demanding course, it will encourage strong leadership skills and build resilience
A successful entrepreneur will be an effective decision-maker and a clear communicator, which doesn’t come naturally to most people. Studying for an MBA programme will provide a supportive environment and a safe space to practise and develop these skills under the supervision of professors who utilise them daily.
Leadership development is at the heart of an MBA programme. An entrepreneur becomes a leader by definition, and therefore responsible for the good, the bad and the ugly! This intensity of an MBA programme is a true test of mental strength. It involves collaborating with teams, developing ideas to pitch to experts, designing business models and conducting a thorough analysis, all under the watchful eyes of the professional faculty. Learning from their direction, absorbing valuable feedback will undoubtedly increase confidence and resilience to lead effectively.
- An MBA is an eye-catching asset for a CV or a business plan. The credibility of an MBA is an attractive prospect to potential partners and investors
Gaining an MBA demonstrates to prospective investors and collaborators, that a personal investment has been made to provide the best foundations for a business to succeed. Studying for an MBA internationally adds credibility to a business and the character of the entrepreneur. Investors will value the insight into the global market gained whilst studying in an international setting. The skillset gained from MBA studies will allow for the construction of comprehensive business proposals and being accredited with an MBA degree is a persuasive element to any business pitch!
- A business network will play a significant part in getting a business off the ground. They could act as advisors, collaborators, or future customers
Studying for an MBA offers the opportunity to connect with a cohort of business-minded students from across the globe. Developing business relationships with peers from different cultures and background exposes a diverse range of experience, skills and knowledge. This instant network is a valuable insight into the global market, as people who come from different places will have an alternative way of looking at things. Extremely valuable information for shaping a startup idea.
In some instances, classmates collaborate on business ventures upon completion of their studies. They identify a shared skill set that makes a strong partnership. At the very least, embarking on an MBA will provide access to many business contacts and a valuable professional network, which is a priceless asset when launching a business.
- Being taught by professors who are doing it…and doing it well, offers exclusive mentorship opportunities to help turn your idea into a success
MBA professors collectively bring decades worth of insight and knowledge to the programme. They’ve often launched businesses themselves or held senior positions within global businesses. They have a wealth of expertise and best practise to share with their students. An MBA environment offers mentorship, advise, guidance and criticism from accomplished professionals, which is simply invaluable!
In addition to the faculty, an MBA programme will often feature workshops, webinars, work placements and internships, featuring representatives from various global organisations. This takes the learning experience out of the classroom and into the field and who knows what life-changing opportunities could amount from these encounters!
Studying for an MBA is a smart investment for anyone who desires to be an entrepreneur.
If you’re sitting on an idea that could be the next big thing, why not enquire into SSBR’s flexible online MBA programme, taught by a faculty successful business leaders. Get in touch with one of our friendly admissions team to find out more.