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Clearing Perceptions

Wednesday, September 20, 2017

Are MBAs the best courses for budding entrepreneurs? The experts give their views.

An MBA program is a must for all budding entrepreneurs. Here are five compelling reasons why you need that MBA degree before you take the plunge.  
Today the startup ecosystem has been a fertile ground for entrepreneurs looking to lend flight to their entrepreneurial dreams. Many startups find near easy access to funds through crowdfunding, private and angel investments. You may have come across many successful founders who did not possess any professional qualification. Some did not even attend school! Does a professional MBA program help an entrepreneur?

We tracked the careers of hundreds of managers and entrepreneurs, who had enrolled with us for a variety of career counseling programs. Our research led us to the conclusion that an MBA is a valuable asset for every budding entrepreneur. While talking to entrepreneurs across industry sectors, we found that those who had the backing of business management survived many storms. Here are our four reasons why an MBA degree is best for entrepreneurs.

Familiarize Yourself With Business Concepts
If you can’t talk the language of business, you will find it difficult to communicate with customers, clients, and vendors. Every entrepreneur needs to have a sound financial understanding of his or her business. You should be able to project financial growth, strategize for new business development, resolve technological hurdles, and build a solid business model. A good management course takes you through all the challenges of modern day business, and prepare you for the road ahead.

Network Your Way into the Right Business Circles
In business, half the battle is won if you have the right contacts. As an entrepreneur, you need to build a strong network of influential market leaders, and B2B clients. Making inroads into the close huddle of high net-worth individuals will be a golden ticket for future business opportunities. As an MBA from a reputed business college, you can develop a strong network of professionals. Your classmates, who come from a diverse background of professional background can help you overcome business setup barriers. Tap into their practical knowledge, and technical knowhow to make smart moves.

Develop Problem Solving Abilities with an MBA Education.
A startup can face multiple hiccups in the process of getting started. Right from procuring clearance certificates, to setting up banking relations, to establishing a sturdy supply chain network, or building a robust backend operations system, the problems are multifold. As a savvy entrepreneur, you will have to tackle all of these problems; sometimes simultaneously. Fighting fires without a structured plan will exhaust all your reserves. A management program teaches you the basics of project management, and time management. You can employ the latest tools that your management education gives you to help ward off crisis. The project work and industry study assignments at management schools give you a first-hand experience of real-life issues and how they are tackled in other companies.

Learn to Strategize, and Look for New Business Opportunities
Business leaders are like sharks on the lookout for kill. An entrepreneur is always exploring new avenues for business. As business dynamics change, market preferences evolve, and competitors get more aggressive, the entrepreneur also has to accommodate the change. A good MBA program hones these skills in their students. Through case studies and industry profiling, students learn how companies expand, diversify, and build their enterprise. These qualities will also make you a formidable player.

An MBA Creates a Plan B in Case Your Entrepreneurial Plans Don’t Take Off
Look at your MBA degree as your safety net in case things don’t pan out, and you wish to find other career options. You don’t want to be left stranded, if your startup does not take off.

An MBA equips you with many hard and soft skills that will develop you into a suave business manager. However, let me leave you with a caveat. If your project is time-sensitive and a one or two-year gap will dilute the value of your brand positioning, there is no better time than right now! Business trends wait for nobody, and you will be hard pressed to find the right opportunity again. An MBA education does create better entrepreneurs, but it cannot recreate a lost opportunity.

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