by James Jones
If you have recently been thinking of starting your own business, you may be wondering if an MBA degree could help you in this endeavor. The answer is a resounding yes. Business ownership requires a wide variety of specialized skills that could take years to obtain in the corporate workplace. Why wait when you could be on your way to obtaining the skills and knowledge you need to become a successful entrepreneur?
How an MBA can help
New business owners struggle with many of the same issues, but the right education can prepare you to overcome these obstacles. A few of the things you can learn during the course of your studies include:
- How to develop a business plan
- Budgeting and finance
- Personnel management and Human Resources
- Selecting the right suppliers for raw goods and materials
Prepare for Success
Unfortunately, many new businesses fail within the first five years, mostly because their owners were not properly prepared for their new adventure. In addition to obtaining an MBA, there are several other things you can do to ensure your company’s success:
- Save some extra cash to help you get through lean times during the start-up process.
- Network with those who will be interested in your product or service.
- Develop good sales skills.
- Keep up with the latest trends in your industry so you can adapt to ever-changing markets.
- Free yourself of as many outside obligations as possible so you can devote more time to your business startup,
Choosing a Program
When trying to decide on an MBA program, you will have to think about a number of different things. If you plan to work while you are in college, it might be important to find a school with night or weekend classes. Distance learning is also an ideal option, particularly if you plan to work at your business part time while finishing your degree.
Look at the courses each program offers to see which ones best prepare you for your goal as an entrepreneur. You may want to take an assessment of your skills to see which areas you are weakest in. That way, you can focus your studies on the traits you would like to develop, so you will be better prepared for business ownership once you graduate.
What to Expect
An MBA program can take up to two years to complete. A bachelor’s degree is normally required before enrolling in this course of study. If you would like to begin a business sooner, an accelerated program could be just the ticket. One of these programs requires you to take a heavier course load than with a traditional MBA program. The courses in an accelerated program are typically very intense, and require a great deal of outside time doing homework and writing research papers.
Owning a business is part of the American dream for many people. If you are one of them, do not sit idly by and watch others achieve success. Be a part of it yourself by enrolling in an accredited MBA program. Doing so will pay off by providing you with the tools you need to be a successful entrepreneur no matter what type of business you dream of owning.
James Jones is a freelance writer, who recommends going to urban planning graduate school for an exciting career change.