Is your ultimate dream running a business and being your own boss?
Are your role models business moguls like Steve Jobs, Mark Zuckerberg and Bill Gates?
If yes, then you would know the degree-less tales of these tech giants. With many famous entrepreneurs being college dropouts (much less MBA degree holders), it makes sense why some business experts question the value of an MBA for entrepreneurs.
Is an MBA really a waste of money, time and effort? Can an MBA give you a huge ROI?
While it’s true that an MBA degree doesn’t define your business acumen, it is not a bad idea to obtain one either. In this article, let’s lay out the facts about MBA in entrepreneurship and determine if it’s what you need to become an excellent entrepreneur.
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5 Benefits of an MBA Degree for Entrepreneurs
If Steve Jobs, Mark Zuckerberg and Bill Gates do not have college or MBA degrees, then what do they have in common?
These entrepreneurs have real-world business experience to back them up. They experimented, failed, and built their ideas to life.
But the hard fact is, behind the multi-million companies they represent, there are numerous MBA professionals at work who pick up the pieces during mishaps and keep it together.
Here are 5 important benefits of an MBA as an entrepreneur!
1. Master the technicalities and practicalities of running a business.
Business experts say that running a business is 70% technical know-how and only 30% intuition. One of the number one reasons a first-time entrepreneur fails is because of a lack of business savvy.
With that being said, you might need professional preparation through an MBA. Taking the program will help you understand:
- customer segments, channels and networks;
- cost and management;
- financial accounting;
- best business models;
- marketing strategies;
- financial legal systems and;
- changing tax laws and codes.
2. Forges strong networks and personal connections.
The majority of MBA schools have a wide and strong network of alumni composed of highly experience business people. In MBA conferences and seminars, you can also build relationships with angel investors. Leverage on this opportunity by seeking advice and guidance. Even your professors can offer mentorship to make your business idea into a success.
The personal connections you create in MBA school is also more deep rooted than those you forge on traditional networking. Through your time in school, you will get to know everybody’s work ethic, possibly meet your future business partner or score a big investment.
3. Gain in-depth understanding of multicultural business environments and.
The majority of MBA schools are composed of students from diverse nationalities and therefore, varying cultures. For this reason, studying an MBA is one of the best places to learn about cultural sensitivity in business.
To be more specific, an example would be that an MBA student from the US may not interpret business lessons the same way as Chinese students because of cultural factors. When you are exposed to a different thought process, your way of thinking broadens, and this can greatly affect how you see business in general.
4. Get a head start on how to operate a business.
Part of the coursework of MBA programs are mock situations and micro-consulting sessions with actual businesses where you can practice your entrepreneurial skills.
MBA programs are also big on internships. Although most schools will assign you to already established companies, there’s nothing more powerful than getting first-hand business experience.
5. Learn how to adapt to competitive marketplaces.
Behind the glitz and glamour of owning a business is a tumultuous industry filled with uncertainties. Your business might be doing great now, but it might not be the case tomorrow. Take for example the chilling effects of COVID-19 on the business market at present. Even the most successful companies are hit hard by the unprecedented outbreak.
Obtaining an MBA degree allows you to learn a multitude of critical business skills. This includes how to navigate roadblocks and tweak company strategies according to current situations.
Setting up a business does not start and end with a brilliant business idea. Knowing the ropes of how to execute the business idea is tantamount to become successful in the world of business.
To Start or Not to Start an MBA?
Studying an for MBA gives you pressure for the investment to be worth it, and for a good reason – the program does not come cheap! The total cost of an MBA degree can reach thousands of dollars, excluding housing, income losses and food expenses.
For business professionals who want to climb the corporate ladder, taking time off to study an MBA is a welcome change. However, for entrepreneurs, timing is everything and studying for an MBA at the wrong moment can be critical time lost. The speed by which aspiring entrepreneurs create a viable investment can make or break them.
If a startup has already gained momentum and is speeding off in a promising way, then it’s probably not the right time to study for an MBA. Choose opportunity at all cost!
But for aspiring entrepreneurs who have been trying to launch a business with no luck, why not consider an MBA?
An MBA can give an entrepreneur new business perspectives, train him in best business practices and keep him up-to-date with current trends in the market.
Study An MBA in China
Obtaining an MBA degree doesn’t have to be expensive. In China, MBA programs are 70% more affordable than in the US or UK.
Numerous MBA programs in China have also cemented their place globally. From China’s vibrant business environment, a booming economy to a wide range of full business scholarships, there are many reasons to study MBA in China.
Chinese business schools occupy the Financial Times’ top 50 MBA rankings every year. Some of the best performing MBA schools include:
- China Europe Business School (CEIBS)
- Cheung Kong Graduate School of Business (CKGSB)
- Fudan University School of Management
- Shanghai Jiao Tong University: Antai
If you’re still undecided, you can also enroll in the Online Program in Chinese Business launched by the prestigious Shanghai Jiaotong University (SJTU).
With over 100+ topics, the Chinese business online program will cover past, present and future trends of doing business in China. After completing a minimum number of 4 full day topics (24 hours) participants are eligible to be awarded the SJTU Online Chinese Business Certificate. You can apply for the program here.
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