How an MBA helps an Entrepreneur?

MBA Help An Entrepreneur

If you share the vision of an entrepreneur, are you familiar with the impact of an MBA degree? Do you know-how can an MBA help an entrepreneur? Let us together drill down to its effect and learn about the wonderful merits.

Table of Content:

Introduction

Statistics on – How an MBA has helped entrepreneurs 

How an MBA can help an entrepreneur

  • Test Strategy
  • Funding
  • Monitoring
  • Recruitment
  • Networking
  • Conclusion

 

Management programs are quite well known for providing managerial positions. Many consider them to be the shortest route to success when it comes to entrepreneurs. “You must have an MBA degree to be an entrepreneur!” This claim is not concrete. Without a doubt, no regulation or law is required for starting a business. No professional or formal education is desired. However, having an MBA degree can step up your game. In fact, it can be one of the most valuable tools at your disposal. Studying for an MBA degree can strengthen your business acumen. Furthermore, your acquired knowledge and understanding can empower you to tackle emerging business challenges. Also, you would be capable of glorifying a seamless business. All in all, an MBA for an entrepreneur is just a small investment for expected profuse success.

 

Statistics on – How an MBA has helped entrepreneurs 

While we took an overview above, we can now somewhat believe that an MBA helps an entrepreneur. But, a few statistical figures below will shed light on reality. Let’s glance through:

  1. Acquiring an MBA degree can improve your success rate by 18%. Initiating business will be easier for you. The Financial Times study states that 84% of the business started by MBA graduates is operating and working smoothly after three years too. Besides, Brain Research Institutes’ listing tells us that the startup success rate is at 66% for the three years mark.
  2. The GMAC or Graduate Management Admission Council in 2014 resembles that about 31% of the MBA alumni entrepreneurs can run businesses with multinational focus. 
  3. The Unicorn company analysis reveals that about 33% have one founding member owning an MBA degree. Also, round about 82% of the people try to appoint MBA graduates to the executive team. Since they believe that MBA degree holders make better prospects. They can help them better in building their company well.

 

How an MBA can help an entrepreneur

Lastly, let us study the several ways in which an MBA degree can prove to be useful for an entrepreneur in the making:

Test strategy

The MBA program allows you to read and learn all theoretical as well as practical aspects. As a student, you gain in-depth knowledge about entrepreneur principles. The extensive curriculum teaches you how to create a business plan. For someone who is not an MBA degree holder, he/she will need to hire a specialist to plan and strategies. This is one of the areas where an MBA degree comes in handy for you as a future entrepreneur. Besides, the case studies, lectures, discussions, and training programs not only help you in understanding the various business strategies but also allow you to formulate a few of them.

Funding

Adequate investments are required for the effective running and streamlining of businesses. If you aspire to set up your own business, the chances are high that your resources for a start-up will not be enough. When you think of turning to investors and shareholders for pitching your business ideas, an MBA degree will act as impressive. This high qualification will help you extract external fundings. 

Mentoring

Since the quality of education can not be anything but perfect and precise, most B-schools prefer experienced and industry experts as mentors for their students. MBA programs open doors to new opportunities for networking. You meet a diverse community of students as well as working executives. Their work experience allows you to learn outside the classroom. You gain confidence, get comfortable with new people around and invoke a leader in you. 

Recruitment

Practicing entrepreneurship after MBA is easier. Know why? The curriculum trains you with the knowledge required to hire important people. With management education, you will know how to retain, hire, and attract human resources for your venture. Remember, you require the support of resources to climb the ladder of success. So, create a good organizational environment to sustain well ahead of your competitors.

Networking

Peer learning is an important part of the MBA experience. Your classmates and alumni can be your investors. Further, they can be your potential business partners. They can help you out with many aspects because of their robust network. Thus, build warm relationships with them. Also, be sure of receiving the best response and acting upon it. Without an MBA learning culture, networking is a tad difficult.

Conclusion:

The benefits of an MBA degree are many. Whether you wish to be an entrepreneur or not, an MBA degree and its coursework will create room for success. In regards to entrepreneur and entrepreneurship, we just saw how an MBA can be beneficial. Having to know how an MBA can help an entrepreneur was the first stepping stone to success. Onto our next step, we must look for recognized management universities. And, Lincoln University of Business and Management is one great choice. But, why LUBM? LUBM is a leading university in the UAE. It offers internationally recognized MBA programs. Besides, the courses are taught by top-tier academicians, plus its modules are easy to understand and grasp. Most importantly, these programs make an excellent fit for working professionals. Learners are empowered to build the foundation of their dream careers. 

A lot has been said, how about we give you a chance to experience all of it? You can connect with our expert counselor and book a FREE DEMO Class. 

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